The Central Bank has cut the economic growth forecast for this year in its latest quarterly bulletin.

GDP is forecast to grow by 4.5% this year, down 0.4% on the Central Bank’s last report.

It reflects a smaller-than-expected return on exports.

The Central Bank said it saw no reason to further revise down forecasts for this year because of the effects of Brexit

Chief economist with the Central Bank Gabriel Fagan said: “(However,) our forecast does point to a slowdown in the economy in 2017. The first and most important factor is the impact of Brexit, which we see will have a negative impact on the Irish economy.

“Growth has been boosted in recent years by favourable oil price effects on disposable income. That effect is fading now as oil prices stabilise.”