Pre-tariff tech and pharma exports from Ireland boost first-quarter economic growth
ECONOMIC GROWTH IN Ireland surged in the first quarter of this year, as the threat of US tariffs on technology and pharmaceuticals saw exports boom.
Gross Domestic Product (GDP), which measures the strength and performance of the Irish economy based on the output of domestic and multinational companies in Ireland, increased by nearly 10% in the first three months of this year.
The latest figures from the Central Statistics Office (CSO) show that a 9.4% increase in exports last quarter largely contributed to the economic growth, particularly in multinational-dominated sectors like technology and pharmaceuticals.
Exports grew as companies in those sectors sought to deliver their goods to the US before tariffs, implemented briefly by the country's president Donald Trump, came into effect.
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The Republican almost immediately paused the taxes after they began to impact the American economy. It has been reported and stated by members of government that multinational companies have postponed rounds of investments over the instability.
Domestic companies last quarter grew by 0.7%. Modified Domestic Demand (MDD), which measures economic performance in Ireland based on the output of domestic companies in Ireland only, grew by 0.6%.
Finance minister Paschal Donohoe said the increase in GDP and export figures are likely to be temporary. He welcomed the growth in MDD rates as a reflection of resilience among Irish companies.
'In this more challenging global environment, we must focus on policy areas where we can exert influence,' Donohoe, who is also the President of the Eurozone finance ministers, the Eurogroup, said.
He added:'In particular, continuing to boost our competitiveness will be key to ensuring that Ireland remains an attractive place to live, work and invest – not just today, but over the long term.'
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