Ireland's GDP contracts in final three months as exports engine splutters

The domestic economy is nonetheless still likely to be in better health than the GDP numbers suggest

The easing of global inflation and interest rates could help support growth this year. 

The size of the economy in terms of GDP shrunk in the final three months of the year as the once reliable growth engine of the multinationals spluttered, but the domestic economy is nonetheless still likely to be growing slightly and not contracting.  

The Central Statistics Office said its preliminary figures show GDP contracted by 0.7% in the final quarter from the previous three months, and the size of the economy was 3.4% smaller than in the same period in 2022, "driven mainly by decreases in the multinational dominated sectors".