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 2025 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 |
Q2 GDP figures revised up
GDP reading: In a second release by the statistical office, GDP growth in Q2 was revised up to 0.2% on a seasonally adjusted quarter-on-quarter basis (preliminary reading: -1.0% qoq s.a.). However, this still marks a sharp slowdown from the prior quarter’s 7.5% expansion. On an annual basis, economic growth accelerated to 17.1% in Q2, compared to the previous quarter’s 19.9% expansion.
Drivers: Relative to the prior quarter’s figures, readings in Q2 improved for private spending (+1.0% qoq s.a. vs +0.2% in Q1) and government spending (+2.5% vs -1.3% in Q1). Meanwhile, readings in Q2 worsened for fixed investment (-36.9% vs +73.4% in Q1), exports of goods and services (-4.0% vs +9.4% in Q1) and imports of goods and services (-10.8% vs +14.1% in Q1). The decline in exports and fixed investment came as shipments to the U.S. returned to more normal levels, having temporarily surged in Q1 as multinational firms sought to dodge Trump’s tariffs.
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 17 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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