Ireland: 2023 Article IV Consultation-Press Release; and Staff Report

Ireland’s economy has shown remarkable resilience in the face of consecutive shocks. Following two years of impressive performance, growth, as measured by real GNI*, is projected to moderate to a still solid pace at 2½ percent in 2023–24. Inflation is expected to further ease, reaching 2 percent toward late 2025. The fiscal position has strengthened considerably on the back of strong tax revenues, but the headline numbers mask some underlying vulnerabilities. The large and complex financial system has remained resilient so far and will continue to be tested by tighter financial conditions. The positive economic outlook is clouded by considerable external risks.