In the decade leading up to the recession, Canadians tapped the wealth in their homes to finance up to one-fifth of consumption growth. Housing activity is now near a record share of GDP, and there are increasing signs of overbuilding and overvaluation in segments of the real estate market.
Conclusions In these remarks, I have attempted to convey the Central Bank’s current perspective on Irish economic prospects. It is certainly welcome to be able to observe strong recent economic performance, with a projected continuation of favourable trends in the near term.