Inflation and the cost of living will keep Irish households under pressure in 2023
Image: The Irish Image Collection A REPORT FROM the Economic and Social Research Institute has forecast core inflation in 2023 to be almost as high as this year and has warned of disruptions to Ireland’s exports.
One of the report’s authors added that while Ireland would be unlikely to enter a recession next year, the slowdown in our economic growth would be “really considerable”.Ireland’s GDP and Gross National Product are both forecast continue to grow in 2023, but at far smaller rates than in the previous two years.
Pharmaceutical-related products accounted for 55% of Ireland’s exported goods this year, while ICT services made up 56% of exported services.The ESRI noted that both sectors are especially vulnerable to changes in the global market and that Ireland’s biggest trading partners, including the US and EU were at risk of recession.The UK Government has already announced that the country has entered a recession, a fact which incoming Taoiseach Leo Varadkar has admitted will harm Ireland.
IDA chief executive Mary Buckley reassured other tech workers at the time saying: “We may not see the same levels of growth per annum, but we have a strong base of FDI companies here in Ireland.”
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