Last week’s Irish GDP data provided the first full breakdown of the economy in Q3 2024. Beneath the volatile GDP data (+3.5% q/q, +2.9% y/y), the domestic indicators point to a robust growth picture during the quarter and year to date. Modified Domestic Demand, which strips out some of the volatility of the multinational-dominated sectors, rose 1.3% q/q, but was up 4.1% y/ y. Within this, consumer spending was down 0.2% q/q and up 1.7% y/y, with the weak trend in consumption slightly jarring with other data sources such as card spending data which point to stronger growth.