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State of the Union
- The latest set of national accounts data for Ireland provides further evidence of the volatility of GDP growth on paper, masking more moderate trends in the domestic economy.
- The big picture is the multinational sector has contributed to nearly 50% of economic activity (in GVA terms) since 2020, a level shift from the 35% average of the previous decade.
- Beneath the noisy data, domestic indicators point to a moderate growth picture so far in 2026.
- However, investment in these categories has been lumpy in recent quarters and is increasingly driving volatility in Modified Domestic Demand (MDD) growth.
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