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The European Commission report states that Ireland’s economic growth will continue to be strong

Dublin: The European Commission reports that Ireland’s economic growth will continue to be strong. According to the European Commission’s Spring 2023 Economic Forecast, GDP will grow 5.5% this year and 5% in 2024. The current forecast outperforms the one issued in February. In 2023 and 2024, 4.9% and 4.1% were projected, respectively.

The commission said that exports are not the backbone of the country’s economic activity, leading to private consumption. Inflation reached an all-time high of 8.1% last year. It will begin to decline this year, and the report assumes that it will reach 2.6% by 2024. The report predicts that Ireland will have a budget surplus this year and next.

The eurozone’s economic growth will also be faster than previously predicted, according to the report. In addition, the European Commission predicted that inflation would remain high.

GDP in the Eurozone is expected to rise by 1.1% this year and 1.6% next year. In February of last year, growth was forecast at 0.9% and 1.5%, respectively. The commission says it has overcome the shocks from the COVID epidemic and Russia’s invasion of Ukraine. The unemployment rate is expected to rise to 6.7% next year, up from 6.8% this year.

In addition, inflation will fall slightly. In February, the forecast was 5.8% in 2023 and 2.8% in 2024.
According to the report, the eurozone’s overall budget deficit will fall to 3.2% of GDP this year and 2.4% in 2024, further improving public finances.

The report also states that public debt will continue to decline. The deficit, which was 90.8% of GDP this year, will further decrease to 89.9% in 2024. The report also points out that the debt is decreasing from 93.1% last year.

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