The Dublin City Region plays a pivitol role in the economy of Ireland. The Dublin Economic Monitor tracks the capital’s performance quarterly to provide insightful data.
Overall retail sales growth in Dublin as well as across Ireland decelerated slightly in Q3 2023 versus Q3 2022. In Dublin, the Entertainment sector had been seeing large growth rates recovering from the pandemic dating back to Q2 2021. The growth rates in the sector are normalising as we move away from the deep declines experienced during the pandemic.
Dublin's labour market stepped up a gear in the third quarter, seeing a rapid rise in employment as firms responded to sustained growth of workloads. This was despite some signs of growth in output and new orders losing some momentum from earlier in the year. Growth of business activity in Dublin continued to outperform the Rest of Ireland, and firms will be hoping to complete a full year of expansion as we work through the final quarter of 2023.
Stability and fragility seem to be the common words being used to describe the economy at the moment. Inflation is hopefully moving off the stage as the main concern but the effects of the higher interest rate medicine are yet to work through fully. A strong labour market but nervy consumer leaves us casting around for certainty about where the economy goes next.