Irish Economy Shrinks More Than Estimated In Q3

(RTTNews) - Ireland's GDP decreased more than initially estimated in the third quarter, the latest data from the statistical office CSO showed on Thursday.

Gross domestic product dropped a seasonally adjusted 0.3 percent sequentially in the third quarter, reversing a 0.3 percent growth in the second quarter. Further, this was the first decrease since the first quarter of 2024.

In the initial estimate, the Irish economy showed a contraction of 0.1 percent.

The decline in GDP was mainly driven by a 0.1 percent shrink in the domestic sectors. Meanwhile, multinational-dominated sectors grew by 0.2 percent compared to the previous quarter.

Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, advanced by 2.3 percent on the back of higher levels of investment spending.

The globalized industry sector shrank 0.7 percent, while the information and communication sector logged an expansion of 0.6 percent.

On a yearly basis, GDP expanded at a slower pace of 10.8 percent in the third quarter versus 17.2 percent in the previous quarter. In the flash estimate, the rate of growth was 10.5 percent.