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ESRI predicting over 11% growth in economy this year

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The Economic and Social Research Institute is forecasting double-digit growth in the economy this year. In its latest Quarterly Survey, the ESRI predicts the economy will grow by just over 11% mainly due to strong demand for exports.

The ESRI believes the recovery in the economy is well under way and will pick up pace in the second half of this year. Strong demand for exports of medical and pharmaceutical products as well as computer services is expected to push growth in GDP terms to 11.1% this year.

Growth in the domestic economy is expected to be 6.4%. Unemployment, however, is still expected to average out at just over 16% this year before falling to just over 7% next year.

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