Ireland’s annual economic decline slowed in the third data, while quarter-on-quarter growth was the strongest in two years, preliminary data from the Central Statistics Office showed Tuesday.

Gross domestic product is estimated to have fallen by 1.2% on-year in the third quarter of the year, slowed from a 4.0% contraction in the second quarter. It was the mildest annual decline since the first quarter of 2023, when Irish GDP contracted by 0.2%.

GDP is estimated to have climbed 2.0% in the third quarter from the second, after a decline of 1.0% in the second quarter from the first. It was the best quarterly growth since the third quarter of 2022, when GDP picked up 2.8%.

Separately, the CSO reported that retail sales in Ireland are estimated to have risen by 0.2% on-year in September, compared to a decline of 1.9% in August. Among segments, Books, Newspapers & Stationery sales rose the sharpest, by 8.7% on-year in September, while Bars had the largest decline of 7.4%.

On a monthly basis, retail sales rose 0.5% in September from August, after a 1.2% contraction in August from July.

The Electrical Goods segment had the strongest monthly increase in sales at 6.1%, while Pharmaceuticals, Medicals & Cosmetic Articles had the sharpest contraction at 2.6%.

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