Davy chief economist Conall MacCoille said he expects Irish gross domestic product (GDP) to grow by 5.5pc this year. The updated forecast follows data revisions, ongoing uncertainty in the export and multinational sectors and a surprise contraction of Irish GDP in the first three months of the year. However, Davy expects Irish GDP to bounce back when figures for the second quarter of the year are released as manufacturing output surged in April. The ERSI expects GDP growth to come in at just 0.1pc, down from its previous forecast of 5.5pc, this year. A challenging housing market is expected to impact inward migration, with both population and labour force growth expected to slow.

Source: Irish Independent July 03, 2023 06:20 UTC