Economic outlook looking positive
Last month, the European Commission formally revised its expectation for the performance of the Irish economy, as part of its Winter 2023 Economic Forecast. Ireland’s GDP growth for 2023 is now predicted to reach 4.9% with 4.1% growth forecast for 2024. Speaking to Ireland’s economic development, the Commission noted that overall indicators point towards a more positive outlook than was previously expected. This is driven, in part, by falling inflation towards the end of 2022. Despite a number of Ireland’s most prominent technology companies announcing further staff reductions, the Commission cited Ireland’s low unemployment rate as evidence of a well-performing economy. On the multinational sector, the Commission noted that “foreign investment in the first half of 2023 is set to be strong, as signalled by IDA Ireland, while a brighter global outlook is set to support exports”.
Information sourced through the Irish Australian Embassy