That’s because domestic sectors are still growing, with the Economic and Social Research Institute’s (ESRI’s) latest estimates showing modified domestic demand – a measure of activity that strips out multinational transactions such as aircraft leasing and patents – grew 2.6pc year-on-year in August. I would stress that the flash GDP data are initial estimatesSo what is the GDP dip all about and what does it mean for Ireland? Exports of computers and electrical machinery have also fallen, CSO data shows, and sales of machinery to China are also down. A ‘technical’ recession – two successive quarters of negative growth – may not be felt by the man on the street, but it could signal a future hit to corporation tax receipts. Eurozone business activity slumped again in October, with manufacturers and services firms feeling the pinch, and increasing fears of a technical recession across the 20-member zone.

Source: Irish Independent October 28, 2023 06:17 UTC