According to preliminary figures from the Central Statistics Office (CSO), Ireland's economy experienced contraction for the fifth consecutive quarter, which ended in December. This contraction is primarily due to the underperformance of sectors dominated by multinational companies.
The Gross Domestic Product (GDP) experienced a seasonally adjusted decrease of 0.7 percent in the fourth quarter, following a 2.3 percent decline in the previous quarter.
In the second quarter of 2023, the economic contraction was at a rate of 0.4 percent.
The trend of economic decline in the December quarter is attributed mainly to decreases in industry sectors and information and communication sectors, both of which are dominated by multinational corporations.
Comparing year by year, the GDP displayed a slower reduction rate of 3.4 percent in the December quarter versus a 5.4 percent decrease in the September quarter.
Data indicates that over the entire year of 2023, Ireland's economy shrank by 1.9 percent in comparison to 2022.
