Irish domestic economy grew by 1.4% q/q in third quarter

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Ireland’s domestic economy grew by 1.4% quarter-on-quarter and 5.3% year-on-year between July and September, a period when most COVID-19 curbs were removed, Central Statistics Office (CSO) data showed.

Overall gross domestic product grew (GDP) by 0.9% on the quarter and was 11.4% higher than a year ago. The government has cautioned against using this measure to gauge activity in the economy due to the ways in which multinationals can distort Irish GDP.

Modified domestic demand, more closely watched by economists as it covers personal, government and investment spending, was up 4.9% year-to-date but 1.2% lower than the corresponding pre-pandemic nine-month period of 2019.

(Reporting by Padraic Halpin and Conor Humphries; editing by John Stonestreet)

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