2023.12.0113:07:00UTC+00Irish Economy Shrinks 1.9% In Q3, More Than Estimated

Ireland's?economy?contracted slightly more than initially estimated in the third quarter, the latest data from the statistical office CSO showed on Friday.

Gross domestic product fell a seasonally adjusted 1.9 percent sequentially in the September quarter, in contrast to a 0.4 percent decrease in the June quarter.

In the initial estimate, the rate of contraction was 1.8 percent.

The second quarter figure was also revised lower from a 0.5 percent rise seen in the flash report.

With this, the country has now remained in recession for the third straight quarter.

Modified domestic demand, a broad measure of underlying domestic activity covering personal, government, and investment spending, was broadly unchanged in the quarter, the agency said.

Data showed that the multinational-dominated sector contracted by 3.8 percent, while all other sectors decreased by 0.7 percent.

Both exports and imports decreased by 2.1 percent and 1.7 percent, respectively, in the third quarter.

Personal spending on goods and services, a key measure of domestic economic activity, increased by 0.7 percent over the quarter.

On a yearly basis, GDP contracted 5.8 percent in the third quarter after falling 0.3 percent in the previous quarter. In the flash report, the rate of decline was 4.7 percent.