Ireland's domestic economy shrank by 1.1% quarter-on-quarter from July to September, following the strong investment driven growth of 4.7% in the second quarter of the year, data from the Central Statistics Office showed on Friday.
Modified domestic demand (MDD), which strips out some of the ways Ireland's large multinational sector distorts economic activity, was still 5.9% higher than in the same period in 2022. Personal spending rose 0.3% quarter-on-quarter.
Gross domestic product (GDP), a broader measure of economic activity, grew by 2.3% on the quarter and was 10.9% higher year-on-year. The government has long cautioned against using this measure as it is routinely inflated by multinational activity. (Reporting by Padraic Halpin; Editing by Alex Richardson)