GDP falls after contraction in key sectors

Domestic demand recorded strong growth of 2.3% between July and September

Total exports increased by 2.1%, up €4.4bn, during the third quarter, while total imports grew by 10.4%, up €14.7bn, over the same period.

Ireland’s gross domestic product (GDP) fell slightly during the period July to September, following a surge earlier this year, with the pharmaceutical heavy industry sector experiencing a contraction, the latest data from the Central Statistics Office (CSO) shows.

However, the domestic economy is still holding up well, with modified domestic demand (MDD), a broad measure of underlying domestic demand that excludes intellectual property and aircraft-related globalisation effects, growing by 2.3%, driven by capital formation.