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Ireland's economy grew by 10.8% in the first quarter of this year from the final quarter of 2021, led by the ‘more globalised sectors’, according to figures from the Central Statistics Office on Friday.
Gross domestic product totalled €115.48 billion in the first quarter. The 10.8% quarter-on-quarter increase followed a 6.2% decline in the fourth quarter of 2021 from the third.
Multinational dominated sectors of the economy grew by 14% in the first quarter, but sectors focused on the domestic market grew less strongly, increasing 7.6%.
Modified domestic demand - a measure of underlying domestic activity that covers personal, government and investment spending - declined by 1.0% in the first quarter. Personal spending on goods and services decreased by 0.7%.
The balance of payments current account was in surplus by €17.4 billion in the recent quarter, narrowed from €19.0 billion a year before.
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