Key facts
- Ireland's GDP contracted by 12.1% in the three months through March.
- The Central Statistics Office released the GDP figures.
Ireland's economy experienced a significant contraction in the first quarter of the year, with Gross Domestic Product (GDP) shrinking by 12.1% compared to the previous quarter. This data was released by Ireland's Central Statistics Office. The sharp decline in Ireland's economic output raises concerns that it could pull the entire Eurozone into a recession.