Ireland GDP Growth Rate

The Gross Domestic Product (GDP) in Ireland contracted 2.30 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Ireland is reported by the Central Statistics Office Ireland. GDP Growth Rate in Ireland averaged 0.55 Percent from 2000 until 2013, reaching an all time high of 5.50 Percent in the first quarter of 2007 and a record low of -3.60 Percent in the fourth quarter of 2008. Ireland has a modern, business-friendly economy. The country is dependent on foreign direct investment from major high-tech manufacturers such as Intel, Google and Pfizer. As a result, Ireland is one of the world’s biggest exporters of pharmaceuticals and software. From 1995 to 2007, GDP growth averaged 6 percent, which earned the country the nickname of Celtic Tiger. However, as a result of a crash in real estate market, economic activity dropped sharply in 2008 and the country entered into a recession for the first time in more than a decade and it’s struggling to recover since. This page provides - Ireland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-23

Actual Previous Highest Lowest Forecast Dates Unit Frequency
-2.30 2.10 5.50 -3.60 0.48 | 2014/03 2000 - 2013 Percent Quarterly

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Ireland GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-06-27 11:00 AM Ireland
GDP Growth Rate QoQ
Q1 2013 -0.6% -0.2% (R) 0.25%
2013-09-19 11:00 AM Ireland
GDP Growth Rate QoQ
Q2 2013 0.4% -0.6% -0.33%
2013-12-19 11:00 AM Ireland
GDP Growth Rate QoQ
Q3 2013 1.5% 1.0% (R) 0.74%
2014-03-13 11:00 AM Ireland
GDP Growth Rate QoQ
Q4 2013 -2.3% 2.1% (R) 1%
2014-06-13 11:00 AM Ireland
GDP Growth Rate QoQ
Q1 2014 -2.3% 0.48%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate -2.30 2013-12-31 2.10 5.50 -3.60 0.48 2014-03-31 Percent [+]
GDP Annual Growth Rate -0.70 2013-12-31 2.70 14.60 -7.40 1.84 2014-03-31 Percent [+]
GDP Constant Prices 40375.00 2013-11-15 41336.00 44647.00 22482.00 41331.63 2014-06-30 EUR Million [+]
Gross Fixed Capital Formation 4894.00 2013-11-15 4747.00 10055.00 3758.00 5093.75 2014-03-31 EUR Million [+]
Gross National Product 34786.00 2013-11-15 34726.00 36186.00 18816.00 35181.86 2014-03-31 EUR Million [+]
GDP per capita 46175.52 2012-12-31 45866.91 51721.35 5046.75 46240.57 2014-06-30 USD [+]
GDP per capita PPP 36754.52 2012-12-31 36508.88 41168.86 6180.68 36823.77 2014-06-30 USD [+]
GDP 210.00 2012-12-31 221.00 262.00 1.90 194.70 2014-06-30 USD Billion [+]
[+]


Irish Economic Growth Disappoints in Q4

Irish GDP contracted by a shocking 2.3 percent in the last quarter of 2013 from the previous three months, hurt by a surge in imports and a fall in consumer spending. Initial estimates showed the economy shrank by 0.3 percent in 2013.

On the output side, the changes for the most part mirrored those for the year as a whole. Industry made the most negative contribution to the Q4 result, falling by 4.7 percent. The increases of note were in Agriculture, Forestry and Fisheries (5.4 percent) and Other Services (0.5 percent).

On the expenditure side there was a substantial decline in net exports (-10.5 percent) during the quarter, largely driven by higher imports. Personal consumption expenditure was marginally lower (-0.6 percent) while capital investment increased by 3.1 percent.

Factor income outflows were 12.2 percent lower than in the previous quarter leading to an overall increase in GNP of 0.2 percent in Q4 2013 compared with Q3 2013.

Year-on-year, the GDP contracted 0.7 percent, down from a revised 2.7 percent in the previous quarter. 

CSO | Joana Taborda | joana.taborda@tradingeconomics.com
3/13/2014 12:57:27 PM

RECENT RELEASES

Irish Economy Expands 1.5% QoQ in Q3
In the third quarter of 2013, Irish GDP advanced 1.5 percent over the previous quarter, the highest growth rate in two years. GNP increased by 1.6 percent over the same period. Published on 2013-12-19

Ireland Exits Recession As Economy Expands 0.4%
Preliminary estimates for the second quarter of 2013 indicate that Ireland's GDP increased by 0.4 percent compared with the first quarter of 2013. This growth rate is up from -0.6% in Q1, driving the economy out of its second recession in five years. Published on 2013-09-19


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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