Friday 23 March 2018

Figures reveal economy shrank in second quarter

The Irish economy began to contract again in the second quarter of the year, official figures revealed today.

The downturn came after businesses, both homegrown and multinational, had shown signs of picking in the first part of the year.

The report showed the value of goods and services, including foreign-owned companies, suffered a 1.2pc decline in trade between April and June.

Homegrown businesses were also hit but not to the same extent, with their value down by 0.3pc.

The Central Statistics Office (CSO) said the economy was hit by a fall in consumer spending - down 1.7pc compared to the same period last year.

The national accounts showed exports continued to show strong growth, up €884m on the same three months in 2009.

The CSO also reported that the overall value of industry output grew 1.7pc on the second quarter of last year but construction, one of the biggest victims of the country's downturn, was down 28pc.

Press Association

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