2022.12.0211:23:00UTC+00Ireland Q3 Economic Growth Improves Slightly

The Irish economic growth improved marginally in the three months ended September, after easing sharply in the previous quarter, figures from the statistical office showed on Friday.

Gross domestic product advanced a seasonally adjusted 2.3 percent sequentially in the September quarter, after a 2.2 percent rise in the June quarter.

The gross national product, which is a measure of economic activity that excludes the profits of multinationals, contracted 2.2 percent in the third quarter, reversing a 2.7 percent rebound in the previous three-month period.

Sectors dominated by multinationals grew 2.5 percent in the September quarter compared to the previous quarter.

Modified Domestic Demand, a broad measure of underlying domestic activity that covers personal, government and investment spending, declined by 1.1 percent in the third quarter, the agency said.

During the quarter, capital investment increased by EUR 24.4 billion, with capital formation increasing by 91.8 percent, driven mainly by investment in intangible assets.

Personal consumption expenditure rose only 0.3 percent over the quarter, and government expenditure dropped by 0.3 percent. Meanwhile, exports of goods and services showed a sharp decline of 40.9 percent.

Data also showed that the current account balance of the country showed a deficit of EUR 4.5 billion in the third quarter versus the EUR 22.7 billion surplus in the corresponding period last year.