Ireland has experienced a recession starting from the first quarter of 2023 and continuing through the second quarter of 2024
Meanwhile, the quarter-on-quarter aggregate economic output data conveyed an improvement of economic growth with two positive quarters.
However, in the past year Retail sales in aggregate have recorded continued decreases in consumer sales as explanatory data of Ireland’s economic downturn while Household spending continues to shrink due to a faltering economy and inflationary costs.
The unemployment rate in the Irish economy has been steadily increasing since 2024 with the latest July data of 4.7% unemployment rate, also another piece of data of sluggish economy and recessionary impulses in the aggregate economic output.
Ireland continues to see very high Real Estate and Housing Market prices that are likely to feed into Overvaluation Gaps in Housing Market Prices and LTV Credit, which can then have ripple effects on the overall banking system and Private Debt leverage. In fact Irelands’ Housing Index has continued to increase to all-time high levels well above 2007/09 GFC levels, also as concrete data of overpriced and overvalued assets that ripple through Inflation.
Past Year figures record Ireland’s Private Debt to GDP rate steady at 266,87% a considerably high private debt leverage mostly due to large corporations.
