DAVY VIEW

We have revised down our forecast for Irish GDP growth to 3% in 2023 due to poor out-turns in H1, mainly reflecting a very specific issue relating to the export of semi-conductors. This illustrates the outsized impact of the multinational sector on Ireland’s GDP growth figures. However, we still expect a robust expansion in employment (3.3%), modified domestic demand (2.2%), consumer spending (3.1%) and indigenous sector output (5.3%) in 2023.