Ireland Outlook – September 2024

New Irish Economic Forecasts

Once again, erratic and volatile national accounts data for Q2 2024, have led us to revise down our forecasts for the growth of both GDP (-1%) and modified domestic demand (2.3%), but tell us little on the health of the economy. In contrast, the recent rapid pace of job creation means we expect employment to grow 2.4% in 2024 and 1.7% in 2025, helping to drive 2.7% and 3% increases in consumer spending. Investment is expected to grow as housing completions rise to 42,000 in 2025 and non-residential construction activity starts to recover after several years of contraction. Underlying export performance still looks favourable and the net trade contribution to Irish GDP growth should recover as statistical distortions dissipate and global demand improves.

Read the Ireland Outlook in full here:

Bank of Ireland Ireland Outlook September 2024