Central Bank forecasts Irish jobs growth will continue despite inflation hitting firms

However, the Central Bank cut its growth projection for modified domestic demand – a key gauge of the domestic economy – in the bulletin almost by half to 2.3 per cent as it hiked its inflation outlook as financial markets are now pricing in an extended period of high gas prices. It also lowered its 2024 projection marginally, to 3.3 per cent.

“Right now, from talking to firms and building soft information, it seems the direction of travel is they will try to retain the employees they have, given the shortage of labour out there at the moment,” he said, when asked by reporters on why the Central Bank was not forecasting a decline in jobs as companies battle against rising costs.

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