Republic of Ireland: Economy grew at 'a solid pace' in 2024
The Republic of Ireland's domestic economy grew by 2.7% in 2024, official figures suggest.Irish domestic output is estimated using a measurement called modified domestic demand (MDD).The economic performance of most countries is measured using gross domestic product (GDP), but Irish GDP is heavily distorted by the activities of multinational companies.The figures suggest that Irish GDP grew by 1.2% in 2024.
Finance Minister Pascal Donohoe said the figures confirmed that "the domestic economy grew at a solid pace last year, marginally ahead of my department's forecast".He added: "The growth in the domestic economy is consistent with the strength of our labour market – with a record 2.8m people in employment last year."Donohoe warned that the increasingly uncertain global outlook could have negative consequences for Ireland which he described as "a major beneficiary of global economic integration".
Trump's trade measures
The United States is Ireland's single biggest export market for manufactured goods, with sales of €72.6bn (£60.4bn) in 2024.Those goods could be hit with import taxes, known as tariffs, if President Trump extends his protectionist trade measures to the EU.Earlier this week, Trump imposed 25% tariffs on goods entering the US from Canada and Mexico.Donohoe's colleague, Public Expenditure Minister Jack Chambers, said there had been "extensive contingency planning" regarding tariffs."We know that tariffs will bring serious disruption, damage, and will undermine the international trading environment, which has been the backbone of the Irish economy," he told RTÉ radio."That's why there's scenario planning across all of the different possibilities which might emerge."
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