Davy stockbrokers has revised down its economic projections for this year, predicting growth of 1.6 per cent.

Last October the brokers forecast growth in gross domestic product (GDP) for 2011 would be 1.9 per cent. They also predicted gross national product (GNP), which excludes repatriated profits from multinational companies, would grow by 1.2 per cent. The updated prediction revises that down to 0.6 per cent. Next year, GDP is expected to grow by 2.4 per cent, and GNP by 1.7 per cent.