Ireland estimated to have had highest EU growth in 2022
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Loading... - Avril Moulin
- 31 Jan 2023
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The economy grew by 3.5% in the last three months of last year, compared to the previous three months, according to an estimate by the Central Statistics Office.
Compared to the fourth quarter of 2021, GDP grew by 13.5%.
The growth was mainly driven by activity in the manufacturing sector, today's CSO figures show.
This means the economy grew in GDP terms by 12.2% in 2022. This compares to the Government's forecast at Budget time of 10%.
It also follows GDP growth of 13.6% in 2021, despite the impact of the Covid pandemic.
Commenting on today's figures, Goodbody Stockbrokers said the country's estimated GDP growth of 12.2% for last year would make Ireland the fast growing economy in Europe in GDP terms.
"This comes on top of the remarkable pandemic performance which saw GDP growth of 13.6% year on year in 2021, bringing Ireland's cumulative GDP growth to 33% since 2019, the last year the pandemic was not in the data," they added.
Today is the first time the CSO has published an early estimate of growth in the economy.
There is no breakdown into how different sectors of the economy performed nor is there a measure of modified domestic demand, which gauges activity in the economy when the multinational sector is excluded. Read More…
