OECD: Irish economy will grow by less than 1% next year

The Paris-based think tank predicts Ireland will avoid falling into recession in 2023

The OECD said: "Recent retail sales and credit card payments data suggest weaker consumer spending in the third quarter."

The domestic Irish economy faces a tough six months and will expand by less than 1% for the whole of 2023, as soaring costs hit households and businesses hard, the Organisation for Economic Co-operation and Development has predicted. 

Major economies such as Germany and Britain are seen sliding into recession as the effects of the energy costs crisis, from the Ukraine war and hikes in official interest rates weigh on consumer spending and business confidence, according to the latest forecasts of the Paris-based think tank.