Despite cutbacks and hairshirt budgets, Ireland looks set to top the league of EU economies when it comes to growth in 2003. According to its economic outlook for 2003, Goodbody Stockbrokers has pencilled in GNP growth of 4.6pc for 2003 while Ulster Bank, which has also published its outlook for 2003, is going for a more modest 3.25pc growth rate. While these figures are still some way off the heady growth rates which were achieved between 1996-2000, they are still the best in Europe. Both outlooks concur in the belief that public sector spending has to be reined in and that inflation needs to be kept on a leash if these growth targets are to be achieved. They also point out that a US-led recovery in investment levels might also benefit Ireland and contribute significantly towards the growth targets for 2003 //www.fxcentre.com