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Sarah Collins
Residential building activity fell 16.2pc between July and September, compared to the previous three months.
Non-residential construction also fell quarter on quarter, by 2.8pc, the Central Statistics Office said today.
Civil engineering – the construction of motorways and other infrastructure such as water projects or electric lines – has recovered to pre-pandemic levels and was up 10.3pc in the third quarter, compared to the second.
Overall, the volume of construction activity is still 12.3pc below pre-pandemic levels.
However, the value of work done has risen by 6.1pc since the third quarter of 2019.
Building activity – including residential and non-residential construction, but excluding civil engineering – is down 15.4pc on pre-pandemic levels.
The CSO data comes the same day as AIB revealed a contraction in its manufacturing index, for the first time since the height of the pandemic in May 2020.
A sixth monthly fall in new orders has caused a dip in output, bringing Irish manufacturers into line with the eurozone and the UK, where economic growth has already begun to turn negative.
AIB chief economist Oliver Mangan said sentiment among manufacturers is at a two-year low “as fears of a recession mount”.
Davy stockbrokers warned in a note that the figures could indicate a future impact on Ireland’s economic growth.
“This poses a risk to our forecast that Ireland’s resilient export sector will keep GDP growth in positive territory in 2023,” Davy stockbrokers said in a note.
All official forecasts point to gross domestic product – which is often skewed by the large multinational sector – slowing, but staying safely in positive territory next year at over 3pc
Growth in the domestic economy, however, is predicted to slow to close to zero, according to Government forecasts.
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