GDP growth of 10.8% in first quarter - CSO

​New Central Statistics Office figures show that the domestic economy shrank by 1% on a quarterly basis during the first three months of the year which began with the economy in a Covid-19 lockdown and ended with inflation beginning to climb rapidly.

Gross domestic product, a broader measure of economic activity, grew by 10.8% on the quarter, the CSO said.

​The Government has long cautioned against using this measure due to the way the country's large multinational sector can distort it.

The Central Statistics Office said growth of 14.1% in the multinational dominated sectors drove virtually all of the jump in GDP.

While sectors focused on the domestic market rose by 7.6%, personal spending on goods and services fell 0.7%, the CSO added.

Ref: RTEnews.ie