Ireland: GDP records quickest expansion since Q3 2022 in the third quarter
GDP reading: According to a preliminary estimate, GDP rebounded in the third quarter, increasing 2.0% on a seasonally adjusted quarter-on-quarter basis, above the 1.0% contraction seen in the second quarter and marking a two-year high. The rebound was driven by an improvement in the output of multinational firms.
On an annual basis, GDP dropped 1.2% in Q3, following the previous period’s 4.0% contraction and marking the best result since Q1 2023.
GDP outlook: The GDP figures are liable to significant revisions ahead due to the heavy presence of multinational firms in Ireland’s economy. A second estimate for GDP growth in Q3 will be released in early December.