The State’s domestic economy returned to growth in the first three months of 2o23 with a strong expansion in the construction and agriculture sectors puling the country out of a shallow recession. Modified domestic demand, which strips out some of the ways multinational activity can inflate economic activity, grew 8.2 per cent in 2022 as a whole, faster than GDP growth in any euro zone economy. In its last forecasts in April, the Department of Finance said annual modified domestic demand growth was set to slow to 2.1 per cent in 2023. GDP was 5.5 per cent higher than in the first quarter of 2022. The Government has forecast GDP growth is likely to slow to 5.6 per cent in 2023 from 12 per cent in 2022.

Source: The Herald June 02, 2023 13:06 UTC