GDP increased by over 10% in Ireland at the start of the year

Ireland’s economy grew strongly in the first quarter of the year.

Driven by the multinational dominated sectors, GDP went up by 10.8%.

However, CSO figures show the domestic economy shrank by 1% in the first three months of the year.

KBC Bank Ireland’s chief economist, Austin Hughes, says the figures give a mixed assessment on how the country is performing:

“When you look at today’s numbers, it suggests that certainly some parts of retailing are struggling. Some parts of construction are going to find it difficult, but we still have a multinational sector that is generating significant activity, substantial employment, and a surge in tax revenues.”


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