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Financial News: Irish Economy Rebounds Sharply In Q1

Irish Economy Rebounds Sharply In Q1

06/03/2022 - 10:46:00 (RTTNews)

(RTTNews) - Ireland's economic activity rebounded significantly in the first quarter, underpinned by the growth in multinational dominated sectors, figures from the statistical office showed Friday.

Gross domestic product advanced a seasonally adjusted 10.8 percent sequentially in the March quarter, reversing a revised 6.2 percent fall in the December quarter.

Gross national product, which is a measure of economic activity that excludes the profits of multinationals, dropped 0.4 percent in the first quarter, but much slower than the 2.8 percent contraction in the previous three-month period.

Sectors dominated by multinationals grew strongly by 14.1 percent in the March quarter compared to the previous quarter, and sectors focused on the domestic market rose 7.6 percent.

On the expenditure side, modified domestic demand, a broad measure of underlying domestic activity that covers personal, government and investment spending, decreased 1.0 percent from the fourth quarter.

Similarly, personal spending on goods and services declined 0.7 percent and investment in capital formation plummeted 39.5 percent. However, exports of goods and services grew 5.2 percent.

Data also showed that the current account surplus of the country stood at EUR 17.4 billion in the first quarter versus EUR 19.0 billion in the corresponding period last year.

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