CSO revises contraction in GDP to 7% during first quarter

Early last month, the CSO said that GDP fell by 12.1% between January and March largely driven by a contraction in the pharmaceutical-heavy industry sector.

Total exports during the first three months of the year fell by €18.8bn while imports increased by €4bn.

Thu, 02 Jul, 2026 - 14:39

Ronan Smyth

The fall in Ireland’s gross domestic product (GDP) during the first three months of the year was not as severe as first estimated with the Central Statistics Office (CSO) revising the contraction down to 7%.

Early last month, the CSO said that GDP fell by 12.1% between January and March largely driven by a contraction in the pharmaceutical-heavy industry sector. In advance of tariffs being imposed in April last year, numerous pharmaceutical firms frontloaded their exports from Ireland to the US which led to a surge in the export figures and GDP levels which is now unwinding.