Irish domestic economy returns to solid growth in Q2

DUBLIN (Reuters) – Ireland’s domestic economy grew for the first time in a year on a quarter-on-quarter basis between April and June, expanding by 1.0% compared with the previous three months, Central Statistics Office data showed on Friday.

With Ireland’s large multinational sector often distorting gross domestic product (GDP), officials prefer to use modified domestic demand to gauge the strength of the economy and the readings for the previous two quarters were each revised down to -0.2%, indicating a short technical recession earlier this year.

GDP grew by 0.5% quarter-on-quarter versus an initial estimate of +3.3%, and following a decline of 2.6% from January to March.

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