Ireland experienced the steepest quarterly economic contraction in the EU in the fourth quarter of last year – despite the economy growing overall in 2020. According to figures published by Eurostat on Tuesday, Ireland’s quarterly gross domestic product (GDP) fell by 5.1pc from October to December, as the country entered its second major lockdown. Overall, average quarterly GDP growth fell by 0.7pc in the euro area and by 0.5pc in the EU in the fourth quarter, compared with the third quarter. According to European Commission forecasts published last month, Ireland was the only EU economy to see positive year-on-year growth in 2020. Ireland’s quarterly GDP growth was negative for three out of four quarters in 2020.

Source: Irish Independent March 09, 2021 12:56 UTC