The Daily Star Ireland
According to the Central Statistics Office, the domestic economy grew by 3.1% in the first nine months of this year. Personal consumption increased by 2.4%, and employee wages rose by 3% compared to the same period last year.
The latest CSO figures indicate a robust performance of the economy so far this year. The domestic economy expanded by 1.3% in the third quarter, covering July, August, and September. Gross Domestic Product (GDP), which includes the impact of multinationals, grew by 3.5% in the third quarter. However, GDP for the first nine months of the year showed a decline of 1.7%.
During the first nine months, the multinational-dominated sector rose by 9%, and modified investment increased by 5.1%.
Finance Minister Jack Chambers commented that the annual growth has been broad-based, with both consumer spending up by 1.7% and modified investment rising by 10.4%, contributing positively. He stated that this solid growth aligns with the strength of the labor market and the robust exchequer figures released yesterday, demonstrating strong economic performance this year.
However, Chambers cautioned that while the figures are encouraging, they are retrospective. He noted that the economic outlook has become increasingly uncertain, with risks now tilted to the downside, primarily external in nature. As a small, open, and highly globalized economy, Ireland is particularly vulnerable to external economic deterioration.
Chambers emphasized the importance of focusing on factors within Ireland’s control, such as building fiscal buffers, investing in people and infrastructure, and maintaining economic competitiveness. This, he added, will ensure Ireland is well-prepared to tackle future challenges.
