Ireland’s economic data can be hard to interpret at the best of times. But when a 12 per cent quarterly fall in Gross Domestic Product (GDP) in the latest national accounts from the Central Statistics Office (CSO) combines with a statement from the Minister for Finance welcoming Ireland’s economic resilience it is clearly necessary to look behind the figures. The fall in GDP – down by 17 per cent year on year – will attract some international headlines as it will affect euro zone GDP figures out on Friday, likely meaning a negative figure for the bloc as whole during the first quarter. Increasingly, analysis of euro zone figures is done excluding Ireland, such is the distorting impact of multinational activity on the Irish data. The drop is largely due to a surge in pharma exports last year as US subsidiaries based in Ireland shipped massive amounts of product to the US, fearing that import tariffs would be imposed by Washington. In the event, most pharma exports remain zero-rated and, with warehouses full, exports from the sector have fallen back sharply this year. This does underline the point made by US president Donald Trump of the extent of pharma manufacturing in Ireland for the US market. With new plants coming on stream in Ireland, there is no reason to fear for the immediate outlook for the sector here, though tax changes in the US and deals done between the Trump administration and the big pharma companies are leading to a flood of investment in the US, so the impact on the pipeline here will have to be watched.Looking at the domestic economy, the indicators are reasonably positive. Ireland’s domestic economy, as measured by modified domestic demand, grew by more than 4 per cent over the past year while consumer spending rose by around 2.5 per cent. Higher investment – in housing and in data centres – was part of the story, while consumers continue to spend a bit more in real terms. Despite international uncertainty, the economy is indeed showing some resilience.The latest exchequer figures tell a similar story, with underlying tax revenue up by more than 6 per cent to €38.7 billion in the first five months of the year, compared to the same period last year. Corporation tax receipts are up 9 per cent, excluding the distorting impact of the once-off Apple tax payment on last year’s figures, though the May total was just ahead of last year and vital months fall later in the year. VAT is up an encouraging 7 per cent, driven in part by higher prices but also consumer spending. And income tax receipts of €15.6 billion are running 7.5 per cent ahead of last year.Taken together, the tax and CSO figures suggest that the economy has weathered the international problems and higher energy prices reasonably well, so far at least. The one negative on Thursday was higher unemployment, with CSO figures showing a rise in the jobless rate to 4.9 per cent in May, up from 4.6 per cent a year earlier, a 7,200 increase. Jobs website Indeed says job ads on its site are down about 11 per cent over the past year. The unemployment rate among 15 to 24-year-olds is now close to 10 per cent. While most people in this age group are in education, this still bears watching and Indeed says it may indicate a fall-off in temporary employment in some sectors such as retail and food. Slower graduate recruitment in areas such as tech and professional services could also be a factor.This unemployment rise seems to run counter to the strong income tax returns, but the Irish jobs market will be closely watched in the months ahead.