EU: Ireland's GDP to drop 1% this year as multinational exports falter

The mixed fortunes of the multinationals will mean Irish GDP will fall by 0.9% this year and grow by 3% in 2024

Overall, "export outlook is expected to be negative in 2023, but turn positive in 2024 and 2025, although somewhat less dynamic when compared to previous years", the EU predicts. Pic; Larry Cummins

Ireland's economy will contract by almost 1% this year as the changing fortunes of some of the many multinationals based here weigh on exports and output, the European Commission has predicted.

In its autumn forecasts, the commission also forecasts that the rate of inflation here will cool considerably to 2.7% in 2024, but that employment growth will keep unemployment close to its current record low rate over the coming years.