Ireland GDP Growth Rate

Last Release

Dec 31, 2023

Actual

-0.7

Units In

-1.8

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
23.4 Mar 2015	-5.4 Dec 2021	1.4 %	1995-2023	Central Statistics Office Ireland

Irish economy is based on foreign trade, industry and investment. The country is major high-tech manufacturer and is one of the world’s biggest exporters of pharmaceuticals and software. On the expenditure side, household consumption is the main component of GDP and accounts for 44 percent, followed by gross fixed capital formation (19 percent) and government expenditure (17 percent). Net exports adds 19 percent to total GDP as exports account for 114 percent while imports for 95 percent.

Latest Updates

Ireland’s GDP contracted by 3.4% from the previous quarter in the three months ending December 2023, more than the initial estimates of 0.7% decline and compared to a revised 2.5% fall in the three months to September, final results showed. It was the fourth consecutive period of contractions as the global economic slowdown reduced the profitability of multinational companies, on which Ireland’s economy is dependent. From the previous year, the Irish GDP plunged by 8.7% in Q4, the most since corresponding quarter of 2008.