Ireland's economy contracted in the final quarter of 2024 following a robust recovery in the previous quarter, according to preliminary figures released by the Central Statistics Office (CSO) on Tuesday.
The country's Gross Domestic Product (GDP) declined by a seasonally adjusted 1.3% in the fourth quarter, countering the 3.5% expansion experienced in the third quarter. This contraction represents the most significant decline within a year.
The decrease was primarily attributed to a downturn in the multinational-dominated industry sector, as reported by the CSO.
On an annual basis, GDP grew at a more rapid rate of 6.3% in the December quarter, compared to a 2.9% growth in the preceding quarter.
For the entire year of 2024, the Irish economy saw a modest growth of 0.3% compared to 2023.
In separate data, the volume of retail sales in Ireland showed a recovery, increasing by 0.8% year-on-year in December, following a 1.1% decline in November.
On a monthly comparison, retail sales rose by 1.1% in December, a faster pace than the 0.6% growth recorded in November.
The volume of sales surged by 6.3% in the motor trades sector compared to the previous month, and there was a 2.9% increase in demand for clothing, footwear, and textiles. Conversely, fuel sales experienced a decrease of 3.0%.
