Irish Central Bank Cuts Growth Forecast as Volatility Roils Eurozone

Ireland’s central bank expects the country’s economy to contract this year after a surprisingly large drop in exports to the U.S. at the start of the year, having previously forecast a modest expansion.

The country’s gross domestic product is highly volatile, since it is driven in part by the activities of a small number of large U.S. pharmaceutical and technology companies that use the country as a base for their international activities.