A preliminary estimate from the Central Statistics Office shows that gross domestic product fell 1% in the second quarter from the previous three months but was 12.5% higher than the same time a year ago.
The Department of Finance prefers to rely on other data and caution against using GDP to gauge economic growth, as the latter is routinely distorted by foreign multinationals.
But GDP is still used to calculate Ireland’s share of activity across the euro zone.
Irish GDP jumped 7.4% quarter-on-quarter in the first three months of the year and 20% year-on-year due to a surge in pharmaceutical exports to the US ahead of threatened tariffs, inflating the average growth rate across the euro zone.
Today’s preliminary results are subject to revisions in the Quarterly National Accounts release, which will be published in early September when additional data sources are available to the CSO.
