European Commission Revises Downwards Growth Forecasts for Irish Economy

The European Commission has sharply revised downwards its forecasts for growth in the Irish economy measured by Gross Domestic Product ( GDP ), mostly due to falls in exports by multinational companies . However, it has slightly increased its forecasts for growth in the domestic economy , as measured by Modified Domestic Demand ( MDD ). In its Autumn Forecast, published today, the Commission predicts the economy measured by GDP will shrink by 0.

9% this year before recovering to grow by 3% next year and 3.4% in 2025. In its Spring Forecast earlier this year, the Commission had forecast that GDP would increase by 5.5% this year. The downward revision is attributed to"a few sectors dominated by mostly export-oriented multinationals". The Commission says growth in the pharmaceutical sector has slowed"after the pandemic-linked boom". It also notes exports of semiconductors and contract manufacturing have slowed. This includes goods like Apple iPhones which are made abroad but attributed under statistical rules as"Irish" exports

Source: News Formal (newsformal.com)

European Commission Forecasts Growth Irish Economy GDP Exports Multinational Companies Domestic Economy MDD

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