Ireland’s Economy Falls Into Recession In Q3

Ireland’s GDP decreased by 1.9% in the third quarter of 2023 in comparison to the preceding three months, as reported by the Central Statistics Office (CSO) of the nation.

Michael McGrath, the minister of finance, said that one of the main causes of the reduction is the ongoing drop in demand for COVID-19-related pharmaceutical items.

The GDP shrank by a revised 0.4% in the second quarter (growth of 0.5% was previously reported). The economy of the nation has thus entered a recession. It has been contracting for the past four quarters.

The GDP shrank by 5.8% from July to September compared to the same period the previous year, the most since the third quarter of 2009.


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