Economic Growth in Ireland
Apologies for the confusion. The corrected statement would read: "Over the past decade to 2022, Ireland's economy recorded an average growth rate of 9.1%, which is above the 1.4% average for the Euro Area. In 2022, the real GDP growth was 9.4%." For more GDP information, visit our dedicated page.
Ireland GDP Chart
Ireland GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 8.5 | 5.3 | 6.6 | 15.1 | 9.4 |
GDP (EUR bn) | 327 | 356 | 375 | 434 | 506 |
Economic Growth (Nominal GDP, ann. var. %) | 9.7 | 8.8 | 5.3 | 15.7 | 16.6 |
GDP contracts again in the fourth quarter
According to a preliminary estimate, GDP declined at a slower pace of 0.7% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter, above the 1.9% contraction tallied in the third quarter. On an annual basis, economic activity contracted at a softer rate of 3.4% in Q4, from the previous period's 5.8% fall.
In its press release, the statistical office stated that the decline was driven by the multinational sector. The volatile nature of the sector means the GDP figures could be revised significantly ahead.
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 18 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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