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Ireland's economy shrunk in the fourth quarter of 2020 due to a weaker performance of exports and a decline in consumer spending amid a resurgence of coronavirus infections across Europe, figures from the statistical office showed Friday.
Gross domestic product decreased 5.1 percent from the third quarter, when the economy expanded 11.8 percent.
Gross national product, which is a measure of economic activity that excludes the profits of multinationals, increased 8.5 percent following a 0.8 percent fall in the previous three months. For the full year 2020, GDP 3.4 percent after a 5.6 percent increase in 2019. GNP grew 0.6 percent following a 3.4 percent increase in the previous year. The fall in personal consumption was more than offset by the combined effect of the growth in exports of goods & services, the Central Statistics Office Assistant Director General with responsibility for Economic Statistics Jennifer Banim said.
