Irish Economy Shrinks 0.1% In Q3

(RTTNews) - Ireland's GDP decreased slightly in the third quarter due to contraction in the multinational-dominated industry sector, preliminary figures from the statistical office CSO showed on Tuesday.

Gross domestic product dropped a seasonally adjusted 0.1 percent sequentially in the third quarter, reversing a 0.2 percent growth in the second quarter. Further, this was the first decrease since the first quarter of 2024.

The small decrease was mainly driven by contraction in the multinational-dominated industry sector, the agency said.

On a yearly basis, GDP expanded at a slower pace of 10.5 percent in the third quarter versus 17.1 percent in the previous quarter.

Separate official data showed that the annual retail sales growth eased to a 3-month low of 3.5 percent in September from 3.9 percent in August. The highest annual volume growth was recorded in motor trades with an increase of 8.8 percent, while sales of food, beverages, and tobacco in specialized stores dropped by 2.6 percent.

On a monthly basis, retail sales rebounded 0.2 percent versus a 1.0 percent decline in August.