Irish GDP Shrinks 1.0%

(RTTNews) - Ireland's economy contracted in the second quarter amid a decrease in the multinational-dominated sector of industry, preliminary figures from the statistical office CSO showed on Monday.

Gross domestic product decreased a seasonally adjusted 1.0 percent sequentially in the second quarter, reversing a 7.4 percent expansion in the first quarter. Further, this was the first contraction since the first quarter of 2024.

The result was mainly driven by a fall in the multinational-dominated industry sector, the agency said.

On a yearly basis, GDP growth moderated to 12.5 percent from 20.0 percent in the March quarter.