Expected rebound in GDP to bring economy out of technical recession

Latest figures show growth was largely driven by a recovery in multinational-dominated sectors

On an annual basis, GDP is estimated to have risen by 2.7%. Picture David Creedon

Gross domestic product is estimated to grow by 3.3% in the second quarter of this year following an unforeseen drop at the start of 2023 which landed the economy in a technical recession.

Recovering from a decline of 2.8% in the first quarter of 2023, the Central Statistics Office said the increase was mainly driven by growth in the multinational-dominated industries, suggesting a significant improvement compared to the start of this year.