GDP falls by 1.3% in fourth quarter, CSO preliminary estimate shows
A preliminary estimate from the Central Statistics Office today shows that gross domestic product (GDP) contracted by 1.3% in the fourth quarter of 2024 from the previous three months, but was 6.3% higher than the same quarter the previous year.
The Government has long cautioned against using GDP to accurately measure economic growth as it is routinely inflated by multinational activity, but the measure is used to calculate Ireland’s share of activity across the euro zone.
The CSO said the decrease in GDP was driven mainly by a fall in the multinational dominated industry sector in the last three months of the year.
It added that GDP for the full year is estimated to have increased by 0.3%, when compared with 2023.
The CSO said today’s preliminary results are subject to revisions in the Quarterly National Accounts Q4 2024 release, which will be published in early March.
Article Source – GDP falls by 1.3% in fourth quarter, CSO preliminary estimate shows – RTE
