Financial News: Irish Economy Shrinks 1.8% In Q3

Irish Economy Shrinks 1.8% In Q3

10/27/2023 - 09:27:00 (RTTNews)

(RTTNews) - Ireland's economy contracted in the third quarter after recovering in the previous quarter, mainly due to the weaker performance in the multinational-dominated sectors, preliminary figures from the statistical office CSO showed on Friday.

Gross domestic product fell a seasonally adjusted 1.8 percent sequentially in the September quarter, in contrast to a 0.5 percent expansion in the June quarter.

In the first quarter of this year, the economy contracted 2.6 percent.

The downward trend in the third quarter was mainly attributed to decreases in the multinational-dominated sectors.

On a yearly basis, GDP decreased at a faster pace of 4.7 percent in the third quarter versus a 0.7 percent fall in the second quarter.

Separate official data showed that annual retail sales growth moderated to 2.5 percent in September from 3.7 percent in the prior month.

Month-on-month, retail sales dropped 1.2 percent from August, when they edged down by 0.1 percent.

Excluding motor trades, the volume of retail sales fell by 0.4 percent over the month, while they grew 1.7 percent annually in September.

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