The Irish economy grew by 0.7 percent on quarter in the three months to June 2019, easing from a revised 2.7 percent expansion in the previous period. Household consumption increased at a faster pace and fixed investment rose the most for two years, while net external demand contributed negatively to the GDP due to a jump in imports.
On the expenditure side of the accounts, household consumption rose 0.8 percent in the second quarter, following a 0.6 percent increase in the previous three-month period; and fixed investment jumped 182 percent, the largest gain since the second quarter of 2017. Meanwhile, net trade contributed negatively to GDP growth, as imports climbed 43 percent (vs -2 percent in Q1) and exports rose at a slower 2.6 percent (vs 1.5 percent in Q1).
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On the output side, industry led the expansion (5.7 percent vs 1.1 percent) due to manufacturing (5.8 percent vs 1 percent). Output growth was also recorded for agriculture, forestry & fishing (3.9 percent vs 5.2 percent); construction (0.4 percent vs 5 percent); public administration, education & health (1.4 percent vs flat reading); information & communication (8.1 percent vs 10.8 percent); and real estate activities (0.1 percent vs 0.9 percent). In contrast, output fell for distribution, transport, hotels & restaurants (-0.2 percent vs -0.4 percent); financial & insurance activities (-0.2 percent vs 0.8 percent); professional & administrative services (-1.3 percent vs -2.2 percent); and arts, entertainment & other services (-0.3 percent vs -0.7 percent).
Year-on-year, GDP growth slowed to 5.8 percent in the second quarter from 7.4 percent in the previous three-month period.