Ireland Economic Outlook
May 3, 2022After falling in Q4, GDP is likely to have rebounded in Q1 in quarter-on-quarter terms. Most Covid-19 restrictions were removed in January. This will have boosted spending and eased disruptions to labor supply, with retail sales growth plus the manufacturing and services PMIs averaging higher in the quarter than in Q4. Nonetheless, rising energy price pressures—catalyzed by the war in Ukraine—will hit spending and the external balance, with import growth averaging higher in January–February compared to Q4 and consumer confidence down sharply in March. Some support to activity will have come from the government’s February EUR 505 million relief package and March fuel excise cut. Heading into Q2, activity is likely to weaken despite a VAT cut effective from May; inflation is set to increase and consumer confidence was sharply down again in April, boding poorly for spending.
Ireland Economic GrowthGrowth is set to cool this year, partly due to a tougher base effect. Elevated inflation will restrain spending despite most Covid-19 restrictions being removed in January. 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 4.2% in 2022, which is down 0.7 percentage points from last month’s forecast, and 4.1% in 2023.
Ireland Economy Data
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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
April 21, 2022
Consumer confidence came in at 57.7 in April, down from March's 67.0.
April 7, 2022
Industrial output grew 2.4% in month-on-month seasonally-adjusted terms in February, which contrasted January's 6.6% decrease.
April 5, 2022
The S&P Global Services Purchasing Managers’ Index (PMI) came in at 63.4 in March, up from February's 61.8.
April 1, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) rose to 59.4 in March from February's 57.8.
March 24, 2022
Consumer confidence came in at 67.0 in March, down from February's 77.0.