28th Jan 2025 11:33
(Alliance News) - The Irish economy contracted slightly in the final quarter of 2024, preliminary data from Ireland's Central Statistics Office showed on Tuesday, though it grew from a year before.
Gross domestic product declined by an estimated 1.3% in the three months to December 31, after an increase of 3.5% during the third-quarter.
"This was driven by a decrease in the multinational dominated industry sector," said Enda Behan, statistician in the CSO's National Accounts Integration Division.
This reverses the third-quarter growth trend reported in the industrial sector, which expanded the most on a quarterly basis, up 14% from the previous three-month period.
On an annual basis, GDP increased by 6.3% in the fourth quarter and is estimated to have grown by 0.3% in all of 2024.
By Holly Munks, Alliance News reporter
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