DUBLIN, Sept 13 (Reuters) - Ireland’s gross domestic product rose by 2.5 percent quarter-on-quarter in the second three months of the year to stand 9 percent higher than a year ago, the Central Statistics Office said on Thursday.
Irish GDP has outperformed everywhere in Europe since 2014 but the relevance of using the conventional measure for economic performance diminished when 2015 growth was adjusted up to 26 percent after a massive revision to the stock of capital assets.
Such distortions again flattered figures last year when GDP grew at 7.2 percent. GDP also fell by 0.4 percent on a quarterly basis in the first three months of the year, further highlighting the volatility.
The statistics office has begun to phase in new measures which strip out some of the globalised activities of Ireland’s large multinational sector.
One such measure, modified total domestic demand rose by 0.4 quarter-on-quarter. Personal consumption expenditure was also in line with booming retail sales data, rising at an annual pace of 4.4 percent.
Many economists prefer to rely on the labour market as the most accurate barometer of how sharp the economic recovery has been. Unemployment has fallen to 5.6 percent from a high of 16 percent in 2012. (Reporting by Padraic Halpin Editing by Matthew Mpoke Bigg)