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Financial News: Irish Economy Expands Further In Q2

Irish Economy Expands Further In Q2

09/02/2022 - 07:00:00 (RTTNews)

(RTTNews) - The Irish economy expanded for the second straight quarter in the three months ended June, though the pace of growth slowed from the previous quarter, figures from the statistical office showed on Friday.

Gross domestic product advanced a seasonally adjusted 1.8 percent sequentially in the June quarter, after a 6.2 percent strong rebound in the March quarter.

The gross national product, which is a measure of economic activity that excludes the profits of multinationals, advanced 2.1 percent in the second quarter, reversing a 4.0 percent fall in the previous three-month period.

Sectors dominated by multinationals grew 6.0 percent in the June quarter compared to the previous quarter.

On the expenditure side, modified domestic demand, a broad measure of underlying domestic activity that covers personal, government and investment spending, rose 4.3 percent from the previous quarter.

Similarly, personal spending on goods and services increased 1.8 percent and investment in capital formation climbed markedly by 17.9 percent. Meanwhile, next exports of goods and services showed a decline of 1.8 percent.

On a yearly basis, GDP growth improved to 11.1 percent in the June quarter from 10.8 percent in the March quarter.

Data also showed that the current account surplus of the country stood at EUR 15.8 billion in the second quarter versus EUR 16.4 billion in the corresponding period last year.

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