Irish GDP expanded by 1.2% in 2024
Data released by the CSO yesterday revised up GDP growth in the Irish economy last year to 1.2% (from a preliminary estimate of 0.3%). The data showed the domestic economy grew solidly last year, with modified domestic demand up 2.7%, while volatility in the MNC sector, largely caused by changes in contract manufacturing and intangibles investments, appears to have waned with output in that sector down only 0.9% last year after a sharp fall in 2023. The data shows economic activity was quite robust in Q4 with GDP increasing by 3.6% quarter-on-quarter supported by increased personal consumption and a rise in exports. Modified investment was poor, down 9.2% in the quarter not helped by a decline in construction (-3.3%)(driven by a fall in apartment completions). All in all, however, the economy appears to be in good shape starting off 2025, amid increased global uncertainty.
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