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Irish Economy Rebounds 3.3% In Q2


Ireland’s?economy?expanded in the second quarter of 2023 after contacting in the previous quarter, mainly driven by the strong performance in the multi-national-dominated industry sector, preliminary figures from the statistical office CSO showed on Friday.

Gross domestic product advanced a seasonally adjusted 3.3 percent sequentially in the June quarter, in contrast to a 2.8 percent fall in the March quarter.

The economy stagnated in the fourth quarter of 2022.

In the second quarter, the outcome was mostly driven by gains in multinational-dominated sectors, the agency said.

On a yearly basis, economic growth accelerated to 2.7 percent in the second quarter from 2.2 percent in the first quarter.

Separate official data showed that annual retail sales growth quickened to 7.6 percent in June from 6.1 percent in the prior month.

Month-on-month, retail sales rebounded 0.4 percent from May, when they fell by 1.0 percent.

The largest monthly volume increases were recorded in books, newspapers, and stationery by 12.1 percent. This was followed by furniture and lighting, with a 4.7 percent rise in sales.

A preliminary estimate from the agency revealed that EU harmonized inflation eased to 4.6 percent in July from 4.8 percent in June. The slowdown was largely due to a fall in energy costs.

On a monthly basis, the harmonized index of consumer prices edged up 0.2 percent in July.

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