2nd Jun 2023 14:41
(Alliance News) - The Irish economy shrank in the first quarter of this year, data showed on Friday, following a major contraction in the multinational-dominated industry sector.
Gross domestic product decreased by 4.6% in the first three months of 2023 from the fourth quarter of 2022, according to the Central Statistics Office. This decline was revised from an original estimate that indicated a lesser decline of 2.7%.
In the fourth quarter of 2022, Ireland's economy grew by 0.6%. In the same quarter a year prior, GDP rose by 6.3% quarter-on-quarter.
The economy took a hit in the first quarter of this year from multinational dominated sectors, which contracted by 16%.
All other sectors grew by 2.7% in the quarter.
Modified domestic demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, increased by 2.7%.
Gross national product, which excludes the profits of multinationals, declined by 8.0% in the recent quarter from the fourth quarter of last year, when it had risen by 4.7% from the third quarter.
By Holly Beveridge, Alliance News reporter
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