LATEST IRISH MERCHANDISE EXPORTS & RESIDENTIAL PROPERTY PRICES

Very strong export performance in 2022 & Residential Property Price inflation continues to decelerate.

EXTERNAL TRADE

The external trade performance was exceptionally strong in 2022. Merchandise exports were 25.6 per cent higher than in 2021.

·       Exports of food and live animals expanded by 22 per cent (7.1 per cent of total exports).

·        Chemicals and related products increased by 30.4 per cent (64.2 per cent of total exports). Within this category, Medical and Pharmaceutical Products increased by 27.8 per cent and accounted for 38.4 per cent of total merchandise exports.

·       Machinery and transport equipment increased by 9.5 per cent (13.2 per cent of total exports).

While the agri-food sector is performing strongly, the foreign-owned component of the industrial base continues to be the main driver.

From a geographical perspective, merchandise exports to:

·       Great Britain increased by 19.1 per cent, and it accounted for 8.2 per cent of total exports.

·       Northern Ireland increased by 31.1 per cent, and it accounted for 2.4 per cent of total exports.

·       The EU-27 increased by 30.8 per cent, and it accounted for 38.7 per cent of total exports.

·       USA increased by 19.9 per cent, and it accounted for 30.3 per cent of total exports.

·       Rest of World increased by 27.4 per cent, and it accounted for 20.4 per cent of total exports.

HOUSE PRICES

The Ongoing ECB interest rate tightening cycle is continuing to impact on Irish residential property prices. We continue to be presented with evidence that residential property price inflation is decelerating. In the year to December, national average residential property prices increased by 7.8 per cent, with prices in Dublin rising by 6 per cent and prices outside Dublin rising by 9.3 per cent. This is down from a peak growth rate of 15.1 per cent in national average prices in March 2022; a peak growth rate of 13.2 per cent in Dublin in February 2022; and a peak growth rate of 17.1 per cent in the Rest of Ireland in March 2022.

During the month of December, national average residential property prices increased by 0.3 per cent from the previous month. Dublin prices declined by 0.3 per cent and prices outside of Dublin increased by 0.8 per cent. Between September and December 2022, average residential property prices in Dublin have fallen by 0.6 per cent.

For 2022 as a whole, national average residential property prices increased by 12.3 per cent compared to 2021; Dublin prices increased by 10.3 per cent; and prices outside of Dublin increased by 14 per cent.

In December, the national Residential Property Price Index (RPPI) showed that national average residential property prices were 3.3 per cent above the highest level recorded at the peak of the economic boom in April 2007. Dublin residential property prices are 6.2 per cent lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 3 per cent higher than their May 2007 peak.

Property prices nationally have increased by 130.3 per cent from their trough in early 2013. Dublin residential property prices have risen by 132.2 per cent from their February 2012 low, while residential property prices in the Rest of Ireland are 136.9 per cent higher than at the trough, which was in May 2013.