(Alliance News) - The Irish economy expanded in the first quarter of 2024, data from the Central Statistics Office showed on Friday, while consumer price inflation slowed on a harmonised basis in April compared to March.
According to early estimates, gross domestic product rose by 1.1% in the first quarter of 2024, when compared to the fourth quarter of 2023. GDP decreased by 3.4% in the fourth quarter of 2023 from the third quarter of 2023.
"The result was driven mainly by an increase in the Information & Communication sector in [the first quarter of] 2024," the CSO said.
GDP is estimated to have fallen by 0.8% when compared with the same quarter of 2023.
The CSO also reported a flash estimate for the EU harmonised index of consumer prices for Ireland. In the 12 months to April, consumer prices rose 1.6%, slowing from 1.7% in March annually. From March to April, prices rose 0.2%.
"Looking at the components of the flash HICP in Ireland for April 2024, energy prices are estimated to have gone up by 1.0% in the month and decreased by 6.3% since April 2023. The HICP excluding energy and unprocessed food prices is estimated to have risen by 2.6% since April 2023," said CSO Prices Division Statistician Anthony Dawson.
"Food prices are estimated to have increased by 0.6% in the last month and grew by 2.6% in the last 12 months. Transport costs fell by 0.5% in the month and were up by 4.3% in the 12 months to April 2024."
Also on Friday, the CSO published retail sales data for March. Irish retail sales volume rose 1.7% monthly in March compared to a 2.0% fall in February, while volume rose 1.0% annually in March from a 1.1% rise in February.
By Greg Rosenvinge, Alliance News senior reporter
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