Ireland Back Into Recession as GDP Falls 0.6% QoQ in Q1

In Q1 of 2013, Ireland's GDP contracted 0.6 percent, down from a revised 0.2 percent fall in the previous quarter. It is the third successive quarterly contraction, broadly driven by plunging investment. Ireland is back in recession for the first time since 2009.

On the expenditure side of the accounts, personal expenditure declined by 3.0 percent between Q4 of 2012 and Q1 of 2013, the sharpest fall in four years. Capital investment declined by 7.4 percent while net exports decreased by €1,021m over the same period. Government expenditure recorded a small increase (0.3 percent) on a seasonally adjusted basis.

On the output side of the accounts agriculture, forestry and fishing grew by 4.8 percent in Q1 of 2013 compared with the previous quarter. Industry (including building and construction) increased by 2.1 percent while other services expanded by 1.6 percent during this period. 

Distribution, transport, software and communication showed little change (+0.1 percent) while public administration and defence contracted by 1.5 percent on a seasonally adjusted basis between the final quarter of 2012 and the first quarter of 2013.

Overall the economy grew by just 0.2 percent in 2012, rather than the 0.9 percent initially thought.

Ireland Back Into Recession as GDP Falls 0.6% QoQ in Q1

CSO | Nuno Fontes |
6/27/2013 11:37:42 AM