Ireland GDP Rebounds in Q1

Ireland’s GDP expanded by 1.1% from the previous quarter in the first quarter of 2024, trimming the 3.4% contraction from the earlier period to mark the first expansion since the three months leading to December of 2022.

The result pointed to some traction for the global corporate sector despite the prolonged period of restrictive monetary policy, as the large extent of foreign-owned multinational companies headquartered in the country is the main driver of movements in the Irish GDP. From the previous year, the Irish GDP contracted by 0.8%, the fourth consecutive contraction.