Irish GDP Contracts in Q1

Ireland’s gross domestic product fell by 2.7% in the first three months of 2023 from the previous quarter, the first contraction since the fourth quarter of 2021 and the fastest since the fourth quarter of 2020, from the 0.3% increase in the previous period.

The result underscored tougher business conditions faced by the foreign-owned multinational conglomerates that are headquartered in Ireland, as central banks worldwide extended their aggressive tightening cycles.

Higher borrowing costs also pressured the Irish industry sector during the period.

On a yearly basis, the Irish GDP grew by 6.4%, slowing from the 12% jump in the previous period.