Ireland’s gross domestic product fell by 2% quarter-on-quarter in the first quarter of 2026, following a 3.8% decline in the previous quarter, according to preliminary estimates. This marks the second consecutive quarter of economic contraction, driven largely by a downturn in the multinational-dominated industrial sector. On an annual basis, the economy plunged by 6% in Q1, reaching its lowest level since Q4 2023 and reversing a 2.2% gain in the preceding quarter.