Ireland's Q1 GDP Falls 12% as Multinational Sector Contracts 27%
Updated
Updated · Bloomberg · Jun 4
Ireland's Q1 GDP Falls 12% as Multinational Sector Contracts 27%
3 articles · Updated · Bloomberg · Jun 4
Summary
Ireland’s gross domestic product shrank 12% in the first quarter, with the statistics office tying the drop to a sharp pullback in multinational-heavy activity.
The multinational sector contracted 27% from the previous quarter, overwhelming steadier domestic demand and dragging down overall output.
Modified domestic demand—a gauge seen as more reflective of the local economy—still rose 0.6%, driven by personal spending.
The split underscores Ireland’s recurring gap between volatile multinational-led GDP swings and a domestic economy that remained in modest growth.