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Representation in Ireland
News article13 February 2023Representation in Ireland1 min read

Ireland's real GDP growth for 2023 revised upwards: Winter Economic Forecast

The European Commission has raised its expectation for the performance of the Irish economy, according to its Winter 2023 Economic Forecast published today.

Winter Economic Forecast for Ireland 2023: visual showing forecasts for GDP and inflation growth for 2022, 2023 and 2024

Ireland's real GDP growth for 2023 is revised upwards to 4.9%, and it is thereafter expected to expand by 4.1% in 2024 (compared to 3.2% and 3.1% respectively in the autumn). Going forward, sentiment indicators point to an improving outlook, partly driven by falling inflation towards the end of the year. The Irish labour market continues to perform very well, with the unemployment rate at 4.3% in December. Despite news on some “big tech” companies reducing their staff worldwide in autumn, with yet no visible negative impact in Ireland where the multinational sector has increased employment in 2022 by 9%. Employment expectations in December were also improving.

The Commission estimates that almost one year after Russia launched its war of aggression against Ukraine, the EU economy entered 2023 on a better footing than projected in autumn. The Winter interim Forecast lifts the growth outlook for this year to 0.8% in the EU and 0.9% in the euro area. Both areas are now set to narrowly avoid the technical recession that was anticipated for the turn of the year. The forecast also slightly lowers the projections for inflation for both 2023 and 2024.

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Publication date
13 February 2023
Representation in Ireland