ESRI Forecasting Series
Quarterly Economic Commentary, Spring 2023
This report has been peer reviewed prior to publication. The authors are solely responsible for the content and the views expressed.
March 29, 2023
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- The economy has performed particularly well during the pandemic and appears to have weathered the energy crisis emanating from the war in Ukraine.
- The pace of growth in the domestic and international economies is set to be stronger in 2023 than had previously been expected.
- We forecast that modified domestic demand (MDD) will grow by 3.8 per cent in 2023 and 3.9 per cent in 2024.
- We expect inflation to moderate to 4.5 per cent in 2023 before easing to 3.5 per cent in 2024.
- Price levels are going to remain high which is likely to pose cost of living challenges.
- Sectoral contribution to corporation tax receipts in the Irish economy are increasingly concentrated.
- Employment numbers show a substantial increase in those employed in the pharmaceutical sector since the onset of the pandemic.