Financial News: Ireland Q4 GDP Growth Revised Down To 0.3%

Ireland Q4 GDP Growth Revised Down To 0.3%

(RTTNews) - Ireland's economic growth slowed sharply in the final quarter of 2022, revised from an accelerated expansion seen in the initial estimate, latest figures from the statistical office showed on Friday.

Gross domestic product advanced a seasonally adjusted 0.3 percent sequentially in the December quarter, after an upwardly revised 2.8 percent rise in the September quarter.

In the preliminary report, the rate of GDP growth for the fourth quarter was 3.5 percent.

On the expenditure side, personal consumption rose 1.1 percent, and government expenditure advanced 2.5 percent.

Meanwhile, the quarterly economic growth was curbed by a 46.5 percent plunge in investments. Exports increased 0.4 percent, while imports dropped 13.4 percent.

However, the domestic economy entered into a technical recession in the fourth quarter, as the modified domestic demand fell further by 1.3 percent following a 1.1 percent decline in the third quarter.

During the year 2022, the Irish economy expanded 12.0 percent compared with 13.6 percent growth in 2021, driven largely by a 28.5 percent surge in investments.

The growth in gross national product, or GNP, was 6.7 percent in 2022, but much slower than the previous year's 14.7 percent rise. The GNP growth in the fourth quarter of 2022 was 4.7 percent compared with the third quarter.

Multinational dominated sectors grew 19.4 percent in 2022, and modified domestic demand, a broad measure of underlying domestic activity that covers personal, government and investment spending, increased by 8.2 percent.

"The impacts of the conflict in Ukraine, the rise in inflation, and the continued unwinding of the COVID-19-related restrictions varied across the sectors of the economy in 2022 and today's results show the overall annual impact and the underlying quarterly variations," Jennifer Banim, assistant director general at statistical office, said.

Data also showed that the current account balance recorded a surplus of EUR 44.2 billion with the rest of the world in 2022, driven by an improvement in the merchandise trade balance.

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