Summary Q4 2023
Irish Economy
The latest Central Bank quarterly report for 2023 reports that modified domestic demand is predicted to increase by 1.5% in 2023, 2.5% in 2024 and 1.9% in 2025.
Inflation
Inflation in the eurozone was 2.9% in December 2023, a decrease from 4.3% at the end of the previous quarter. Food, alcohol and tobacco has seen the largest increase at 6.1% when compared to the same month last year.
Chinese Challenges
Chinese GDP expanded 5.2% last year, outpacing growth of just 3% in 2022 and exceeding the government’s official target of about 5%, the lowest benchmark in decades. China’s population decline accelerated in 2023, pointing to persistent challenges for the world’s second-largest economy.
Mortgage Lending
The volume of outstanding mortgage lending was mostly unchanged over the previous year, while the volume of new mortgage agreements in October, at €843 million, was in line with what has been typical over the past 2-3 years.
Global Economy
Pressures from the war in Ukraine, high energy and food prices, inflation and higher interest rates have forced the IMF to cut its global growth forecast for 2023 to 2.7%, from 2.9% forecast in July
