Commenting on the figures, the Minister for Finance, Pascal Donohoe T.D., said:
“Today’s figures confirm that, despite a contraction in the final quarter, the domestic economy grew at a solid pace last year, with Modified Domestic Demand increasing by 2.7 per cent for the year as a whole, marginally ahead of my Department’s forecast of 2.5 per cent. The growth in the domestic economy is consistent with the strength of our labour market – with a record 2.8 million people in employment last year.
“Alongside the exchequer returns published yesterday, today’s figures illustrate the relatively healthy aggregate position of the domestic economy.
“The external outlook, however, has become increasingly uncertain in recent months against a backdrop of increasing global fragmentation. As a major beneficiary of global economic integration, the Irish economy is exposed to the reversals currently underway.
“From a Government perspective, the policy response will focus on controlling the ‘controllables’, in other words, we are focusing on what we can directly influence. This means continuing to improve resilience, competitiveness and productivity. We will do so by continuing to address major infrastructural bottlenecks in key strategic areas, as well as investing in skills and training.
“A key priority is to build up our buffers so that we can continue to provide for our people if challenges materialise, if and when the next economic shock occurs.”
