Foreign Direct Investment (FDI) into Dublin contracted in Q3 2023. The number of FDI projects declined by seven projects QoQ and the same number YoY to stand at 26 (SA) in the quarter.
Capital investment reduced by almost a third QoQ and by 63% YoY, dipping to a new low of $368 million (SA).
The number of jobs created was less affected, falling by 11% QoQ to 1,703 (SA), with 213 fewer jobs created in the quarter.
Slowing global growth, rising interest rates and future uncertainty are impacting destinations such as Dublin as companies increasingly consider locations outside of capital cities for cost saving reasons.
In a reflection of this, the total capital invested in Dublin in Q3 was the lowest quarterly value since the series began in Q1 2019, and continues a downward trend from the latest peak of $1.8 billion (SA) in Q4 2022.
Total Capital Investment in Dublin ($m, SA), Q1 2019- Q3 2023
Despite declines across the FDI indicators, of the six European cities analysed, Dublin had the highest capital investment per capita at $320 (SA) in Q3. The Capital also accounted for the second largest number of jobs created – behind only London (2,275, SA) in the quarter.