The Gross Domestic Product (GDP) in Ireland expanded 5 percent in the third quarter of 2019 over the same quarter of the previous year. 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. source: Central Statistics Office Ireland
GDP Annual Growth Rate in Ireland is expected to be 5.00 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 3.80 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.
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.