The Irish economy shrank 5.1 percent on quarter in the last three months of 2020, after a revised 11.8 percent expansion in the previous period. Household consumption declined 2.3 percent, reversing from a 20.9 percent jump in Q3 and net foreign demand contributed negatively to growth, as exports rose 4 percent (vs 7.2 percent in Q3) while imports soared 24.4 percent (vs 2.1 percent in Q3). Meantime, government expenditures eased (0.1 percent vs 1 percent) while fixed investment advanced faster (28.7 percent vs 5.9 percent). On a yearly basis, the economy grew by 1.5 percent, following an 8.7 percent expansion in Q3. Considering full 2020, Ireland's GDP grew 3.4 percent with COVID-19 restrictions impacting all quarters of the year. source: Central Statistics Office Ireland

GDP Growth Rate in Ireland averaged 1.36 percent from 1995 until 2020, reaching an all time high of 23.20 percent in the first quarter of 2015 and a record low of -5.10 percent in the fourth quarter of 2020. This page provides - Ireland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ireland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.

GDP Growth Rate in Ireland is expected to be -1.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Ireland to stand at 0.70 in 12 months time. In the long-term, the Ireland GDP Growth Rate is projected to trend around 0.70 percent in 2022 and 0.60 percent in 2023, according to our econometric models.

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Ireland GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-5.10 11.10 23.20 -5.10 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-07-20 10:00 AM QoQ Final Q1 1.2% 0.4% 1.2%
2020-09-07 10:00 AM QoQ Q2 -6.1% -2.1% -16.8%
2020-12-04 11:00 AM QoQ Q3 11.1% -3.2% 3.8%
2021-03-05 11:00 AM QoQ Q4 -5.1% 11.8% -1%
2021-06-04 10:00 AM QoQ Q1 -5.1% -1.4%
2021-09-07 10:00 AM QoQ Q2 0.2%
2021-12-17 11:00 AM QoQ Q3 2.2%
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Irish Economy Returns to Contraction in Q4
The Irish economy shrank 5.1 percent on quarter in the last three months of 2020, after a revised 11.8 percent expansion in the previous period. Household consumption declined 2.3 percent, reversing from a 20.9 percent jump in Q3 and net foreign demand contributed negatively to growth, as exports rose 4 percent (vs 7.2 percent in Q3) while imports soared 24.4 percent (vs 2.1 percent in Q3). Meantime, government expenditures eased (0.1 percent vs 1 percent) while fixed investment advanced faster (28.7 percent vs 5.9 percent). On a yearly basis, the economy grew by 1.5 percent, following an 8.7 percent expansion in Q3. Considering full 2020, Ireland's GDP grew 3.4 percent with COVID-19 restrictions impacting all quarters of the year.
2021-03-05
Irish Economy Rebounds Firmly in Q3
Ireland's economy grew by 11.1 percent from the previous period in the third quarter of 2020, rebounding from a downwardly revised 3.2 percent contraction in April-June due to the COVID restrictions. Household consumption expanded 21.3 percent (vs -19.1 percent in Q2) and fixed investment rose 4.4 percent (vs -64.4 percent in Q2). In addition, net external demand contributed positively to the GDP as exports jumped 5.7 percent (vs -2.9 percent in Q2) and imports increased at a softer 1.5 percent (vs -35.8 percent in Q2). On a yearly basis, the economy grew by 8.1 percent, rebounding from a 3.2 contraction in the previous three-month period.
2020-12-04
Irish Economy Faces Recession
The Irish economy shrank 6.1 percent on quarter in the second quarter of 2020, following a revised 2.1 percent fall in the previous period as the impact of the COVID-19 restrictions varied across sectors. Sectors focused on the domestic market experienced significantly lower levels of economic activity namely construction (-38.3 percent) and distribution, transport, hotels and restaurants (-30.3 percent). In contrast, growth continued in some of more globalised sectors like industry (+1.5 percent). Still, the multinational-dominated information and communication sector contracted by 2.3 percent. Year-on-year, the economy plunged 3 percent.
2020-09-07
Irish Economy Grows 1.2% QoQ in Q1
Ireland’s GDP expanded 1.2 percent on quarter in the three months to March of 2020, following a downwardly revised 0.4 percent advance in the previous period and in line with preliminary estimates. Public spending rebounded (0.5 percent vs -0.3 percent in Q4) and net external demand contributed positively to GDP as exports rose slightly (0.1 percent vs 1.9 percent) and imports declined (-4.5 percent vs 44.2 percent). Meantime, gross fixed investment slowed (35 percent vs 75.7 percent) while household consumption fell further (-3.1 percent vs -0.4 percent).
2020-07-20

Ireland GDP Growth Rate
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.