Modest optimism over economy

THE Irish economy performed better than expected in the second quarter, boosted by strong export sales in the multinational sector, mainly in pharmaceuticals and chemicals.

Figures from the Central Statistics Office (CSO) show that gross national product (GNP) shrank 0.5% in the second three months of 2009, its smallest drop since the first quarter of 2008.

The GNP measure excludes profits from the multinational sector and is regarded as a better measure of economic performance.