The Irish economy shrank 3 percent year-on-year in the second quarter of 2020, following an upwardly revised 5.7 percent jump in the previous period, due to the coronavirus crisis. It is the biggest fall contraction since the third quarter of 2009. Capital investment slumped 67.5 percent and accounted for 38.9 percent of total domestic demand. Consumer spending went down 22.1 percent, exports edged down 0.2 percent and imports sank 37.2 percent.

GDP Annual Growth Rate in Ireland averaged 5.65 percent from 1996 until 2020, reaching an all time high of 29.10 percent in the first quarter of 2015 and a record low of -10.20 percent in the fourth quarter of 2008. This page provides - Ireland GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ireland GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Central Statistics Office Ireland

GDP Annual Growth Rate in Ireland is expected to be -1.20 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 2.80 in 12 months time. In the long-term, the Ireland GDP Annual Growth Rate is projected to trend around 1.80 percent in 2021 and 3.60 percent in 2022, according to our econometric models.

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Ireland GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.00 5.70 29.10 -10.20 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-03-06 11:00 AM YoY Q4 6.2% 4.5% 5%
2020-06-05 10:00 AM YoY Q1 4.6% 6.2% 2.5%
2020-07-20 10:00 AM YoY Final Q1 5.1% 5.9% 4.6%
2020-09-07 10:00 AM YoY Q2 -3% 5.7% -12%
2020-12-17 11:00 AM YoY Q3 -3% -1.2%

Ireland GDP Last Previous Highest Lowest Unit
GDP Growth Rate -6.10 -2.10 23.70 -6.10 percent [+]
GDP Annual Growth Rate -3.00 5.70 29.10 -10.20 percent [+]
GDP 388.70 382.67 388.70 1.94 USD Billion [+]
GDP Constant Prices 82356.00 87671.00 89510.00 23300.00 EUR Million [+]
Gross National Product 62973.00 67998.00 69369.00 21586.00 EUR Million [+]
Gross Fixed Capital Formation 15825.00 52411.00 60060.00 4264.00 EUR Million [+]
GDP per capita 79703.40 76662.70 79703.40 12745.40 USD [+]
GDP per capita PPP 86781.40 83470.60 86781.40 26474.30 USD [+]
GDP From Agriculture 365.00 926.00 1053.00 365.00 EUR Million [+]
GDP From Construction 1368.00 2216.00 2776.00 1062.00 EUR Million [+]
GDP From Manufacturing 33246.00 32756.00 33246.00 5814.00 EUR Million [+]
GDP From Public Administration 8465.00 8417.00 8578.00 4549.00 EUR Million [+]
GDP From Transport 6284.00 9012.00 9334.00 4678.00 EUR Million [+]


Ireland GDP Annual Growth Rate
From 1995 to 2007, Irish economy was growing rapidly averaging 6 percent a year, benefiting from a rise in consumer spending, construction, and business investment. However in 2008, as a result of a crash in real estate market, economic activity dropped sharply and the country entered into a recession for the first time in more than a decade. After series of economic reforms aiming at reducing budget deficit and government debt, the GDP started to expand from Q3 of 2010 and after three quarters of contraction in 2012, it has gained the status of fastest growing economy in the Euro Area.