Ireland Economic Outlook
May 31, 2022After contracting in Q4, the economy is likely to have rebounded in Q1 in sequential terms. Most Covid-19 restrictions were scrapped in January, boosting spending and easing disruptions to labor supply. Retail sales growth plus the manufacturing and services PMIs averaged higher in Q1 than in Q4. That said, rising energy price pressures will have hurt consumer spending and the external balance; import growth averaged higher in Q1 relative to Q4, and consumer confidence was down sharply in March. Some support to growth will have come from the government’s EUR 505 million relief package in February and a fuel excise cut in March. Heading into Q2, activity is likely to weaken. Harmonized inflation reached record highs in April, while consumer confidence continued to slip in April–May. Additionally, supply bottlenecks and weakening foreign demand pushed the manufacturing PMI down in April.
Ireland Economic GrowthGrowth is set to soften this year, partly due to a tougher base effect. Record-high inflation will restrain spending despite the removal of most Covid-19 restrictions. Supply bottlenecks, new Covid-19 variants, tense relations with the UK, and fuel price swings pose risks to the outlook. FocusEconomics panelists project GDP to expand 4.1% in 2022, which is down 0.1 percentage points from last month’s forecast, and 4.1% in 2023.
Ireland Economy Data
5 years of Ireland economic forecasts for more than 30 economic indicators.
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|Bond Yield||-0.09||0.27 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Ireland Economic News
September 22, 2022
Consumer confidence fell to 42.1 in September from August's 53.4.
September 8, 2022
Harmonized inflation came in at 9.0% in August, down from July’s 9.6%.
September 8, 2022
Industrial production collapsed 18.9% month-on-month in seasonally-adjusted terms in July (June: +11.2% mom).
September 5, 2022
The AIB Services Purchasing Managers’ Index (PMI) came in at 54.7 in August, down from July's 56.3.
September 2, 2022
Economic growth lost momentum in the second quarter, with GDP increasing 1.8% on a seasonally-adjusted quarter-on-quarter basis (Q1: +6.2% s.a.