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Financial News: Irish Economy Recovers 0.9% In Q1, Less Than

Irish Economy Recovers 0.9% In Q1, Less Than Estimated

06/06/2024 - 08:01:00 (RTTNews)

(RTTNews) - Ireland's economy expanded less than initially estimated in the first quarter, the latest figures from the statistical office CSO showed on Thursday.

Gross domestic product rose a seasonally adjusted 0.9 percent sequentially in the first quarter, reversing a revised 3.6 percent decline in the final quarter of 2023.

In the initial estimate, the rate of growth for the March quarter was 1.1 percent.

Further, the economy expanded for the first time since the first quarter of 2023.

Modified domestic demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, advanced by 1.4 percent.

On the expenditure breakdown, private consumption rose 0.6 percent, while government spending fell by 1.1 percent. Net exports of goods and services jumped 85.3 percent compared to the fourth quarter.

Meanwhile, investment in capital formation plunged 40.6 percent, reflecting lower levels of investment in intangible assets.

On an annual basis, GDP contracted at a slower pace of 6.5 percent in the first quarter versus an 8.7 percent decline in the previous quarter. In the flash report, the rate of decrease was only 0.8 percent.

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