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MNI BRIEF: Economic Rally Masks Sector Weakness - NCB Ireland


Ireland is expected to reach its potential activity level in 2024, amid robust export growth and with domestic demand projected to increase by a total of 18% over the next two years, the Central Bank of Ireland’s first Quarterly Bulletin of 2022 reports. Headline inflation should hit 4.5% in this year, 2.4% in 2023 and 2.1% in 2024, but hospitality and the arts still bear significant costs arising from Covid, Director of Economics and Statistics Mark Cassidy said.

Capacity constraints are expected to make a greater contribution to the inflation outlook as energy prices fade. GDP is projected to grow by 8.7% in 2022, 5.0% in 2023 and 6.0% in 2024, with marginal upside risks to the forecast. Modified domestic demand is forecast to grow by 7.1% in 2022, 5.2% in 2023 and 4.8% in 2024. Employment is expected to increase by 6.9% over 2022 to 2024, with unemployment at 4.6% by end 2024.

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MNI London Bureau | +44 20 3983 7894 |

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