Anthony Foley: Irish employment will grow, unemployment will stay low

On measures other than GDP, the economy is close to a reduction in output

Shoppers on Princes St, Cork. The performance of the Irish economy in 2023 will be much worse than this year or than last year. Picture: Dan Linehan

There is universal acceptance that performance of the Irish economy in 2023 will be much worse than this year or than last year, leaving the big question of whether or not there is a recession looming.

The popular definition of a recession is two consecutive quarters of decline in national output or GDP, but in Ireland there is a problem with this definition because the more accurate measure of economic performance here is modified gross national income, known as GNI*.