Strong domestic growth recorded last year despite fall in GDP

GDP contracted 5.5% while modified domestic demand grew by 2.6%

Finance Minister Jack Chambers said the easing of inflationary pressures should "boost household purchasing power" as well as support the domestic economy as the year progresses. Picture: Leon Farrell

Despite a major contraction in the multinational sector last year, newly revised figures from the CSO show that the domestic economy grew far more than expected, with higher consumer spending a large contributor.

The CSO had originally estimated that gross domestic product contracted by 3.2% during 2023 while modified domestic demand (MDD) was estimated to have grown by only 0.5%.