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Ireland Economy Grows 1.7% In Q3

Ireland's economy recovered in the third quarter, after a modest contraction in the previous three months, figures from the Central Statistics Office showed on Friday.

Gross domestic product grew 1.7 percent from the previous months, when the economy shrunk 0.1 percent, which was revised from a 0.7 percent expansion reported earlier.

The Gross National Product, or GNP, grew 8.9 percent from the previous three months after a 5.4 percent decline in the previous three months.

Personal consumption grew 0.9 percent and exports rose 2.4 percent. However, imports tumbled 22.5 percent, mainly due to decreased imports of Intellectual Property Products (IPP) compared to the second quarter. Domestic demand decreased by 28 percent.

On a year-on-year basis, GDP grew 5 percent after a revised 4.9 percent expansion in the previous quarter. Meanwhile, GNP shrunk for a second straight quarter, down 0.2 percent annually.

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