Perhaps, as has long been forecast, we are finally seeing growth here return to more normal levels
Irish gross domestic product figures have had a bad rep. And this is understandable. As GDP soared over recent years, particularly after 2015 when a new round of multinational restructuring led to the “Leprechaun economics” episode, it was clear that Irish economic data was becoming ever more messed up by the accounting practices of these big firms.
Now the statistical worm has turned and GDP is falling, with the Central Statisitics Office estimating that it dropped 1.8 per cent in the most recent quarter, compared to the previous three months and was down 4.7 per cent year on year. As well as the usual GDP caveats, the Central Statisitics Office cautions that these figures are from a new “frontier” series allowing it to make earlier estimates, and thus need to be treated with caution.
And still. While the runaway GDP growth was influenced by a range of factors with little linkage with Ireland’s real economy, there were positive spin-offs. The numbers employed in multinationals and their earnings rose — and corporate tax revenues soared. Much of the rise in recorded exports was “phantom” — in the sense that the goods were ordered from Ireland but manufactured elsewhere. But some of it was real.
Consumer confidence is already shaky, though the latest figures showing a fall in the inflation rate to 3.6 per cent might help. Ireland’s real economic growth — while well below GDP figures — has been very strong. .
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US economic growth accelerated to 4.9% in third quarterStrong consumer spending drove pace of GDP expansion to biggest rise in nearly two years
Read more »
US economic growth accelerated to 4.9% in third quarterStrong consumer spending drove pace of GDP expansion to biggest rise in nearly two years
Read more »
Retail sales rise as furniture and hardware sales jumpVolume of sales was down 1.2% on a monthly basis, CSO figures show
Read more »
Number of homeless children in State reaches record 3,904 in SeptemberTotal of 12,827 people were in emergency accommodation last month, according to official figures
Read more »
The Irish Times view on the office market: authorities need to scope out the risksThe tech sector slowdown and the post-pandemic shift to remote working have taken the wind out the market
Read more »