Ireland GDP Growth Rate  1997-2017 | Data | Chart | Calendar | Forecast

Ireland's gross domestic product contracted 2.6 percent on quarter in the three months to March 2017, missing market expectations of a 2 percent growth and following an upwardly revised 5.8 percent expansion in the previous period. It was the sharpest contraction since the last quarter of 2008, as fixed investment dropped sharply and government spending rose at a slower pace. Meanwhile, household consumption continued to grow and net exports contributed positively, largely due to a slump in imports. GDP Growth Rate in Ireland averaged 1.35 percent from 1997 until 2017, reaching an all time high of 21.40 percent in the first quarter of 2015 and a record low of -4.10 percent in the fourth quarter of 2008.

Ireland GDP Growth Rate
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Irish Economy Shrinks 2.6% In Q1


Ireland's gross domestic product contracted 2.6 percent on quarter in the three months to March 2017, missing market expectations of a 2 percent growth and following an upwardly revised 5.8 percent expansion in the previous period. It was the steepest contraction since the last quarter of 2008, as fixed investment dropped sharply and government spending rose at a slower pace. Meanwhile, household consumption continued to grow and net exports contributed positively, largely due to a slump in imports.

On the expenditure side, capital investment, which accounts for approximately 35 percent of domestic demand, shrank 38.1 percent, after rising by 11.8 percent in Q4 2016. Meanwhile, household consumption, which accounts for almost half of domestic demand, advanced 1.2 percent, the same pace as in Q4; and government expenditure increased 0.3 percent, easing from a 1.1 percent gain in the previous period. Net exports rose by 61.8 percent due to a slump in imports (-12.7 percent from 2.2 percent in Q4) while exports were little changed (0.1 from 2.9 percent in Q4). 

On the output side of the accounts, industry made the most negative contribution to growth, falling by 8.8 percent (13 percent in Q4), as manufacturing recorded an 8.7 percent decline while construction recorded an increase of 4.1 percent. Decreases were also recorded in arts and entertainment (-6.6 percent from 4.4 percent in Q4), and financial services (-6.4 percent from 0.1 percent in Q4). Meanwhile, professional and administration services recorded a 3.3 percent increase (0.6 percent in Q4) and information and communication grew 2.9 percent (4.6 percent in Q4). The real estate sector increased by 1.9 percent after showing no growth in Q4. 

Compared to the same quarter of the previous year, the economy advanced 6.1 percent after growing by an upwardly revised 9.9 percent in the previous period and beating market expectations of a 5.2 percent expansion.

CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/14/2017 11:06:47 AM


Recent Releases

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Calendar GMT Actual Previous Consensus Forecast (i)
2016-12-09 11:00 AM Q3 4.0% 0.7% 1.8%
2017-03-09 11:00 AM Q4 2.5% 4.0% 1.2%
2017-07-14 10:00 AM Q1 -2.6% 5.8% 2% 1.5%
2017-09-14 10:00 AM Q2 -2.6% 1.7%
2017-12-08 11:00 AM Q3 1.4%


Ireland GDP Last Previous Highest Lowest Unit
GDP Growth Rate -2.60 5.80 21.40 -4.10 percent [+]
GDP Annual Growth Rate 6.10 9.90 27.60 -10.10 percent [+]
GDP 294.05 283.72 294.05 1.94 USD Billion [+]
GDP Constant Prices 70912.00 72826.00 72826.00 24272.00 EUR Million [+]
Gross National Product 57775.00 55027.00 57775.00 21991.00 EUR Million [+]
Gross Fixed Capital Formation 15877.00 25640.00 25640.00 5070.00 EUR Million [+]
GDP per capita 66787.14 64784.09 66787.14 12323.69 USD [+]
GDP per capita PPP 62828.34 60944.02 62828.34 22116.98 USD [+]
GDP From Agriculture 644.00 647.00 1096.00 370.00 EUR Million [+]
GDP From Construction 1951.00 1874.00 2766.00 1238.00 EUR Million [+]
GDP From Manufacturing 24467.00 26821.00 26821.00 6751.00 EUR Million [+]
GDP From Public Administration 7376.00 7395.00 7395.00 3961.00 EUR Million [+]
Gdp From Services 20231.00 20385.00 20385.00 8392.00 EUR Million [+]
GDP From Transport 8092.00 8131.00 11289.00 5524.00 EUR Million [+]


Ireland GDP Growth Rate Notes

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. This page provides - Ireland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ireland GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on August of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-2.60 5.80 21.40 -4.10 1997 - 2017 percent Quarterly
SA



gdp growth rate by Country

Last
Indonesia 4.00 Jun/17
United States 2.60 Jun/17
China 1.70 Jun/17
India 1.50 Mar/17
Netherlands 1.50 Jun/17
Turkey 1.40 Mar/17
Brazil 1.00 Mar/17
Japan 1.00 Jun/17
Canada 0.90 Mar/17
Spain 0.90 Jun/17
Euro Area 0.60 Jun/17
Germany 0.60 Jun/17
Mexico 0.60 Jun/17
South Korea 0.60 Jun/17
France 0.50 Jun/17
Italy 0.40 Jun/17
Australia 0.30 Mar/17
Switzerland 0.30 Mar/17
United Kingdom 0.30 Jun/17
Russia -0.57 Sep/15