Ireland GDP Growth Rate

Last Release

Dec 31, 2024

Actual

-1.3

Units In

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
23.4 Mar 2015	-5.4 Dec 2021	1.37 %	1995-2024	Central Statistics Office Ireland

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.

Latest Updates

Ireland’s economy expanded by 3.6% quarter-on-quarter quarter in the three months to December 2024, defying initial estimates and forecasts of a 1.3% contraction, following a revised 4.1% growth in the previous three-month period. On the production side, activity rose mainly in industry (1.2%), information & communication (7.8%), and distribution, transport, hotels & restaurants (1.1%). On the expenditure side, personal consumption of goods and services went up (1.6%). On net demand, exports increased (5%) while imports dropped (-1.9%). However, government expenditure (-0.1%) and investment (-8.6%) declined. On an annual basis, GDP grew by 9.2% in the fourth quarter, compared to preliminary estimates and expectations of a 6.3% rise, after a revised 3.2% advance in the prior quarter.