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Ireland Exits Recession in First Quarter
Ireland's economy exited recession in the first quarter, with gross domestic product (GDP) expanding by 1.1% compared with the previous three months in 2023, driven by the technology sector, official figures showed on Thursday.
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Economia PIB
The increase in GDP in year-on-year terms was estimated at 0.8%, the central statistics office (CSO) said.
GDP fell in every quarter of last year, according to the CSO. A technical recession is usually defined as two consecutive quarters of GDP contraction.
In the last three months of last year, Irish GDP fell by 3.4% compared with the previous three months.
An economic outlook published by the Economic and Social Research Institute (ESRI) in late March suggested the economy is likely to grow this year and next.
However, it highlighted risks such as geopolitical tensions and their impact on trade flows, supply-side bottlenecks in an economy operating at close to capacity, and managing effectively the particular challenges of a small open economy that hosts many large multinationals.
Read More: UK private sector activity continues to recover in March (Portuguese version)
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