Irish economy tops OECD league table for growth in Q2

August 30, 2023

Ireland recorded the highest level of economic growth in Gross Domestic Product terms among OECD countries in the second three months of the year.

There are 38 member economies in the Paris-based Organisation for Economic Development including the world’s leading economies.

Between March and June, GDP growth across OECD economies was estimated to have registered at an average of 0.4%.

Ireland topped the table with a quarterly growth rate of 3.3%.

That saw the Irish economy recovering from a technical recession, defined as two back to back quarters of contraction.

The contraction in the first three months – combined with a slight decline in activity at the end of last year – was mainly due to volatility in the exports of pharmaceuticals and chemicals.

The outcome underlines the outsized impact that multinational activities have on the wider economy here.

Consistent and moderate

The overall picture is one of consistent but moderate growth across OECD economies since the early part of last year.

However, the picture among member countries is mixed.

The Japanese economy recorded GDP growth of 1.5%, up from just under 1% in the previous quarter.

In France, the quarterly growth rate increased to 0.5% from 0.1%.

The US recorded growth of 0.6%, while in the UK, GDP growth registered at 0.2% in the second quarter.

Economic growth was flat in Germany, while in Italy, GDP contracted by 0.3% in the second three months.

Article Source: Irish economy tops OECD league table for growth in Q2 – RTE

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