2020.12.0411:24:00UTC+00Ireland Exits Recession In Q3

Ireland's economy recovered from a technical recession in the third quarter, the Central Statistics Office reported Friday. After the relaxation of Covid-19 containment measures, gross domestic product grew 11.1 percent sequentially, in contrast to the 3.2 percent fall in the second quarter.

On the expenditure-side, private consumption advanced 21.3 percent following the sharp fall in the second quarter. Private consumption expenditure accounted for 47.9 percent of final domestic demand.

Exports of goods and services increased 5.7 percent. Capital formation climbed 4.4 percent compared with the previous quarter, while government expenditure showed a moderate increase of 0.1 percent.

On a yearly basis, GDP was up 8.1 percent in the third quarter, data showed.