According to its provisional data, Gross Domestic Product rose by 0.9% in the first quarter of the year when compared to the same period of 2024.Modified Domestic Demand, which strips out the impact of multinationals, rose by 1.4% in the first three months of the year, according to the CSO.However the industrial sector recorded a decline of 6.5%, while construction was down 4.9%.
"As is widely acknowledged, GDP is not a useful measure in assessing the living standards of domestic residents, given the outsized role the multinational sector plays in our economy. In terms of the domestic economy, Minister McGrath said he is encouraged to see that Modified Domestic Demand - what he described as his preferred metric - grew strongly in the first quarter of this year.