Pharma slide masks exports rally

The effect of the pharmaceutical industry continues to distort Irish trade statistics, masking the recovery of Irish indigenous export industry, according to figures from the Central Statistics Office.

The monthly Goods Exports and Imports figures showed that the seasonally adjusted trade surplus improved to €2.9bn in April from March’s €2.4bn outturn mainly on the back of an 11% decline in the value of goods imported, while exports declined by 1%.

Davy’s chief economist, Conall MacCoille said that yet again the impact of the pharmaceutical cliff looks set to drag down Irish GDP figures.