Summary Q3 2023
Irish Economic Trends
Gross domestic product (GDP) shrank 1.8% in the third quarter of the year compared to the previous three-month period. The contraction in the Irish economy between July and the end of September was driven by lower activity in industries dominated by multinationals.
Increase in Dispensing Fee
A new report by Fitzgerald Power and the Irish Pharmacy Union has called for an increase in the dispensing fee to €6.50. The report has identified a sector under increasing strain due to rising costs, particularly wages, and stagnant reimbursement fees.
Inflation
Inflation in the eurozone was 4.3% in September 2023, a decrease from 5.5% at the end of the previous quarter. Energy prices have continued to fall, dropping 4.7% when compared to the same month last year.
Expansion of Pharmacy Services
The Minister for Health has said he is considering a number of proposals that would expand the role of community pharmacies. The Minister is considering a Minor Ailment Scheme which will enable pharmacies to treat some ailments that are currently treated by GPs.
Global Economic Trends
The OECD has projected global GDP growth to be 2.7% in 2024, which is the lowest annual rate since the global financial crisis and the pandemic in 2020. The increase in inflation has led to a decline in real wages for Q3.
