Posted in: Weekly Round Up
Irish GDP rebounds more strongly than expected in Q3
Irish GDP bounced back by 3.5% in Q3 2024, more sharply than we had expected, and following contractions in five of the past six quarters. The upshot is that we will now likely have to revise up our forecasts for both Irish GDP growth and modified domestic demand to zero and 3% respectively (from the -1% and 2.3% in our last projections published in September). It appears the distortions from ‘contract manufacturing ‘ that led to the 5.5% fall in GDP in 2023 have dissipated. Hence, the underlying strength of the Irish economy, evident across both the indigenous and multinational sectors, is becoming clearer in the headline figures. Annual GDP growth is now back in positive territory, up 2.9% in the year to Q3.
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