The Irish gross domestic product expanded 6.3 percent in the first quarter, up from an upwardly revised 3.6 percent gain in the previous three-month period. Information & communication made the most positive contribution to the Q1 result, rising by 32.1 per cent with agriculture recording an increase of 10.6 per cent. Increases were also recorded in financial and insurance activities (7.4 per cent), construction (7.4 per cent), industry (7.0 per cent), professional and administrative services (3.1 per cent), real estate activities (2.2 per cent) and distribution, transport, hotels and restaurants (1.8 per cent). Arts and entertainment showed a decline of 1.3 per cent year-on-year. On the expenditure side there was an increase in net exports of €3,176m (11.5 per cent) during the quarter. Capital formation exhibited a year-on-year increase of 4.9 per cent while personal consumption expenditure increased by 2.9 per cent in Q1 2019 compared with Q1 2018. GDP Annual Growth Rate in Ireland averaged 5.75 percent from 1996 until 2019, reaching an all time high of 29.20 percent in the first quarter of 2015 and a record low of -10.40 percent in the fourth quarter of 2008.
GDP Annual Growth Rate in Ireland is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Ireland to stand at 4.30 in 12 months time. In the long-term, the Ireland GDP Annual Growth Rate is projected to trend around 3.20 percent in 2020, according to our econometric models.