Economic activity in Ireland picked up substantially in the first six months of the year as both consumers and businesses began to reveal more confidence in the global recovery.
According to data released by the Central Statistics Office (CSO) today, growth was stronger in the second quarter of 2004 that than in the corresponding period the previous year.
This growth saw gross domestic product climb by 4.1 per cent to €25.9 billion, while gross national product rose 4.2 per cent to €20.4 billion.
GNP excludes the profits of foreign-owned companies operating in the Republic.
Personal consumption was 2.2 per cent ahead in the period April to June compared with the same period the previous year. However, this figure marked a slowing of consumer spending compared with the first three months of the year.
Investment spending - or capital investment - showed a sharp increase in the second quarter, rising 14 per cent in the three-month period year on year.
The value of net exports - minus imports - increased from €5.12 billion in the second quarter of 2003 to €5.54 billion in April to June this year.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/64c7504b-f9dd-4cbf-ad7c-534bbb1857e7.png)