Ireland: Economy rebounds in Q2
Economy rebounds in Q2 after Q1’s record shrinkage: According to a preliminary release, Ireland’s GDP expanded 3.9% in seasonally adjusted quarter-on-quarter terms in Q2, following a record 7.0% contraction in the previous quarter.
However, on a year-on-year basis, GDP shrank a further 1.6% in Q2, following a 13.0% decline in the previous quarter, boding poorly for the full-year growth figure.
Pharma-dominated multinational sector rebounds: The multinational-dominated sectors—which include pharmaceuticals, medical devices, electronics and IT services, and account for roughly half of Ireland’s economy—rebounded after contracting sharply in Q1 due to the end of export frontloading to dodge U.S. tariffs.