Dublin Economic Monitor

The Dublin private sector started 2024 on the front foot as renewed growth of new orders supported faster rises in output and employment. The dominant service sector was the main source of expansion. Increases are hopefully set to become more broad based as the year progresses. The positive performance in Dublin was consistent with the picture for the Rest of Ireland which also began the year in expansion mode, although the capital saw faster growth rates across the three indicators covered.

Dublin and the broader Irish retail performance was generally stable YoY in Q4 2023. Dublin retail sales were up by 3.4% (SA) versus Q4 2022. Overall tourist spending grew for Dublin as well Ireland in the quarter. The growth rate for the Capital was an impressive 5.7% while tourist spending across Ireland grew by 8.7% compared to Q4 2022.

Getting a clear read on the economy is proving elusive at the moment. This edition of the monitor reflects this challenge, noting a mixed picture across different indicators. We have new peaks for hotel occupancy and a faltering demand for restaurants, reasonable retail performance but weakening business activity and we continue to see strong employment statistics but fewer vacancies. All things considered, the domestic economy has recorded growth, and is expected to continue doing so, but weak external demand is dampening the pace of expected growth.