Latest CSO figures confirm economy in recession

Figures today from the Central Statistics Office confirm that the economy is in recession.

The economy, as measured by gross domestic product (GDP), fell by 1.9% in the three months to the end of September, according to the latest figures from the CSO.

Modified Domestic Demand (MDD), which more closely tracks the domestic economy, was broadly unchanged over the same period.

When the third quarter is compared to the same period in 2022, GDP is down 5.8% while MDD is down 0.4%.

When adjusted for seasonal factors, the economy measured by GDP has fallen now for four consecutive quarters since the fourth quarter of 2022.

Today’s figures mean the economy has met the technical definition of a recession in the year to date.

Multi-denominational sectors of the economy shrank by 3.8% in the third quarter with other sectors of the economy declining by 0.7%.

Exports fell by 2.1% while imports were down by 1.7%, the CSO said.

This reflects a downturn in industries dominated by multinationals, like pharmaceuticals. However, the Information and Communications sector, which includes computer services, continued to grow.

Spending by consumers also continued to grow over the three month period.

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