Ireland’s economic growth forecast revised by the European Commission, February 14 reports RTÉ.
The forecast, published on February 14, says that the Irish economy should grow by 4.9% in 2023. This is significantly higher than the previous forecast of 3.2%, which was given in the autumn of 2022.
The European Commission expects inflation in Ireland to be in the range of 4.4% versus 8.1% in 2022. And in 2024, inflation should fall to 2.1%.
The report notes that in 2022, strong economic growth was facilitated by a 92% increase in investment, mainly due to investments by multinational corporations. As a result, the country’s GDP grew by 12.2%.
Household savings and a strong labor market are expected to continue to support economic growth. At the beginning of the year, inflation will be high, but then it will go down.
In general, the recession expected in November is not expected for the EU and the Eurozone. The GDP of the EU in 2023 will grow by 0.8%, and in the euro area by 0.9%.
Remember that although the UK economy avoided recession at the end of 2022, in the future, contraction of the economy is still possible.
Source: Rossa Primavera
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