Ireland’s Volatile Growth Metrics
by AIB Treasury Economic Research Unit
- 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.
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