Financial News: Irish Economy Shrinks 1.0% In Q2

Irish Economy Shrinks 1.0% In Q2

09/05/2024 - 09:34:00 (RTTNews)

(RTTNews) - Ireland's economy contracted in the second quarter, revised from a growth estimated initially, the latest figures from the statistical office CSO showed on Thursday.

Gross domestic product fell seasonally adjusted 1.0 percent sequentially in the second quarter, reversing a 0.6 percent recovery in the first quarter. In the flash report, GDP logged an increase of 1.2 percent.

The reason for the revision is that the corrected 1.0 percent contraction is based on both expenditure and output data, while the preliminary estimate was based predominantly on economic output data, the agency said.

Modified domestic demand, a broad measure of underlying domestic activity that covers personal, government, and investment spending, decreased by 0.5 percent in the June quarter.

The expenditure breakdown showed that investment in capital formation plunged by 65.1 percent. Meanwhile, personal consumption expenditure grew by 1.1 percent, and government consumption increased by 1.5 percent. Net exports also showed a positive growth of 32.5 percent.

On a yearly basis, GDP decreased at a slightly slower pace of 4.0 percent in the June quarter versus a 4.7 percent fall in the March quarter. The latest decline was revised from 1.4 percent.

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