Economy still smaller than this time last year, CSO says, despite increase in activity among multinationals
The economy grew in the second quarter as activity in the multinational sector, covering areas like pharmaceuticals and technology, recovered. Photograph: iStock
However, GDP is estimated to have decreased by 1.4 per cent on a year-on-year basis, according to the preliminary read for the quarter. “GDP is estimated to have expanded by 1.2 per cent in April, May and June 2024 in volume terms compared with the first quarter of 2024. This was driven by an increase in the multinational denominated sector of industry,” said Enda Behan, a statistician in the CSO’s national accounts data collection and quality division.
The department forecasts that Irish GDP will rebound by 2.6 per cent this year and expand by 3.9 per cent in 2025, according to its latest estimates, issued in April. It sees modified domestic demand growing 1.9 per cent in 2024 and a further 2.3 per cent next year.
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