Il prodotto interno lordo è cresciuto del 9,7% nel primo trimestre del 2025, mentre la domanda interna modificata è aumentata dello 0,8%

**Key Findings**

* Gross Domestic Product (GDP) grew by 9.7% in Quarter 1 (Q1) 2025 (See Editor’s Note below).

* Multinational-dominated sectors grew by 12.4% in Q1 2025 with Domestic Sectors increasing by 0.7%.

* Total Exports expanded by 9.4% in the first three months of 2025 (+€18.2 billion), with Goods Exports increasing by 14.8% (+€13.5 billion).

* Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government, and investment spending, grew by 0.8% in Q1 2025.

* Personal spending on goods and services, a key measure of domestic economic activity, grew by 0.6% in Q1 2025.

https://www.cso.ie/en/releasesandpublications/ep/p-na/quarterlynationalaccountsquarter12025provisional/keyfindings/

Both numbers are really relevant – the GDP growth will be felt in corporate tax receipts; while the modified domestic demand gives us a clearer picture of the home economy (and it’s worth noting, both figures are non-reflective of reality, in their own ways).

Interesting to see how much was frontloading of exports (e.g., pharma) to the US pre-tariffs and what the post-tariff uncertainty numbers will look like.

The national accounts are skewed by the stockpiling activities of multinationals in the US.
When exports indicate a collapse in Q2, remember that the sky isn’t falling in.

great! will my wages grow by 9.7% as well? My expendable income? Or just the bills.

Inflation?