Irish economic growth set to moderate – Commission

The European Commission said today that GDP growth in Ireland is forecast to moderate as support from the external environment weakens and risks, including Brexit, grow.

But in its latest quarterly economic forecast, the Commission said that underlying economic activity is expected to remain “robust” on the back of construction investment and positive labour market developments.

The Commission has predicted that GDP here will grow by 3.8% in 2019 and by 3.4% in 2020, below the rates of 4.1% and 3.7% predicted in an earlier forecast in February.

The Commission said that uncertainty surrounding the economic outlook comes mainly from external factors, especially Brexit, as well as possible changes in the international taxation and trade environment.

It also said that on the domestic side, signs of overheating could become more apparent and the “huge impact” of the often unpredictable activities of multinationals could drive headline growth in either direction.

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