Irish economy falls into technical recession as GDP contracts for second consecutive quarter via IrishTimesBiz
The disproportionate weight of savings in the Irish economy risks adding to pressure in the housing market. Photograph: iStockThe Irish economy, as measured by gross domestic product , contracted by 4.6 per cent in the first quarter of this year on the back of a major contraction in the multinational-dominated industry sector.
The Central Statistics Office also revised down its estimate of GDP for the final quarter of last year to -0.1 per cent, down from an original estimate of 0.3 per cent. The revision means the economy, as measured by GDP, has now experienced two consecutive quarters of negative growth, meeting the definition of a technical recession.
The CSO’s latest quarterly national accounts show the heavily globalised industry sector, which is dominated by big pharma, contracted by 18.2 per cent in the first quarter. As a result, net exports posted a decline of 1.9 per cent or €900 million.
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