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Irish economy contracts in first quarter
Last Updated: 2017-07-17 10:02 | Xinhua
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The Irish economy contracted in first quarter of this year, but still achieved an increase of 6.1 percent in gross domestic product (GDP) in real terms on a yearly basis, according to official figures on Friday.

The figures from the Central Statistics Office (CSO) showed that in the first quarter there was a decrease of 2.6 percent in GDP and a decrease of 7.1 percent in gross national product (GNP).

The contraction in GDP was mainly due to the decreases of industry and financial services, which recorded a 8.8 percent and a 6.4 percent decline separately, compared with the previous quarter, the CSO said.

The CSO said Ireland's economy, as measured by GDP, grew by 5.1 percent last year, making it the fastest growing economy in the Europe Union for the third successive year since the end of the financial crisis.

At current prices, Ireland's GDP in 2016 was 275.6 billion euros, the CSO figures showed.

On Friday, the CSO also published an alternative measure of economic activity in Ireland, modified Gross National Income (GNI), which is estimated at 189.2 billion euros last year. As a result, the debt to GNI ratio was 106 percent in 2016.

The country's economic growth forecast has remained at 4.3 percent for this year and 3.7 percent for next year, according to the government.

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