{"id":146190,"date":"2025-10-26T12:32:08","date_gmt":"2025-10-26T12:32:08","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/146190\/"},"modified":"2025-10-26T12:32:08","modified_gmt":"2025-10-26T12:32:08","slug":"like-ryanair-irelands-economy-seems-to-grow-faster-in-a-global-recession-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/146190\/","title":{"rendered":"Like Ryanair, Ireland\u2019s economy seems to grow faster in a global recession \u2013 The Irish Times"},"content":{"rendered":"

Ryanair <\/a>tends to grow faster in a recession, according to its boss Michael O\u2019Leary<\/a>. He might well be talking about the Irish economy. <\/p>\n

At the height of the pandemic in 2020, when the global economy was in and out of lockdown, the economy here grew by almost 6 per cent in gross domestic product (GDP) terms while the rest of the world sank into recession. <\/p>\n

And now, amid Trump\u2019s tariff-induced snafu, the Irish economy looks set to be the fastest-growing advanced economy in the world again. <\/p>\n

The Department of Finance<\/a> and Bank of Ireland<\/a> expect GDP growth to be close to 11 per cent this year. The bank linked the upward revision to \u201ca buoyant pharmaceutical sector, resilient consumer spending and strong public investment\u201d. <\/p>\n

In reality the double-digit GDP prediction reflects the stockpiling of pharmaceutical exports in the US in advance of Trump\u2019s tariffs in the first part of the year, which temporarily turbocharged exports and GDP in the process.<\/p>\n

\u201cDespite global headwinds, Ireland\u2019s defensive export profile, particularly in pharmaceuticals and ICT, continues to shield it from volatility,\u201d the bank\u2019s chief economist, Conall Mac Coille, said.<\/p>\n

Some \u20ac58 billion of \u20ac73 billion worth of Irish goods shipped to the US last year were pharma-related, which, for now, remain outside the tariff dragnet.<\/p>\n

And while Trump has threatened to hit pharma companies with a 100 per cent tariff unless they manufacture in the US, his actions in recent weeks have signalled something else. <\/p>\n

His administration has struck deals with pharma companies such as Pfizer and AstraZeneca to avoid tariffs, a boon for them and for Ireland as well.<\/p>\n

That leaves roughly \u20ac15 billion \u2013 just 2 per cent of the State\u2019s total \u20ac809 billion export trade in goods and services \u2013 in the line of fire from tariffs.<\/p>\n

[\u00a0Are we overegging the threat from US tariffs?Opens in new window<\/a>\u00a0]<\/p>\n

No doubt bad for the companies involved \u2013 the independent whiskey producers reliant on the US market, for instance \u2013 but not something that is going to cause a wider economic reversal.<\/p>\n

There is increasing evidence that Ireland will weather Washington\u2019s protectionism better than most.<\/p>\n","protected":false},"excerpt":{"rendered":"Ryanair tends to grow faster in a recession, according to its boss Michael O\u2019Leary. He might well be…\n","protected":false},"author":2,"featured_media":146191,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[79,2355,22779,179,18,19,17],"class_list":{"0":"post-146190","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-cantillon","10":"tag-department-of-finance","11":"tag-economy","12":"tag-eire","13":"tag-ie","14":"tag-ireland"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115440487311048886","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/146190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=146190"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/146190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/146191"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=146190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=146190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=146190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}