Financial News: Ireland GDP Growth Revised Higher In Q1

Ireland GDP Growth Revised Higher In Q1

06/05/2025 - 08:21:00 (RTTNews)

(RTTNews) - Ireland's economic growth accelerated in the first quarter of 2025, revised from a slowdown estimated initially, the latest figures from the statistical office CSO showed on Thursday.

Gross domestic product advanced a seasonally adjusted 9.7 percent sequentially in the first quarter, faster than the upwardly revised 5.0 percent expansion in the fourth quarter.

Further, this was the strongest growth since the third quarter of 2020.

Multinational-dominated sectors grew by 12.4 percent over the quarter, with domestic sectors increasing by 0.7 percent, the agency said.

Data showed that Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, grew by 0.8 percent.

On a yearly basis, GDP growth quickened to 22.2 percent from 9.2 percent in the final quarter of 2024. In the flash estimate, the rate of expansion was 13.3 percent.

Separate official data showed that the unemployment rate edged down to 4.0 percent in May from 4.1 percent in April. The number of unemployed people declined to 118,600 from 118,800.

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