Ireland GDP Growth Rate

The Gross Domestic Product (GDP) in Ireland expanded 2.70 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in Ireland averaged 0.64 Percent from 2000 until 2014, reaching an all time high of 5.50 Percent in the first quarter of 2007 and a record low of -3.50 Percent in the fourth quarter of 2008. GDP Growth Rate in Ireland is reported by the Central Statistics Office Ireland.


Ireland GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.70 -0.10 5.50 -3.50 2000 - 2014 Percent Quarterly
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.

Irish GDP Growth Beats Expectations

The Irish economy expanded 2.7 percent quarter-on-quarter in the first three months of 2014, up from a revised 0.1 percent contraction in the previous period. It is the highest growth rate in five quarters, driven by exports.

On the output side, Industry (including building and construction) increased by 2.8 percent in volume terms between the first quarter of 2014 and the fourth quarter of 2013. Other services increased by 1.1 percent and Distribution, transport, software and communication increased by 0.7 percent. On the other hand, Public administration and defense decreased by 0.3 percent and Agriculture, forestry and fishing declined by 0.2 percent.

On the expenditure side, Net exports made a positive contribution of € 541m in volume terms on a seasonally adjusted basis. Personal expenditure was largely unchanged, declining by 0.1 percent. Capital Investment, decreased by 8.1 percent and government expenditure also decreased by 2.1 percent.

Year-on-year, the economy expanded 4.1 percent in the first three months of 2014. Personal expenditure rose by 0.2 percent. Capital investment increased by 2.9 percent and Government expenditure by 2.6 percent. Net exports were €1,166m higher in the first quarter of 2014 compared with the corresponding quarter of 2013. Factor income outflows were €571m higher resulting in a 4.1 percent increase in GDP.

CSO | Joana Taborda |
7/3/2014 11:24:17 AM

Recent Releases

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. Published on 2014-03-13

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

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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%
2014-07-03 11:00 AM Ireland
GDP Growth Rate QoQ
Q1 2014 2.7% -0.1% (R) 0.8% 0.69%

GDP Last Previous Highest Lowest Unit
GDP 217.82 210.00 262.00 1.90 USD Billion [+]
GDP Growth Rate 2.70 -0.10 5.50 -3.50 Percent [+]
GDP Annual Growth Rate 4.10 -1.20 14.60 -7.40 Percent [+]
GDP Constant Prices 44849.00 43679.00 44849.00 22482.00 EUR Million [+]
Gross National Product 38052.00 37870.00 38052.00 18816.00 EUR Million [+]
GDP per capita 45119.27 45355.77 51001.54 11629.11 USD [+]
Gross Fixed Capital Formation 6496.00 7066.00 10055.00 3758.00 EUR Million [+]
GDP per capita PPP 36754.52 36508.88 41168.86 6180.68 USD [+]

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