Ireland’s economic growth figures take major hit as GDP revised downwards

It is predicted that the real economy will contract in the early part of the year before resuming expansion

Many commenters have said Ireland’s GDP figures are skewed by the effect of multinational companies. Picture: Getty

Estimates for how much Ireland’s gross domestic product (GDP) expanded at the end of 2022 have been revised downwards.

Previous estimates from the Central Statistics Office (CSO) were that GDP rose by 3.5 per cent in the final three months of the year.

However, new figures from the CSO show that instead, GDP only rose by 0.3 per cent during the period.

Many commenters, such as Nobel laureate Paul Krugman, have said Ireland’s GDP figures ...