Consumer spending will buoy Irish economy as exports remain sluggish and jobs growth slows 

Consumer spending will help buoy the economy this year even as jobs growth slows from a 'breakneck pace' and multinational exports fail to stage a strong rebound, according to Bank of Ireland forecasts. Picture: Sam Boal/Rollingnews.ie

Consumer spending will help buoy the economy this year even as jobs growth slows from a "breakneck pace" and multinational exports fail to stage a strong rebound, according to Bank of Ireland forecasts. 

Irish GDP which contracted in 2023 will grow this year, but by the less-than-expected rate of 1.5%, as multinationals continue to face sluggish demand across Europe, but Irish-owned firms in the domestic economy will likely fare better, with consumer spending growing by 2.9%, the bank projects. Pay increases will nonetheless outpace the rise in consumer prices for the first time in a while,