‘A recession in name only’ - Bank of Ireland forecasts solid economic and jobs growth this year

While Ireland technically fell into recession last year, as measured by GDP, the true picture of the Irish economy was much more positive, according to Bank of Ireland

Ireland’s economy is forecast to grow strongly in 2024, underpinned by solid consumer spending, a new report from Bank of Ireland forecasts. Picture: Paulo Nunes dos Santos/Bloomberg

Domestic demand, a key measure of the Irish economy, will be three times stronger in 2024 than last year as the worst effects of inflation begin to recede, according to new research.

In its latest economic outlook report, Bank of Ireland has forecast modified domestic demand to grow by 2.3 per cent this year compared to an estimate of 0.7 per cent in 2023.

The measure, which strips out activities of multinationals which distort Ireland’s ...