Q2 GDP down but personal spend edges up
Gross Domestic Product (GDP) fell by 1.0% in Q2, CSO data shows.
Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, Government, and investment spending, decreased by 0.5% in Q2, the figures show.
Personal spending on goods and services, a key measure of domestic economic activity, grew by 1.1% in the quarter.
Contracted
Domestic sectors contracted by 1.8% in the quarter with the multinational-dominated sectors declining marginally by 0.1%.
The balance of payments current account recorded a surplus of €35.5 billion in transactions with the rest of the world in the quarter, with a key contribution coming from the export of intellectual property.