Irish economy records highest GDP growth in eurozone for Q3

Across the 19 Eurozone countries, GDP increased slightly by 0.3%, largely driven by household spending and investment. Pic: iStock

Ireland had the highest GDP growth in the eurozone for the third quarter of 2022, data from EU statistics agency, Eurostat has shown. 

In new data released today, Ireland saw economic growth increase by 2.3% between July and September 2022.

Across the 19 eurozone countries, GDP increased slightly by 0.3%, largely driven by household spending and further investment into the economy. In Ireland, household spending increased by 0.4%, rising by 0.9% across the eurozone. 

Eurozone growth increased slightly more than initially expected, with GDP thought to rise by just 0.2% in Eurostat's mid-November estimates. 

Ireland's GDP growth of 2.3% was the highest across the eurozone in Q3, followed by both Cyprus and Malta with GDP growing by 1.3%. 

Other eurozone countries including Slovenia, Latvia and Estonia saw notable declines in growth, with GDP falling by 1.4%, 1.7% and 1.8% respectively. France, Germany, Spain, Portugal and Italy all saw modest growth between 0.2% and 0.5% in the third quarter of 2022.

Inflation across the eurozone remains high, falling slightly in November to 10%. Irish inflation also declined slightly, with Eurostat reporting a fall from 9.4% to 9% in November 2022.