Contra RTE, Noonan & Entire Official Ireland – “Ireland Is Quietly Deteriorating”: Business Insider / Bank of America Merrill Lynch

Business Insider reports – Meanwhile, Ireland Is Quietly Deteriorating:

From Bank of America Merrill Lynch:

March’s data reflects a subdued macro picture. Retail sales fell 3% yoy in Q1 2011 although March consumer confidence rose to a 7-month high of 59.5. The services PMI fell to 51.1 versus 55.1 in February, and manufacturing PMI softened a point to a 55.7 from 56.7 for the same period. CPI rose 3.0% yoy in March compared with 2.2% in February. The budget deficit widened to €7.1bn in March 2011 compared with €3.9bn in March 2010. This was largely because of a €3.1bn capital expenditure payment to Anglo Irish and Irish Nationwide.

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