Ireland Economy Grows In Q2

(RTTNews) - Ireland's economy grew in the second quarter after a slump in the first three months of the year, preliminary data from the statistical office showed Wednesday.

Gross domestic product grew 0.6 percent from the previous three months, when the economy shrunk 2.1 percent.

Growth was driven by total domestic demand, which increased 9.1 percent, led by investment in intellectual property products. That offset the 0.5 percent decline in personal consumption, impacted by lower levels of car registrations.

Overall capital formation increased by 38.9 percent, while net exports declined in the quarter by 31.4 percent, driven by an 11.8 percent rise in imports and in particular the imports of intellectual property products.

On a year-on-year basis, GDP rose 4.1 percent in the second quarter after a 3.9 percent growth in the first three months of the year.