Latest news with #QuarterlyNationalAccounts
RTÉ News
28-07-2025
- Business
- RTÉ News
GDP shrank by 1% in Q2, preliminary CSO estimate shows
A preliminary estimate from the Central Statistics Office shows that gross domestic product fell 1% in the second quarter from the previous three months but was 12.5% higher than the same time a year ago. The Department of Finance prefers to rely on other data and caution against using GDP to gauge economic growth, as the latter is routinely distorted by foreign multinationals. But GDP is still used to calculate Ireland's share of activity across the euro zone. Irish GDP jumped 7.4% quarter-on-quarter in the first three months of the year and 20% year-on-year due to a surge in pharmaceutical exports to the US ahead of threatened tariffs, inflating the average growth rate across the euro zone. Today's preliminary results are subject to revisions in the Quarterly National Accounts release, which will be published in early September when additional data sources are available to the CSO.
Irish Post
05-06-2025
- Business
- Irish Post
Irish economy grew in first quarter of year due to exporting increase ahead of US tariffs
IRELAND'S GDP increased by 9.7 per cent in the first quarter of this year new figures show. The Central Statistics Office published the Quarterly National Accounts for the first quarter of 2025 today. They show the rise in gross domestic product (GDP) which was driven by a substantial increase in goods exports as firms' rushed to export to the US ahead of the proposed higher tariff's due to be implemented by President Trump on EU goods. Finance Minister Pascal Donohoe 'I note the substantial quarterly increase in Gross Domestic Product (GDP) of 9.7 per cent in the first quarter of this year,' Finance Minister Pascal Donohoe said today. 'This was driven by a significant increase in the export of goods, and reflects, in large part, the 'front-loading' of exports in anticipation of the imposition of tariffs by the US administration,' he explained. 'This is also a feature in other countries, though the scale is much larger in Ireland. 'My officials assess this as likely to be temporary – with exports and GDP likely to moderate over the course of this year.' Elsewhere the figures show the nation's Modified Domestic Demand – which is deemed a more appropriate indicator of activity in the domestic economy – grew by 0.8 per cent relative to the previous quarter and by one per cent on an annual basis. Consumer spending grew at a pace of 2.5 per cent in the first quarter according to the report. 'Today's results highlight, once again, that GDP is not an accurate reflection of economic activity happening 'on the ground',' Minister Donohoe said. 'This is why alternative indicators, such as Modified Domestic Demand, are so important in an Irish context. 'On this basis, the domestic economy grew by 0.8 per cent in the first quarter. 'This is a more accurate reflection of developments in the domestic economy and is consistent with the strength of our labour market – with a record 2.8 million people in employment at the beginning of the year.' Mr Donohoe claims the figures confirm the 'relatively strong position of the domestic economy at the start of this year'. 'Looking ahead, however, the economic outlook has become increasingly challenging,' he added. 'Indeed, the significant increase in uncertainty is likely weighing on growth,' Mr Donohoe suggested. 'In this more challenging global environment, we must focus on policy areas where we can exert influence. "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.' See More: Economy, Exporting, GDP, Ireland, Tariffs, US
