FX.co ★ Ireland’s Economy Surges 9.7% in Q1

Ireland's economy experienced a robust expansion in the first quarter of 2025, growing by 9.7% quarter-on-quarter. This represents a significant upward adjustment from the initial estimate of 3.2% and follows a revised 5.0% growth in the preceding quarter. It is the fastest growth rate recorded since the third quarter of 2020, largely driven by a notable increase in exports. This surge was spurred on by multinational companies accelerating shipments in anticipation of newly imposed tariffs by US President Donald Trump. The expansion was principally attributed to sectors dominated by multinational corporations, with activity in foreign-based firms increasing by 12.4%. The globalized industry sector soared by 17.1%, while growth in the information and communication sector was at 3.8%. Conversely, the domestic economy registered a more restrained growth of 0.7%, bolstered by a 0.6% increase in personal consumption and a 0.7% rise in government expenditure. Concurrently, the Gross National Product (GNP) declined by 2.1% in the first quarter, following a revised downturn of 5.1% in the final quarter of 2024.