Irish GDP continues to outperform

Irish GDP fell by just 0.3% in Q3 2025, leaving the annual increase at 10.8%. GDP surged in Q12025, driven by front running of tariffs and new pharmaceutical production facilities coming online, and it had been expected that GDP would fall back somewhat over the rest of 2025. However, multinational sector output and exports have held up in both Q2 and Q3 at relatively close to Q1 levels helping GDP to remain at an elevated level. This is helped by continued solid expansion in the domestic economy, supported by growing household spending and investment. The upshot is that annual GDP growth has averaged 16% in the first three quarters of the year and we will now have to revise up our forecasts for GDP growth this year from the current forecast of 10.7%.

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Bank of Ireland Economics Weekly December 4th 2025