DUBLIN: Grafton Group shares rose 8 cents to euros 3.71 in morning trading today on the Irish stock exchange.

The ISEQ index overall posted a gain of 23.15 points, to 3,318.90 but Kingspan was down 11 cents to euros 6.34.

Growth in the Irish economy will fall further 8% in 2009 said the Irish Central Bank.

Its latest quarterly bulletin offers little comfort, saying "Ireland's recovery will be slower than elsewhere".

On top of the 3% last year, the economy will fall a further 8% in 2009 and by 2.3% in 2010, it said.

Outgoing director general of the bank, Tom O'Connell said the bank backed calls for a new tax on homes, water charges and a carbon tax.

Mr O'Connell added that if there is to be a recovery, the mounting debt caused by the property collapse has to be tackled head on.