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||1998 - 2015
Irish GDP growth averaged 6 percent in 1995-2007, but economic activity has dropped sharply since the beginning of the financial crisis. In addition to cuts in spending, the 2009 budget included wage reductions for all public employees. However, in 2010 the budget deficit reached 32.4 percent of GDP, as the government had to support the country’s banking sector. Ireland expanded slowly in the 2010-12 period and in 2014 it was growing at nearly 5 percent while dragging the budget deficit down to 4.1 percent of GDP and the government debt to 109.7 percent of GDP. Ireland is now on track to be the fastest growing economy in Europe for the 2nd year in 2015, as the country continues to attract investment from large global firms in high-wage, high-tech service sectors. On the expenditure side, household consumption is the main component of GDP and accounts for 44 percent of its total use, followed by gross fixed capital formation (19 percent) and government expenditure (17 percent). Exports of goods and services account for 114 percent of GDP while imports account for 95 percent, adding 19 percent of total GDP. This page provides - Ireland GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Ireland GDP Annual Growth Rate - was last refreshed on Thursday, November 26, 2015.