According to CSO data released today, personal expenditure on goods and services increased by 1.1% in the second quarter of 2024 and is still on the rise.

During the quarter, wages increased by 0.7%, but government spending increased by 1.5%.

Although the quarter's totals painted a mixed picture, analysts noted that today's data supported the Irish economy's strong growth.

Wages, corporate tax, and job creation all demonstrated robust increase, according to Trinity College professor John FitzGerald.

Due to developments regarding intellectual property, there was a significant decline in investment of 65% in the second quarter of 2024, which negatively impacted the numbers.

Modified Domestic Demand decreased by 0.5% in the second quarter of this year, while Gross Domestic Product—a measure of activity that includes multinational corporations—dropped by 1%, according to CSO data.

Compared to the first quarter, the professional, administrative, and support sectors had a 2.9% decline, while the finance and insurance sectors experienced a 9.8% decline.

The industries of distribution, transportation, lodging, and restaurants all had 1.1% declines, while the arts and entertainment sector saw a 10.1% decline. Building saw a 1% decline, but real estate saw a 0.9% gain.

In response to today's CSO data, Finance Minister Jack Chambers stated that, with regard to the home economy, Modified home Demand—the favoured indicator of Ireland's economic performance—showed quarterly declines but 1.5% annual increase.