GDP in Ireland
Ireland - GDP (billions of Euros)
GDP growth improves in the third quarter
GDP growth accelerated marginally to 2.3% on a seasonally adjusted quarter-on-quarter basis in the third quarter, from 2.2% in the second quarter.
However, growth was driven entirely by the multinational sector, which expanded 2.5%; the indigenous sector contracted 0.1%.
Looking at the expenditure breakdown, private consumption growth softened to 0.3% s.a. qoq in Q3 from 2.2% in Q2. Government spending fell at a more moderate pace of 0.3% in Q3 (Q2: -0.6% s.a. qoq). Fixed investment growth improved to 91.8% in Q3, from the 20.2% increase recorded in the previous quarter.
On the external front, exports of goods and services increased 4.8% on a s.a. qoq in the third quarter, which was above the second quarter's 3.2% expansion. In addition, imports of goods and services growth sped up to 27.0% in Q3 (Q2: +5.9% s.a. qoq).
On an annual basis, economic growth moderated to 10.9% in Q3, from the previous quarter's 12.4% increase. Q3's reading marked the slowest growth since Q3 2021.
The better-than-expected GDP reading led several of our panelists to upgrade their forecast for growth in 2022. However, growth is expected to slow in the coming quarters, with all of our panelists penciling in a contraction in Q4 and lower growth rates in 2023 compared to 2022 so far. Although multinational balance sheet movements will continue to distort GDP readings and make them volatile, the non-multinational sector is already showing signs of slowing under the weight of rising interest rates and elevated inflation.
FocusEconomics panelists project GDP to expand 2.7% in 2023, which is down 0.1 percentage points from last month’s forecast, and 3.0% in 2024.
Ireland - GDP (EUR bn) Data
|GDP (EUR bn)||263||272||297||324||347|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||-0.09||0.27 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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January 26, 2023
Consumer confidence came in at 55.7 in January, up notably from December's 48.7.
January 17, 2023
Harmonized inflation dropped to 8.2% in December below November’s 9.0%.
January 9, 2023
Industrial output rose 6.4% in month-on-month seasonally-adjusted terms in November, which contrasted October's 8.8% decrease.
January 5, 2023
The AIB Composite Purchasing Managers' Index (PMI) came in at 50.5 in December, up from November's 48.8.
December 8, 2022
Harmonized inflation came in at 9.0% in November, down from October’s 9.4%.