ESRI Nowcast (as of 18th July 2024)
July 18, 2024
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- As of July 18th, the ESRI's 2024Q2 nowcast estimates that MDD is growing at 3.0% year-on-year. This remains unchanged from last month’s estimate.This is the second nowcast of 2024Q2 and is based on data from April and May.
- Decomposing the key drivers of this month’s nowcast estimate show that robust tax revenues and strong growth in house prices (both of which are included in the ‘other’ component of the decomposition below) relative to May 2023 contributed most significantly to the estimated growth. Weaker consumption data compared to May 2023 had a negative impact on the estimate.
- Note: The historic MDD data and model fit have been updated since last month’s estimates based on the CSO’s Final National Accounts released on July 12th.