Financial News: Irish Economy Contracts 1.3% In Q4

Irish Economy Contracts 1.3% In Q4

01/28/2025 - 07:22:00 (RTTNews)

(RTTNews) - Ireland's economy shrank in the final quarter of 2024 after bouncing back strongly in the previous quarter, preliminary figures from the statistical office CSO showed on Tuesday.

Gross domestic product fell a seasonally adjusted 1.3 percent sequentially in the fourth quarter, reversing a 3.5 percent expansion in the third quarter. Further, this was the biggest decline in one year.

The result was driven mainly by a fall in the multinational-dominated industry sector, the agency said.

On a yearly basis, GDP increased at an accelerated pace of 6.3 percent in the December quarter versus a 2.9 percent recovery in the previous quarter.

Compared with 2023, the Irish economy grew 0.3 percent during the year 2024.

Separate official data showed that the volume of retail sales in Ireland rebounded 0.8 percent annually in December versus a 1.1 percent fall in November.

Monthly, retail sales rose 1.1 percent in December, faster than November's 0.6 percent growth.

Sales volume advanced 6.3 percent for motor trades from last month, and demand for clothing, footwear, and textiles climbed by 2.9 percent. Meanwhile, fuel sales were 3.0 percent lower.

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