Revised Q1 2023 National Accounts from the Central Statistics Office show that Ireland’s GDP contracted by 2.8% compared with Q4 2022.
Factor income outflows were €2.7bn higher than in the previous quarter, leading to an overall decline in GNP of 6.9% when compared with the previous quarter’s economic growth.
According to CSO analysis, the multinational dominated sectors of the economy contracted by 9.0% q-o-q overall in Q1 2023.
The Industry sector recorded a significant decrease over Q4 2022, falling by 13.2%, more than offsetting the growth in the Information & Communication sector of 4.9%.
The CSO said that sectors focused on the domestic market experienced mixed results in the quarter.
Revised Q1 2023 National Accounts from the Central Statistics Office show that Ireland’s GDP contracted by 2.8% compared with Q4 2022.
Factor income outflows were €2.7bn higher than in the previous quarter, leading to an overall decline in GNP of 6.9% when compared with the previous quarter’s economic growth.
According to CSO analysis, the multinational dominated sectors of the economy contracted by 9.0% q-o-q overall in Q1 2023.
The Industry sector recorded a significant decrease over Q4 2022, falling by 13.2%, more than offsetting the growth in the Information & Communication sector of 4.9%.
The CSO said that sectors focused on the domestic market experienced mixed results in the quarter.
“That being said, many of the headwinds to growth which existed at the start of the year remain ever-present. Our economy is still facing significant capacity constraints, particularly in our housing and labour markets, which are keeping non-energy inflation much higher than expected.
“Rising interest rates, have also placed a greater financial burden on businesses and households. Growth has also slowed in many of our key export markets, weighing on demand for Irish exports as a result.”
Source: BUSINESS PLUS
