Irish GDP to contract but domestic economy to grow

Influenced by international factors including rising inflation and high interest rates, GDP will contract by 1.6%, the Economic and Social Research Institute said. — Bloomberg

DUBLIN: Ireland’s gross domestic product (GDP) is set to contract this year, but its domestic economy is expected to grow, according to the Economic and Social Research Institute (Esri).

Influenced by international factors including rising inflation and high interest rates, GDP will contract by 1.6%, the institute said. It added that this would be the first year the economy fails to expand since 2012.