The economy contracted 12.1 per cent in the first quarter when compared with the previous three month period, new data from the Central Statistics Office shows.The updated figure compares with a preliminary gross domestic product (GDP) estimate that showed a drop of 2 per cent at the end of April. The CSO said the updated estimate is based on both expenditure and output data, while the preliminary estimate was based predominantly on economic output data.Gross national product, which is a measure of economic activity that excludes the profits of multinationals, was up by 1.5 per cent in the quarter, reflecting a 52.1 per cent fall in factor income outflows.GDP was hit by a 35 per cent contraction in the globalised industry sector in January, February, and March compared with the previous quarter, while the information and communication sector posted a decrease of 2 per cent over the same period.Overall, the multinational-dominated sector fell by 27.1 per cent in the quarter. However, there was continued growth in the domestic economy. Modified domestic demand, a broad measure of underlying domestic demand that excludes intellectual property and aircraft-related globalisation effects, rose by 0.6 per cent in the quarter.The increase was driven by personal spending, which also increased by 0.6 per cent, while the non-multinational-dominated sector grew by 0.4 per cent over the same period.The professional, administrative and support sector grew by 1.5 per cent, while construction increased by 1.2 per cent. Sectors which posted contractions included financial and insurance activities, which was down 5.6 per cent, and arts and entertainment, which fell 4.4 per cent.Exports declined by 7 per cent while imports rose by 4.2 per cent over the same period. As a result, net exports decreased by 39.8 per cent in the quarter. Capital Investment rose by 13.8 per cent or €4.3 billion compared with the previous quarter, reflecting an increase in the value of physical changes in stocks. Personal spending on goods and services increased by 0.6 per cent, while Government spending on goods and services was up 0.5 per cent over the same period.Final domestic demand, which is a measure of personal, government, and investment spending, increased by 0.1 per cent. Compensation of employees, which includes wages as well other payments such as bonuses and allowances, decreased by 3.1 per cent.