Domestic economy posts ‘healthy’ growth of 2.7% in 2024 – CSO
The domestic economy grew by a healthy 2.7% last year, according to the latest figures from the Central Statistics Office.
Gross Domestic Product, which includes the multinationals activity, rose by 1.2% in 2024.
Personal spending on goods and services, a key indicator of the domestic economy rose 2.3%, while wages grew by 2.9%.
Modified investment was up 2.2% last year.
The CSO said building and construction was down 2% last year with new homes falling 7.5%.
The assistant director general of the CSO, Chris Sibley, said the latest figures showed “continued growth in the domestic economy in 2024.”
The growth was driven by the sectors of distribution, hotels, transport and restaurants which were up 1.4% while the sectors of information and communications rose 8.4%.
Government expenditure was up 4.3% last year, while net exports were €45.6 billion.
The figures show strong growth in GDP in the last three months of 2024 with a rise of 3.6% driven by multinationals.
Minister for Finance Pascal Donohoe said today’s CSO figures confirm that, despite a contraction in the final quarter, the domestic economy grew at a solid pace last year, with Modified Domestic Demand increasing by 2.7% for the year as a whole, marginally ahead of the Department’s forecast of 2.5%.
He noted that the growth in the domestic economy is consistent with the strength of the labour market, with a record 2.8 million people in employment last year.
“Alongside the exchequer returns published yesterday, today’s figures illustrate the relatively healthy aggregate position of the domestic economy,” Mr Donohoe said.
But he cautioned that the external outlook has become increasingly 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,” he added.
“From a Government perspective, the policy response will focus on controlling the ‘controllables’, in other words, we are focusing on what we can directly influence,” he said.
“This means continuing to improve resilience, competitiveness and productivity. We will do so by continuing to address major infrastructural bottlenecks in key strategic areas, as well as investing in skills and training,” he said.
“A key priority is to build up our buffers so that we can continue to provide for our people if challenges materialise, if and when the next economic shock occurs,” he added.
Article Source – Domestic economy posts ‘healthy’ growth of 2.7% in 2024 – CSO – RTE
