Summary Q2 2023
Irish economy
The number of mortgages drawn down has decreased by almost 20% in Q2. According to the Banking and Payments Federation Ireland there were 9,896 mortgages valued at €2.8 billion drawdown.
Global economic trends
The OECD has projected global GDP growth to be 2.7% in 2023, which is the lowest annual rate since the global financial crisis and the pandemic in 2020. Inflation remains high at 6.6% but is projected to fall to 4.3% by 2024.
Inflation
Inflation in the eurozone was 5.5% in June 2023,
a decrease from 6.9% at the end of the previous quarter. Energy prices have continued to drive the decline.
Irish house prices
According to Daft.ie there was a 0.5% decrease in house prices when compared to the same period for 2022. However, there has been an increase of 2.4% from March to June 2023.
Household expenditure
New figures published by the European Commission confirm Ireland was the most expensive country in the EU for household expenditure on goods and services last year with prices 46% above the EU average.
