GDP growth falls short of estimates as demand declines for second consecutive quarter

Modified Domestic Demand (MDD) which excludes the impact of multinationals on domestic activity, declined by 1.3% in Q4

This is the second consecutive quarter in which MDD fell, which fulfils the technical criteria for an economic recession. Pic: Larry Cummins

The Irish economy grew at the fastest rate in Europe last year despite a slowdown in the final few months, official figures show.

Figures from the Central Statistics Office confirm that large multinational companies once again helped drive a huge expansion of the Irish economy by 12% in 2022.