The forecasts in this Commentary see GDP growing by 1½ per cent in real terms in 2011
and by 2¼ per cent in 2012. The corresponding figures for GNP are ¼ per cent in 2011
and 1½ per cent in 2012. Following the pattern of 2010, the growth which is envisaged for
2011 and 2012 is made up of a strong export performance together with further
contractions in domestic demand
