Oliver Mangan: Marked deceleration in rate of growth in the Irish economy

First quarter of this year saw a sharp decline in the output of multinationals operating in the manufacturing sector

Consumer spending was the main contributor to growth, increasing by 3.75% year-on-year. Picture: Denis Minihane

The National Accounts data from the CSO for the first half of 2023 show the rate of growth in the Irish economy has decelerated markedly from the breakneck speed seen in 2021 and 2022. 

Just to recall, Irish GDP grew by 15.1% in 2021 and 9.4% in 2022, while modified Gross National Income, which excludes some distortionary globalisation effects of multi-national companies, rose by 13.9% and 6.7%.