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
- 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.