Irish GDP growth helped wider bloc avoid recession
Inflation peaked at an all time high in October but has now decreased to 8.5 per cent in the euro area, according to a flash January estimate.
Real economic growth in Ireland was “much stronger than anticipated” in the third quarter of 2022 and sentiment indicators now suggest an improving outlook. There was “yet no visible negative impact in Ireland” of announcements by big tech companies that they would reduce employment worldwide, and overall hiring by multinationals in Ireland increase 9 per cent in 2022, it continued.
There remains uncertainty surrounding the economic outlook due to the war in Ukraine, Mr Gentiloni said, but these risks are no longer “tilted to the downside” as they were in autumn.
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