Economic Growth in Ireland
In the year 2024, the economic growth in Ireland was 1.22%, compared to 9.34% in 2014 and -5.53% in 2023. It averaged 7.78% over the last decade. For more GDP information, visit our dedicated page.
Ireland GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Ireland from 2024 to 2017.
Source: Macrobond.
Ireland GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 5.0 | 7.2 | 16.3 | 8.6 | -5.5 |
GDP (EUR bn) | 364 | 382 | 449 | 521 | 510 |
Economic Growth (Nominal GDP, ann. var. %) | 8.6 | 5.1 | 17.5 | 16.0 | -2.1 |
GDP records sharpest contraction in a year in Q4
GDP reading: According to a preliminary estimate, GDP declined 1.3% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter, below the 3.5% expansion seen in the third quarter and marking the worst reading since Q4 2023. On an annual basis, economic activity rose 6.3% in Q4, compared to the previous period's 2.9% growth. Over 2024 as a whole, GDP rose 0.3%, an improvement from the prior year’s 5.5% shrinkage but still the second-worst result since 2012.
Drivers: According to the statistical office, the drop was driven by a fall in the output of the multinational sector, whose output tends to be volatile; their balance-sheet movements of intellectual property crop up in GDP statistics.
GDP outlook: Looking ahead, GDP figures will remain volatile and subject to significant revisions as a result of the heavy presence of multinationals in Ireland.
Panelist insight: EIU analysts commented on risks to the outlook for Ireland’s economy: “From 2025 we expect some abrupt shifts in the US's approach to global trade and tax policies under the presidency of Donald Trump. Ireland’s open economy and extensive trade and investment ties with the US, as well as its low corporation-tax rate and highly favourable business environment for foreign multinational corporations, mean it is one of the most exposed countries in Europe to potentially major economic policy changes in the US.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Irish GDP projections for the next ten years from a panel of 19 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Irish GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Irish GDP projections.
Want to get access to the full dataset of Irish GDP forecasts? Send an email to info@focus-economics.com.
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