Economy shrinks by almost 2%

THE economy shrank by nearly 2% in the third quarter of the year, fresh figures from the CSO show.

The 1.9% contraction — measured in GDP terms — followed two successive quarters of economic growth. However, domestic demand worsened in the three month period, falling by 6% year-on-year and at the fastest rate since the first quarter of 2010.

Consumer trends also deteriorated, with consumption falling by 3.9%, on a year-on-year basis.