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Financial News: Irish Economy Contracts More Than Estimated

Irish Economy Contracts More Than Estimated

03/01/2024 - 08:44:00 (RTTNews)

(RTTNews) - Ireland's economy contracted more than initially estimated in the final quarter of 2023, the latest figures from the statistical office CSO showed on Friday.

Gross domestic product fell a seasonally adjusted 3.4 percent sequentially in the fourth quarter, following a 2.5 percent decline in the third quarter.

In the initial estimate, the rate of decline for the December quarter was 0.7 percent.

Modified domestic demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, was 0.4 percent lower compared to the previous quarter, while final domestic demand grew 22.2 percent.

On the expenditure breakdown, private consumption remained unchanged, while government consumption rose by 1.2 percent. Net exports declined, and investments showed strong growth.

During the year 2023, overall GDP shrank 3.2 percent, driven largely by a fall of 4.8 percent in exports.

Ireland's manufacturing activity expanded for the first time in six months in February, with production growth accelerating to the highest for 22 months amid a renewed improvement in order books, survey data from S&P Global revealed.

The headline AIB Manufacturing Purchasing Managers' Index posted 52.2 in February, up from 49.5 in January. A reading above 50 indicates expansion.

"Manufacturers remained broadly optimistic about the outlook for the year ahead as firms linked this optimism to expansion plans and stronger client demand," David McNamara, AIB Chief Economist, said.

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