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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.
According to the latest national and international accounts from the CSO, €97.2bn worth of goods were exported during the second quarter of the year, which is 25% higher than the €77.6bn recorded during the same period last year. However, it is well below the €106.2bn recorded during the first quarter — much of which was sent to the US.
Merchandise exports to the US were valued at just over €30bn during this period, an increase of €10bn compared with the second quarter of 2024.
Services exports increased marginally during the quarter by 0.3% to just under €113bn. When the value of goods and services imports are taken away — both of which were down 9.6% and 11.2% quarter-on-quarter, respectively — the country had net exports during the three months of just under €70bn.
Partner at professional services firm Grant Thornton Janette Maxwell said the data shows Ireland continued to “demonstrate strong international trade performance in the second quarter of 2025, with notable surpluses in both goods and services”.
According to the CSO, during the second quarter, GDP grew by 0.2%, driven largely by a 1.1% growth in multinational-dominated sectors which offset a contraction of 0.1% in the domestically-focused sectors.
GDP is not considered a reliable measure of the Irish economy as it is heavily influenced by the activities of the many multinational firms with operations here.
The industry sector, which includes pharmaceutical companies, expanded by 2.5% quarter-on-quarter, with the information and communication sector, which includes tech companies, posting an increase of 1.8%.
While sectors focused on the domestic economy contracted, there were some that recorded strong growth during the quarter, including construction, up 6%, and real estate activities, up 2.9%.
More modest growth was seen in the distribution, transport, hotels and restaurants sector, which increased by 0.3%, but several sectors contracted, including most notably professional and administrative services, which decreased by 4.9%.
Modified domestic demand, a preferred measure of domestic activity which excludes activity of multinationals and aircraft-related globalisation effects, grew by 0.6% over the quarter.
Assistant director general at the CSO, Chris Sibley, said this was “reflected in personal spending increasing by 1% and growth in wages of 3.7% over the same period”.
Most sectors saw wage growth, with the largest increases seen in professional and administrative services, up 8.1%; followed by information and communication, up 7.1%; and industry, up 5.6%. There were two sectors posted a decline — real estate activities, down 31.5%, and arts and entertainment, down 4%.
The industry sector, which includes pharmaceutical companies, expanded by 2.5% quarter-on-quarter, with the information and communication sector, which includes tech companies, posting an increase of 1.8%.
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