Irish Economy Contracts 0.6% In Q4

(RTTNews) - Ireland's GDP shrank for the third straight quarter in the three months ending in December, preliminary figures from the statistical office CSO showed on Thursday.

Gross domestic product dropped a seasonally adjusted 0.6 percent sequentially in the fourth quarter, following a 0.3 percent decrease in the third quarter. Further, the economy continued to remain in recession.

The decrease was mainly driven by contraction in the multinational-dominated industry sector, the agency said.

On a yearly basis, GDP expanded at a slower pace of 3.7 percent in the fourth quarter versus 10.8 percent growth in the previous quarter.