Last week’s Irish GDP data provide the first full breakdown of the economy in Q2 2024. Beneath the perennially volatile GDP data, the domestic indicators point to a moderate growth picture so far in 2024. Modified Domestic Demand, which strips out some of the volatility of the multinationaldominated sectors, fell 0.5% q/q, but was up 1.5% y/y. However, within this, consumer spending was up 1.1% q/q and 1.3% y/y, while modified investment fell 7% q/q (-0.8y/y), reflecting a drop in machinery and equipment investment on a sector-specific basis, which might unwind in the coming quarters.