Economics Weekly July 5th

This week we published our new forecasts for the Irish economy. We revised down our forecasts for Irish GDP growth to 1.0% in 2024 (from 1.5% in our February Outlook) and to 3.9% in 2025, but reflecting well understood measurement distortions relating to the multinationals. In contrast, most indicators suggest the Irish economy expanded at a healthy pace in early 2024. Hence, we have revised up slightly our forecasts for the growth of consumer spending (3%), employment (1.7%) indigenous sector output (2.3%) and modified domestic demand (2.5%). We also expect CPI inflation to average 2.3% in 2024 and the government to run a surplus worth €8bn, or 1.5% of GDP. 

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Bank of Ireland Economics Weekly July 5th

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