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Ireland Showing Signs of Healthy Growth

Ireland Showing Signs of Healthy Growth Ireland Showing Signs of Healthy Growth

The Irish economy grew by 1.4% in the second quarter of 2017, rebounding from a 2.6% contraction in the previous quarter. Despite the volatility from quarter to quarter, the latest national accounts show the Irish economy is growing at a healthy 5.8% in annual terms, RTE reported. The figures compiled by the Central Statistics Office show gross national product, a better measure of domestic activity in Ireland, however, declined by 4.6% in the second quarter, which was linked to multinational profit flows. Apart from small contractions in the construction and real estate sectors, all sectors of the economy experienced growth during the quarter. Financial and insurance activities grew by 4.6% while professional, administration and support service grew by 5.1%. On the expenditure side, personal consumption of goods and services, a key measure of domestic activity, declined by 1.1%. Investment jumped 39.9% in the quarter driven by the import of intellectual property products to Ireland, which has been a feature of the accounts in recent quarters.

 

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