Ireland: GDP grows most since Q3 2022 in the second quarter
According to a preliminary estimate, seasonally adjusted quarter-on-quarter GDP growth accelerated in the second quarter, rising to 1.2% from the first quarter’s 0.7%. Q2’s reading marked the best result since Q3 2022.
On an annual basis, GDP contracted 1.4% in Q2, a smaller shrinkage than the previous period’s 4.7% contraction. Q2’s reading marked the best result in a year.
A detailed breakdown is not yet available, but the statistical office said that the result had been driven by the multinational-dominated sector of information and communication.
EIU analysts commented:
“We forecast real GDP growth […] in 2024, after a contraction […] in 2023. This will mainly reflect stronger multinational sector activity, which weakened in 2023 amid higher financing costs and a slump in pharma exports. Underlying domestic activity will firm from 2025, but export growth is likely to be dampened by greater US protectionism.”