Ireland’s latest national accounts data for Q4 2023 reveal a sharp fall in growth, with GDP declining by 3.2% in 2023, revised down from a provisional estimate of -1.9%.
The key driver of the fall in GDP in 2023 was activity in the pharmaceuticals sector, which dominates Ireland’s industrial output and goods exports.
On the expenditure side, consumer spending grew by 3.1% in 2023, and was up 1.5% y/y in Q4 2023.
Looking ahead, lead indicators suggest domestic growth has sustained a similar pace in early 2024.
