The Irish economy grew by more than previously estimated last year with multinational exports rebounding at a stronger rate.
Central Statistics Office (CSO) figures published on Thursday show the economy in GDP (gross domestic product) terms expanded by 1.2 per cent in 2024, up from a previous estimate of 0.3 per cent.
The agency said it had revised up GDP for the final quarter of last year on the back of stronger net exports and this had improved the growth picture for 2024 as a whole.
Modified domestic demand (MDD), considered a better measure of the underlying health of the economy, grew 2.7 per cent, representing a fourth successive year of positive MDD growth.
The latter was driven by growth in personal spending and wages which rose 2.3 per cent and 2.9 per cent respectively.
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“The growth in the domestic economy is consistent with the strength of our labour market – with a record 2.8 million people in employment last year,” Minister for Finance Paschal Donohoe said.
“Alongside the exchequer returns published yesterday, today’s figures illustrate the relatively healthy aggregate position of the domestic economy.”
However, Mr Donohoe said the external outlook has become more uncertain in recent months against a backdrop of increasing global fragmentation.
“As a major beneficiary of global economic integration, the Irish economy is exposed to the reversals currently under way.”
