Ireland: GDP contracts in Q3
According to a preliminary reading, GDP contracted 1.8% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting the 0.5% expansion seen in the second quarter. On an annual basis, economic growth declined to 4.7% in Q3, compared to the previous quarter’s 0.7% expansion.
In its press release, the statistical office stated that the decline was driven by the multinational sector. The volatile nature of the sector means the GDP figures could be revised significantly ahead.