Irish Economy Shrinks as Multinationals Weigh on Output
- Third-quarter decline broadly in line with ESRI’s estimate
- GDP not considered good indicator for growth in Ireland
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Ireland contracted in the third quarter as the economy grapples with global factors hitting the out-sized number of multinationals based there.
Gross domestic product fell 1.8%, according to the official statistics office. That’s broadly in line with predictions from the country’s Economic and Social Research Institute, which forecast a decline of 1.6% earlier this month.