Irish GDP down 1.3% in final three months of 2024 

On an annual basis, the CSO said GDP rose by 6.3% compared to the same three months in 2023

Ringaskiddy, Cork, Ireland. 22nd November, 2023. Container ship CT Pachuca offloading at the deep water terminal in Ringaskiddy, Co. Cork. - Picture: David Creedon

Subdued activity in the multinational dominated industry sector saw Irish gross domestic product (GDP) fall between October and December when compared with the previous three month period. 

Early estimates released by the Central Statistics Office (CSO) on Tuesday show GDP decreased by 1.3% in the final three months of 2024.

On an annual basis, however, the CSO said GDP rose by 6.3% when compared to the same three months in 2023. 

"Results for the full year of 2024 compared with 2023 show moderate growth in GDP of 0.3%," said Enda Behan, CSO Statistician in the National Accounts Integration Division. 

The CSO's figures show the Irish economy ended last year on a weaker note, with the fall of 1.3% following an uptick of 3.5% in the previous quarter of 2024.

"While this latest print is a disappointment, the full year GDP for 2024 showed modest growth of 0.3%," said Robert Purdue, Head of Dealing at Ebury Ireland.

Commenting on today's GDP figures, Mr Purdue said Trump’s seemingly softer stance on tariffs since his inauguration will offer some relief to Irish businesses, especially exporters, who have been anticipating a tougher global trade environment in the year ahead.

Mr Purdue also added that markets are pricing in another ECB rate cut at Thursday’s meeting, "which should provide some support to consumer and business confidence.

"However, the focus will be on President Lagarde’s comments for insights on where the ECB sees interest rates eventually settling, and the pace of cuts over the next 12 months.

“With a mixed outlook for the start of the year, and uncertainty around Trump’s tariff plans remaining, Irish businesses must remain agile. Staying prepared for changing conditions will be crucial to navigating the challenges ahead."