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


Ireland GDP Growth Rate

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%

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 |
3/13/2014 12:57:27 PM


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.


Irish Trade Surplus Widens in February  
Preliminary figures for February of 2014 indicate an increase in seasonally adjusted exports of € 57 million (+1 percent) to €7,232 million from January 2014. Coupled with a decrease in seasonally adjusted imports of € 69 million (-2 percent) to € 4,022 million, the seasonally adjusted trade surplus increased by € 127 million (+4 percent) to € 3,210 million.
Irish Inflation Rate Rises in March  
Irish annual consumer prices rose 0.2 percent in March of 2014, following a 0.1 percent fall in February, mainly due to higher cost of services.
Irish Unemployment Rate Down To 5-Year Low in March  
Ireland’ seasonally adjusted jobless rate fell for the third consecutive month in March of 2014 to 11.8 percent, down from 11.9 percent in the previous month, and 13.7 percent a year earlier.
Ireland Posts € 3 Billion Trade Surplus in January  
Irish trade balance widened 10.13 percent over a year earlier to € 3.09 billion in the first month of 2014. Compared with December of 2013, the trade surplus narrowed 9.1 percent.
Ireland Inflation Rate Falls to 3-1/2-Year Low  
Irish annual inflation rate dropped to -0.1 percent in February of 2014, from 0.2 percent in the previous month. It is the first time since July of 2010 the inflation rate enters in negative territory.
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.
Irish Unemployment Rate Falls Below 12%  
In February of 2014, Ireland’s jobless rate continued its downward trend and fell to 11.9 percent, down from a revised 12 percent in the previous month.
Irish Inflation Rate Stable in January  
In January of 2014, Irish consumer prices remained steady at an annual rate of 0.2 percent. From December to January, the CPI decreased by 0.5 percent. This compares to a decrease of 0.5 percent recorded in January of last year.
Irish Trade Surplus Narrows 12.5% in 2013  
In 2013, Irish trade surplus decreased to € 37.25 billion, down from € 42.54 billion in 2012, hurt by lower exports of medical and pharmaceutical products and a fall in petroleum sales. This is the lowest annual trade surplus since 2008.
Irish Unemployment Down to 12.3% in January  
In January of 2014, Irish jobless rate declined for the eight straight month to 12.3 percent, from 12.4 percent in December last year. A year earlier, unemployment reached 13.8 percent.


Bank of Thailand Leaves Interest Rate Unchanged  
At its April 23rd, 2014 meeting, the Monetary Policy Committee left the benchmark interest rate on hold at 2.0 percent. Policymakers expect 2014 growth to be lower than previous assessed due to prolonged political unrest.
South Africa Inflation Rate Back to 6%  
South African annual consumer prices accelerated for the fourth straight month in March of 2014 to a six-month high 6 percent. On a monthly basis, prices advanced 1.3 percent, the fastest pace in five years.
Singapore Inflation Rate Edges Up in March  
Annual consumer prices rose 1.2 percent in March of 2014, up from a 0.4 percent increase in February, mainly due to a smaller fall in car prices. Contributions from all other major categories, except accommodation, were also slightly higher.
Australia Inflation Rate Accelerates Further in Q1  
Australian annual consumer prices advanced 2.9 percent in the first three months of 2014, up from 2.7 percent in the previous quarter, but below market forecasts. The rise was driven by seasonal increases in cost of healthcare, transport and school fees, and by a large hike in tobacco duties.
Mexico Unemployment Rate Up to 4.8% in March  
Mexican unadjusted jobless rate rose to 4.8 percent in March of 2014, up from 4.65 percent in February and 4.51 percent a year earlier. Upon seasonal adjustment, the unemployment rate rose to its highest in more than one year to 5.25 percent.
Hong Kong Unemployment Rate Unchanged in March  
Hong Kong’ seasonally adjusted jobless rate remained steady at 3.1 percent for the third consecutive period in January to March of 2014, down from 3.5 percent a year earlier.
Hong Kong Inflation Rate Unchanged in March  
Hong Kong annual consumer prices rose 3.9 percent in March of 2014, the same rate recorded in February. In the first quarter of 2014, the inflation rate rose by 4.2 percent over a year earlier. The corresponding increase after netting out the effects of all Government's one-off relief measures was 3.8 percent.
China Cuts Reserve Ratio for Rural Banks  
The People's Bank of China decided to cut the reserve requirement ratio by 2 percentage points for rural commercial banks and by 0.5 percentage point for rural credit cooperatives, aiming to stimulate growth in some parts of the country. The cut will be effective from April 25th, 2014.
Japanese Trade Deficit Widens in March  
Japan’s trade gap increased to a wider-than-expected ¥ 1446.3 billion in March of 2014, up from a revised ¥ 802.5 billion deficit in the previous month and a ¥ 356.9 billion gap a year earlier, as energy imports continued to rise.
Chile Leaves Monetary Policy Unchanged  
At its April 17th, 2014 meeting, Central Bank of Chile left the benchmark interest rate on hold at 4 percent, following last month's cut, citing low output and demand, but hinted possible future rate cuts, depending on domestic and external conditions.

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