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.