Economic growth to slow as consumers save more, says Ibec

Some businesses are still struggling to return to pre-pandemic business activity, and higher costs for consumers is making it more difficult, said Ibec.

Ibec head of national policy and chief economist Gerard Brady. Picture Gary O' Neill

Economic growth is expected to fall later this year as businesses are experiencing the impact of cost pressures on consumers, a business representative group has warned.

Ibec expects some softening of consumer trends in the second half of the year as heating usage increases and consumers begin to feel some squeeze from rising interest rates.