Ireland skyline

Ireland GDP Q3 2023

Ireland: GDP records sharpest contraction since Q4 2021 in Q3

GDP dropped at a quicker rate of 1.9% on a seasonally adjusted quarter-on-quarter basis in the third quarter, below the 0.4% contraction logged in the second quarter. Q3’s print marked the sharpest downturn since Q4 2021, and was a slight downgrade from the 1.8% contraction recorded in the preliminary reading.

Household spending growth slowed to 0.7% seasonally-adjusted quarter-on-quarter in Q3 compared to a 0.8% expansion in Q2. Government spending growth slowed to 1.7% in Q3 (Q2: +3.1% s.a. qoq). Meanwhile, fixed investment was down 3.7% in Q3, contrasting the 3.7% increase logged in the previous quarter. Exports of goods and services dropped at a more moderate pace of 2.1% in Q3 (Q2: -4.2% s.a. qoq). Conversely, imports of goods and services deteriorated, contracting 1.7% in Q3 (Q2: +0.8% s.a. qoq).

On an annual basis, economic activity contracted 5.8% in Q3, compared to the previous period’s 0.3% contraction. Q3’s reading marked the largest contraction since Q1 2009.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest