Further Trump tariffs could 'necessitate a downward revision' to robust economic outlook

Bank of Ireland chief economist said the outlook was 'especially uncertain currently' given the rising trade tensions between the US and EU instigated by Donald Trump

Bank of Ireland is now projecting modified domestic demand — a measure of the domestic economy that strips out the activity of multinationals — will grow by 2.9% this year, while gross domestic product will grow by 8.1%. Picture: Jason Alden/Bloomberg

Bank of Ireland is expecting the Irish economy to see robust growth throughout the rest of the year, but US president Donald Trump’s 30% tariff threat or the retaliation by the EU could see “necessitate a downward revision”.

The bank is now projecting modified domestic demand — a measure of the domestic economy that strips out the activity of multinationals — will grow by 2.9% this year, while gross domestic product will grow by 8.1%.