Despite tariffs, exports still up 25% as multinationals drive slight growth

GDP and modified domestic demand grew by 0.2% and 0.6%, respectively.

The CSO said €97.2bn worth of goods were exported during the second quarter of the year, which is 21% higher than the €77.6bn recorded during the same period last year. However, it is below the €106.2bn recorded during the first quarter.

Despite the imposition of tariffs, Irish goods exports were still trending 25% higher between April and June, compared to the same period last year, as multinational dominated sectors drive marginal gross domestic product (GDP) growth, new data from the Central Statistics Office (CSO) shows.

The first quarter of the year was marked by a substantial increase in exports, as firms, particularly pharmaceutical companies, rushed to get products to the US before the imposition of tariffs. For much of the second quarter, all imports into the US were subject to a 10% tariff.