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Economy of the Republic of Ireland

Economy of Ireland
The International Financial Services Centre in Dublin
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
PopulationIncrease 5,149,139 (2022 census)[3]
GDP
GDP rank
GDP growth
  • Increase 12.0% (2022)[5]
  • Increase 5.6% (2023f)[5]
  • Increase 4.0% (2024f)[5]
GDP per capita
  • Increase $101,509 (nominal; 2023)[4]
  • Increase $124,596 (PPP; 2023)[4]
GDP per capita rank
GDP by sector
  • 7.81% (2022)[7]
  • 2.36% (2021)[7]
  • -0.33% (2020)[7]
Population below poverty line
  • Positive decrease 6.7% (consistent poverty in 2017) Poverty line in 2022: €13,400/year[8][9]
  • Positive decrease 21.1% at risk of poverty or social exclusion (AROPE, 2018)[10]
Positive decrease 28.9 low (2018, Eurostat)[11]
Labour force
  • Increase 2,608,500 (2023 Q1)[14]
  • Increase 73.6% employment rate ( 2023 Q1)[14]
Labour force by occupation
Unemployment
  • Positive decrease 4.2% (July 2022)[15]
  • Positive decrease 10.4% youth unemployment (15 to 24 year-olds; October 2021)[16]
Average gross salary
€4,002 monthly (2023-Q1)
€3,086 monthly (2023-Q1)
Main industries
External
Exports
  • Increase Goods - €208.208 billion (2022)[17]
  • Increase Services - €337.282 billion (2022)[18]
Export goods
  • Chemicals and related products 64.24%
  • Machinery and transport equipment 13.17%
  • Miscellaneous manufactured articles 10.18%
  • Food and live animals 7.11%
  • Manufactured goods classified chiefly by material 1.57%
  • Crude materials, inedible, except fuels 1.05%
  • Beverages and tobacco 0.98%
  • Mineral fuels, lubricants and related materials 0.86%
  • Animal and vegetable oils, fats and waxes 0.07%
  • (2022)[17]
Main export partners
Imports
  • Negative increase Goods - €140.199 billion (2022)[17]
  • Negative increase Services - €354.051 billion (2022)[18]
Import goods
  • Machinery and transport equipment 35.76%
  • Chemicals and related products 27.38%
  • Miscellaneous manufactured articles 10.53%
  • Mineral fuels, lubricants and related materials 9.36%
  • Food and live animals 6.67%
  • Manufactured goods classified chiefly by material 6.4%
  • Beverages and tobacco 0.83%
  • Crude materials, inedible, except fuels 0.81%
  • Animal and vegetable oils, fats and waxes 0.41%
  • (2022)[17]
Main import partners
FDI stock
  • Increase €1.32 trillion (Q4 2022)[19]
  • Increase Abroad: €1.11 trillion (Q4 2022)[19]
Decrease $17 billion (2022 est.)[20]
Negative increase €2.954 trillion (June 2022)[21]
Decrease −€610 billion (July 2022)[20]
Public finances
  • Positive decrease 44.7% of GDP (2022)[22]
  • Positive decrease €224.8 billion (2022)[22]
  • €8.0 billion surplus (2022)[22]
  • +1.6% of GDP (2022)[22]
Revenues
  • Increase €115.506 Billion [22]
  • 22.98% of GDP (2022) [22]
Expenses
  • Negative increase€107.473 Billion[22]
  • 21.38% of GDP (2022)[22]
Economic aid
Increase $4.412 billion (31 December 2017 est.)[6]

All values, unless otherwise stated, are in US dollars.

The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services and agribusiness, including agrifood. Ireland is an open economy (3rd on the Index of Economic Freedom),[28] and ranks first for high-value foreign direct investment (FDI) flows.[29] In the global GDP per capita tables, Ireland ranks 2nd of 192 in the IMF table and 4th of 187 in the World Bank ranking.[30][31]

Following a period of continuous growth at an annual level from 1984 to 2007,[32] the post-2008 Irish financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. Ireland first experienced a short technical recession from Q2-Q3 2007, followed by a recession from Q1 2008 – Q4 2009.[33]

After a year with stagnant economic activity in 2010, the Irish real GDP rose by 2.2% in 2011 and 0.2% in 2012. This growth was mainly driven by improvements in the export sector. The European sovereign-debt crisis caused a new Irish recession to start in Q3 2012, which was still ongoing as of Q2 2013.[34] By mid-2013, the European Commission's economic forecast for Ireland predicted its growth rates would return to a positive 1.1% in 2013 and 2.2% in 2014.[35] An inflated 2015 GDP growth of 26.3% (GNP growth of 18.7%) was officially partially ascribed to tax inversion practices by multinationals switching domiciles.[36] This growth in GDP, dubbed "leprechaun economics" by American economist Paul Krugman, was shown to be driven by Apple Inc.'s restructuring of its Irish subsidiary in January 2015. The distortion of Ireland's economic statistics (including GNI, GNP and GDP) by the tax practices of some multinationals, led the Central Bank of Ireland to propose an alternative measure (modified GNI or GNI*)[37] to more accurately reflect the true state of the economy from that year onwards.[38][39]

Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of the top 20 Irish firms (by turnover),[40] employing 23% of the private sector labour-force,[41] and paying 80% of the collected corporation tax.[42][43]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 17 June 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Census of Population 2022 – Preliminary Results". www.cso.ie. 23 June 2022.
  4. ^ a b c d "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
  6. ^ a b c "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 1 April 2019.
  7. ^ a b c "Inflation rates in Ireland". worlddata.info. WorldData. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  8. ^ Compare your income - Perception of income inequality in OECD countries
  9. ^ "Poverty & Health". cso.ie. Archived from the original on 16 April 2019. Retrieved 12 January 2020.
  10. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Archived from the original on 11 November 2020. Retrieved 18 August 2020.
  11. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Archived from the original on 20 March 2019. Retrieved 15 April 2020.
  12. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 27 June 2016. Retrieved 12 November 2022.
  13. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Archived from the original on 25 June 2016. Retrieved 12 November 2022.
  14. ^ a b "Labour Force Survey Quarter 1 2023". cso.ie. CSO. 24 May 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  15. ^ "Unemployment rate falls to 21-year low of 4.2% in July - CSO". rte.ie. 4 August 2022.
  16. ^ "Unemployment rate by age group". data.oecd.org. OECD. Archived from the original on 14 April 2021. Retrieved 7 September 2020.
  17. ^ a b c d e f "Goods Exports and Imports December 2022 - CSO - Central Statistics Office". Cso.ie. 15 February 2023. Archived from the original on 25 March 2023. Retrieved 4 May 2023.
  18. ^ a b "International Accounts Q4 2022". cso.ie. 3 March 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  19. ^ a b "International Accounts Q4 2022". cso.ie. 3 March 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  20. ^ a b "International Accounts Q1 2022 Final - CSO - Central Statistics Office". 15 July 2022.
  21. ^ "International Accounts Q2 2022". cso.ie. 2 September 2022. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  22. ^ a b c d e f g h "Government Finance Statistics - Annual 2017 to 2022". cso.ie. 20 April 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  23. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  24. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  25. ^ "Standard & Poor's raises Ireland's credit rating to A+". RTÉ. 5 June 2015. Archived from the original on 19 June 2015. Retrieved 7 June 2015.
  26. ^ "Fitch restores A grade to Irish economy". Treasury Management Agency. Archived from the original on 4 March 2016. Retrieved 3 March 2016.
  27. ^ "Scope affirms Ireland's credit ratings at AA-; Outlook revised to Positive". Scope Ratings. Retrieved 1 April 2023.
  28. ^ "Country Rankings: World & Global Economy Rankings on Economic Freedom". www.heritage.org. Archived from the original on 21 May 2020. Retrieved 12 November 2022.
  29. ^ "Ireland named best country for high-value FDI for sixth year in a row". Irish Times. 31 August 2017. Archived from the original on 1 April 2019. Retrieved 8 April 2018.
  30. ^ "World Economic Outlook - GDP per capita". International Monetary Fund. October 2020. Archived from the original on 1 November 2020. Retrieved 12 November 2022.
  31. ^ "PPP (current international $)". data.worldbank.org. World Bank. Archived from the original on 12 August 2020. Retrieved 7 July 2020.
  32. ^ "Ireland GDP – real growth rate". Index Mundi. Archived from the original on 13 April 2018. Retrieved 22 April 2012.
  33. ^ "Quarterly National Accounts -Quarter 1 2012" (PDF). CSO. 12 July 2012. Archived from the original (PDF) on 5 August 2012. Retrieved 12 July 2012.
  34. ^ "Quarterly National Accounts -Quarter 1 2013" (PDF). CSO. 27 June 2013. Archived from the original (PDF) on 21 February 2014. Retrieved 15 September 2013.
  35. ^ "European Economic Forecast Spring 2013". Economic forecasts. European Commission. 3 May 2013. Archived from the original on 4 March 2016. Retrieved 15 September 2013.
  36. ^ "'Leprechaun Economics' Earn Ireland Ridicule, $443 Million Bill". Bloomberg.com. 13 July 2016. Archived from the original on 14 July 2016. Retrieved 29 July 2017 – via www.bloomberg.com.
  37. ^ "Leprechaun-proofing economic data". RTE News. 4 February 2017. Archived from the original on 4 February 2017. Retrieved 19 March 2018.
  38. ^ "CSO paints a very different picture of Irish economy with new measure". Irish Times. 15 July 2017. Archived from the original on 21 January 2019. Retrieved 29 March 2018.
  39. ^ "New economic Leprechaun on loose as rate of growth plunges". Irish Independent. 15 July 2017. Archived from the original on 25 October 2019. Retrieved 29 March 2018.
  40. ^ "Ireland's Top 1000 Companies". Irish Times. 2018. Archived from the original on 17 September 2019. Retrieved 8 April 2018.
  41. ^ "IRELAND Trade and Statistical Note 2017" (PDF). OECD. 2017. Archived (PDF) from the original on 10 April 2018. Retrieved 10 April 2018.
  42. ^ "20 multinationals paid half of all Corporation tax paid in 2016". RTE News. 21 June 2017. Archived from the original on 21 June 2017. Retrieved 9 April 2018.
  43. ^ "Most of Ireland's huge corporate tax haul last year came from foreign firms". sunday Business Post FORA. 14 May 2016. Archived from the original on 17 May 2017. Retrieved 9 April 2018.

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