Economic activity surprises markets to the upside: According to a preliminary reading, GDP growth edged up to 4.5% year on...
Economic Growth in Ireland
Ireland's economy recorded an average growth rate of 7.8% in the decade to 2024, compared to the 0.8% average for Euro Area. In 2024, real GDP growth was 1.2%. 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
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (Real GDP, ann. var. %) | 7.2 | 16.3 | 7.5 | -2.5 | 2.6 |
| GDP (EUR bn) | 382 | 448 | 521 | 525 | 563 |
| Economic Growth (Nominal GDP, ann. var. %) | 4.9 | 17.5 | 16.1 | 0.8 | 7.3 |
Q1 GDP growth revised up strongly in June
Economy soars in Q1: In a second release by the statistical office, GDP growth in Q1 was revised up to 9.7% on a seasonally adjusted quarter-on-quarter basis (preliminary reading: 3.2% s.a. qoq). That’s an improvement from Q4’s 5.0% expansion and marks the best result since Q3 2020. On an annual basis, economic growth accelerated to 22.2% in Q1, compared to the previous quarter's 9.2% expansion and marking the strongest result since Q2 2021.
Trump’s tariffs drive export front-loading: The threat of Trump’s tariffs led U.S. firms to repatriate goods from their Irish subsidiaries in Q1. This, in turn, led fixed investment to soar 41.1% in Q1 (Q4 2024: -8.3% s.a. qoq), and exports to surge 9.4% in the same period (Q4 2024: +5.7% s.a. qoq). In addition, government spending bounced back, growing 0.7% in Q1 (Q4 2024: -0.1% s.a. qoq). Less positively, private consumption increased 0.6% in the first quarter, which was below the fourth quarter's 2.3% expansion. Moreover, imports rebounded, growing 8.0% in Q1 (Q4 2024: -2.3% s.a. qoq).
Panelist insight: On the 2025 GDP growth outlook, EIU analysts said: “Stronger growth will be led by stronger multinational sector activity, a rebound in investment and a low unemployment rate. However, risks are tilted to the downside, as US import tariffs on pharmaceutical products, if introduced, could bring down growth.”
Consensus Forecasts and Projections for the next ten years
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 20 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.
Latest Global GDP News
-
Malaysia: Economy edges up more than expected in the second quarter -
China: GDP growth loses steam in Q2 but beats expectations GDP reading: GDP growth moderated to 5.2% year on year in the second quarter from 5.4% in the first quarter... -
Singapore: Economic growth accelerates in the second quarter Stronger-than-expected GDP growth in Q2: According to an advanced estimate, year-on-year GDP growth accelerated to 4.3% in the second quarter... -
Guatemala: GDP growth moderates in Q1 Economic momentum lost in Q1: Annual GDP growth lost momentum in the first quarter of this year, easing to 3.9%... -
United Kingdom: Decline in economy softens in May GDP reading: GDP declined 0.1% month-on-month in seasonally adjusted terms in May (April: -0.3% mom), contrasting market expectations for an... -
Vietnam: Economic growth hits a two-year high in Q2 GDP growth overshoots market expectations: Vietnam’s economy continued to gallop ahead in Q2, with GDP surging 8.0% annually (Q1: +7.0%... -
Canada: Economy dips in April GDP reading: GDP dropped 0.1% month-on-month in seasonally adjusted terms in April (March: +0.2% mom). On an annual basis, monthly...