BCN-32 Irish economy contracts in first quarter

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ZCZC

BCN-32

IRELAND-ECONOMY-GROWTH

Irish economy contracts in first quarter

DUBLIN, July 20, 2018 (BSS/AFP) – Ireland’s economy shrank 0.6 percent in
the first quarter, hit by a slide in industrial output, official data showed
Thursday, as the eurozone nation prepares for Britain’s EU withdrawal.

Data for the January-March period compared with gross domestic product
growth of 2.8 percent in the final quarter of 2017, the Central Statistics
Office said in a statement.

Ireland’s industrial output slumped almost 10 percent in the first
quarter, the CSO added.

A major concern for Ireland surrounds final terms of the Brexit deal being
negotiated by key trading partner Britain.

Dublin is waiting to see how the border between British province Northern
Ireland and Ireland will be managed after Britain’s formal exit from the
European Union due in March.

Ireland’s economy meanwhile expanded by a huge 7.2 percent last year,
albeit down on a previous estimate of 7.8 percent, the CSO added Thursday.

Irish overall GDP output has recovered at a strong pace since Dublin
required a huge international bailout following the global financial crisis
of a decade ago.

BSS/AFP/HR/1110