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Financial News: Irish Construction Output Plunges 12.7% In Q1

Irish Construction Output Plunges 12.7% In Q1

05/30/2024 - 09:29:00 (RTTNews)

(RTTNews) - Ireland's construction output continued to decline in the first quarter, and at a deeper pace, figures from the Central Statistics Office showed on Thursday.

Construction output fell 12.7 percent annually in the first quarter, following a 6.2 percent decrease in the final quarter of 2023.

On a quarterly basis, construction output contracted 1.8 percent in the March quarter, after a 1.4 percent drop in the prior quarter.

The non-residential building sector output declined 15.3 percent annually, and that of the civil engineering segment slid by 7.9 percent. The only sector that showed a positive contribution was residential building activity, which grew by 6.9 percent.

The construction output value fell 12.3 percent annually in the first quarter and declined 3.3 percent quarterly.

Separate official data showed that Ireland's EU measure of inflation rose to 1.9 percent in May from 1.6 percent in April. Food prices were 2.3 percent more expensive, flash data said.

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