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Despite the pandemic Irish economy grew 3.4% in 2020

Dublin: Paschal Donohoe, the Irish finance minister said that Ireland’s economy rose by 3.4 percent in 2020 despite the pandemic as the coronavirus fuelled a boom in pharmaceutical and IT exports.  According to him, the pharma and ICT (Information and Communication Technology) sectors recorded extraordinary export growth, driven by blockbuster immunological drugs, Covid related products, and the shift to home-working.

The Irish finance ministry said that there had been a two-speed impact of the pandemic on the economy. While multinational corporations drove the highest level of exports on record, the domestic activities are bearing the brunt as the indigenous exports of food and drinks slumped.

Donohoe said that the GDP growth was remarkable and is entirely a result of the growth in exports from the eurozone-member nation. Ireland fared better than bigger eurozone economies such as Germany and France, which plunged into recessions last year as the pandemic shut down the global economy.

Ireland is currently under the third lockdown.

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