Multinational sectors see contraction in 2023 leading to a decline in GDP

Exports have dropped 4.8%

Finance Minister Michael McGrath said the decline in exports and the industry sector reflects a 're-normalisation', mainly in pharmaceuticals, following a surge in demand during the pandemic.

Multinational-dominated sectors of the economy saw a large contraction during 2023 leading the country’s gross domestic product (GDP) to shrink by 3.2%, new data from the CSO shows.

While this means Ireland is technically in a recession, the large presence of numerous multinational companies here means that GDP is not the most reliable indicator of the health of the economy as they contribute such a large proportion of value added to it.