Irish finance minister expects growth to remain soft into early 2023

Ireland's finance minister said that quarterly economic activity data released on Friday is very much in line with his department's projections and he expects the pace of growth to remain soft into the first half of 2023.

"Today's data, as well as the employment data published last week, are very much in line with my department's projections," Donohoe said in a statement, describing the modest growth in consumer spending as encouraging given the headwinds faced by households.

"With inflation eroding real incomes of households and undermining the profitability of SMEs, I would expect the pace of growth in the domestic economy to remain soft throughout the final months of this year and into the first half of next year."