Austin Hughes: CSO data shows economy is down but is not out

It may not be unreasonable to envisage exports returning to a bumpy but positive growth path next year. Picture: Dan Linehan

Growth data released by the CSO on Friday suggest that economic activity now looks set to be weaker than previously expected for the year with GDP falling by nearly 2% and modified domestic demand growing by about 1%.

Economic growth is on a very weak trajectory at present. In part, this reflects global economic difficulties. It also owes much to technical issues in the multinational sector and, hopefully, temporary issues in the domestic economy.