“Today’s figures confirm the continued resilience of the domestic economy. Modified Domestic Demand grew by 5 per cent in the third quarter on an annual basis. While this may overstate the underlying performance of the economy at present, I am encouraged by the strength of consumer spending which grew by 2½ per cent over the same period.

“Alongside the robust exchequer figures released yesterday, today’s figures highlight the relatively healthy position of our domestic economy at present.

“GDP recorded double-digit growth in the first three quarters on an annual basis. Front-loading of pharmaceutical exports to the US in anticipation of tariffs played a key role in driving headline activity in the opening months of the year. The continued strength of GDP in recent quarters suggests that structural factors may also be at work, including significant underlying demand for a limited range of sub-categories of pharmaceutical exports.

“Looking ahead, the easing in the pace of jobs growth in recent quarters is a reminder that we cannot take the continued healthy position of the economy for granted.

“In the coming weeks Government will publish its medium-term fiscal structural plan. This will set out the Government’s strategy to keep our public finances on a sustainable trajectory. Indeed, it is because of the progress we have made in returning our public finances to health in recent years that we are in a strong position to face the challenges ahead.