Modified
domestic demand, which factors out the impact multinationals have on the economy,
will produce growth of 0.7% this year and 2.3% in 2024, representing a slow
from last year’s economic growth of 5.6% in 2022.
However,
the report warns that increased Government support will be needed to ensure
that housing completion numbers meet targets, forecasting 28,373 residential
units will have been completed last year, but that number will fall this year
and next year.
The
report does not expect housing prices to fall this year, but does expect a fall
in house price inflation from 8% last year to 3.2% this year, with consumer
price inflation also falling significantly to 5.6% this year and 2.8% next
year.
The
report expects wages to grow by 4.5% this year.