Irish economy shrank 1% in first three months q/q

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Reuters UK

DUBLIN (Reuters) – Ireland’s domestic economy shrank by 1% quarter-on-quarter in the first three months of the year following falls in personal and government spending during a period when the economy was mostly out of COVID lockdowns, data showed on Friday. Gross domestic product (GDP), a broader measure of economic activity, grew by 10.8% on the quarter. The government has long cautioned against using this measure due to the ways Ireland’s large multinational sector can distort it. Officials instead use modified domestic demand (MDD) – which strips out some of those distorting factors. That …

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