Oliver Mangan: Domestic economy performs even as export growth slows

Data shows sharp decline in manufacturing output from the multinational sector so far this year after a boom 2021-22

Employment rose by 1.9% in the first quarter, while preliminary estimates from the CSO are that the unemployment rate fell to an all-time low of 3.8% during the second quarter.

Recently published national accounts data by the Central Statistics Office underline the exceptional performance of the Irish economy in 2021 and 2022, as it rebounded strongly from the pandemic. 

GDP increased by 15.1% in 2021 and 9.4% last year, while modified gross national income, an indicator designed specifically to measure the size of the Irish economy, rose by 13.9% in 2021 and 6.7% in 2022. The measure had contracted by 3.6% in 2020.