Anthony Foley: Home truths for Ireland and the economy this year

The Government's Housing for All plan envisages housing output to be 24,600 in 2022, 29,000 units this year, and then 33,450 in 2024. Picture: Andrew Matthews/PA Wire

Despite the ravages of the Ukraine war, continuing supply chain disruptions, high inflation, increased interest rates, and recession in several major economies, the Irish economy will perform reasonably well in 2023 and should avoid a recession. 

However, 2023 will fall well short of the excellent 2022 performance: GDP growth in 2023 will be about 3% compared to over 10% in 2022; modified domestic demand will grow by 2.2% in 2023 compared to over 8% in 2022; and export growth will drop from 13.5% in 2022 to 5.2% in 2023. 

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