Ireland’s GDP to decline in 2023 according to EU

Following strong growth last year, Ireland's GDP is expected to decline this year by 0.9%.  That’s  according to the European Commission’s Autumn 2023 Economic Forecast  released today. It’s attributing the estimated decline to developments in “multinational-dominated sectors and normalising domestic demand”.

However the Commission is forecasting Irish GDP to increase to 3.0% next year and 3.4% in 2025. The figures are also showing a fall in consumer price inflation from a peak of 8.1% in 2022 to 2.1% in 2025. And the government budget surplus is projected to shrink in 2023 and 2024, before rebounding at around 1% of GDP in 2025.

Speaking this morning the European Economy Commissioner Paolo Gentiloni explained why the Commission’s forecasts for Ireland differ from official figures in Ireland.  

Out words: the difference

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