Economic activity down 8.5% in first quarter

Economic activity in Ireland was down 8.5% in the first quarter of this year compared to the same period last year, according to the latest Quarterly National Accounts from the CSO.

The statistics agency says GDP was down 8.5%, while GNP (which excludes the profits of foreign-owned firms) was down 12%.

Consumer spending was also down 9%, capital investment was down by a massive 34% and industrial output was down 10%, largely due to a 31% decline in construction activity.