Irish Growth Slows Sharply

The National Accounts data from the CSO for the first half of 2023 show that the rate of growth in the Irish economy has decelerated markedly from the breakneck speed seen in 2021 and 2022. Just to recall, Irish GDP grew by 15.1% in 2021 and 9.4% in 2022, while modified Gross National Income, which excludes some distortionary globalisation effects of multi-national companies, rose by 13.9% and 6.7%. Meanwhile, the domestic economy as measured by Modified Final Domestic Demand, expanded by 7.3% in 2021 and 9.5% last year. So no matter what measure you choose, the economy boomed in 2021-22.