Irish GDP Grows 0.2% In Q2

(RTTNews) - Ireland's economy expanded slightly in the second quarter, revised from a contraction estimated initially, the latest data from the statistical office CSO showed on Thursday.

Gross domestic product rose a seasonally adjusted 0.2 percent sequentially in the second quarter, reversing an upwardly revised 7.5 percent expansion in the first quarter. In the flash report, the economy showed a shrink of 1.0 percent.

Multinational-dominated sectors expanded by 1.1 percent, while domestic sectors contracted by 0.1 percent.

Modified domestic demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, grew by 0.6 percent compared to the previous quarter.

The expenditure breakdown showed that personal spending rose 1.0 percent, and government spending was 2.5 percent higher. Net exports grew 13.3 percent as imports fell faster than exports. Meanwhile, capital investment declined 24.8 percent, reflecting lower levels of investment in intangible assets.

On a yearly basis, GDP growth moderated to 17.1 percent from 19.9 percent in the March quarter. The latest expansion was revised higher from 12.5 percent.