Contracting pharma sector drags GDP down by 3.2 per cent

Irish GDP fell by 3.2 per cent last year, driven by an 11 per cent drop in the industry sector. That sector is dominated by multinational firms including pharma giants who were readjusting to a post-Covid economy.

All other sectors of the economy showed modest growth, according to Central Statistics Office (CSO) figures, with a 3.8 per cent rise on 2022 levels, while wages grew 3.3 per cent in real terms over the same time ...