Dublin Economic Monitor – December 2023

The December issue of the Dublin Economic Monitor has been published.

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Key highlights:

• Dublin’s unemployment rate remained broadly unchanged at 5.1% (SA) in Q3 2023, despite modest declines in employment levels in the economy.
• Business activity in Dublin continued to grow in Q3 2023 with expansions in the construction and services sectors, though a modest contraction was recorded in the manufacturing sector.
• The value of Dublin consumer retail spending expanded at slowing rates of 0.9% QoQ and 3.7% YoY as rising inflation and interest rates likely affected demand.
• Foreign Direct Investment declined by a third QoQ and by 63% YoY to $368 million (SA) in Q3 2023.
• Dublin house prices returned to growth across the summer, with MoM expansions of between 0.3% (June) and 0.7% (September).
• Dublin hotel occupancy rates remained subdued at 77.2% (SA) in October, down by 3.4 percentage points YoY.