The Irish economy shrank 6.1 percent on quarter in the second quarter of 2020, following a revised 2.1 percent fall in the previous period as the impact of the COVID-19 restrictions varied across sectors. Sectors focused on the domestic market experienced significantly lower levels of economic activity namely construction (-38.3 percent) and distribution, transport, hotels and restaurants (-30.3 percent). In contrast, growth continued in some of the more globalised sectors like industry (+1.5 percent). Still, the multinational-dominated information and communication sector contracted by 2.3 percent. Year-on-year, the economy plunged 3 percent. source: Central Statistics Office Ireland

GDP Growth Rate in Ireland averaged 1.34 percent from 1995 until 2020, reaching an all time high of 23.70 percent in the first quarter of 2015 and a record low of -6.10 percent in the second quarter of 2020. This page provides - Ireland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Ireland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.

GDP Growth Rate in Ireland is expected to be -1.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Ireland to stand at 1.40 in 12 months time. In the long-term, the Ireland GDP Growth Rate is projected to trend around 1.20 percent in 2021 and 0.70 percent in 2022, according to our econometric models.

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Ireland GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-6.10 -2.10 23.70 -6.10 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-03-06 11:00 AM QoQ Q4 1.8% 2.1% 1.0%
2020-06-05 10:00 AM QoQ Q1 1.2% 1.7% -1.2%
2020-07-20 10:00 AM QoQ Final Q1 1.2% 0.4% 1.2%
2020-09-07 10:00 AM QoQ Q2 -6.1% -2.1% -16.8%
2020-12-17 11:00 AM QoQ Q3 -6.1% 3.8%
2021-03-05 11:00 AM QoQ Q4
2021-06-04 10:00 AM QoQ Q1
2021-07-20 10:00 AM QoQ Final Q1


News Stream
Irish Economy Faces Recession
The Irish economy shrank 6.1 percent on quarter in the second quarter of 2020, following a revised 2.1 percent fall in the previous period as the impact of the COVID-19 restrictions varied across sectors. Sectors focused on the domestic market experienced significantly lower levels of economic activity namely construction (-38.3 percent) and distribution, transport, hotels and restaurants (-30.3 percent). In contrast, growth continued in some of more globalised sectors like industry (+1.5 percent). Still, the multinational-dominated information and communication sector contracted by 2.3 percent. Year-on-year, the economy plunged 3 percent.
2020-09-07
Irish Economy Grows 1.2% QoQ in Q1
Ireland’s GDP expanded 1.2 percent on quarter in the three months to March of 2020, following a downwardly revised 0.4 percent advance in the previous period and in line with preliminary estimates. Public spending rebounded (0.5 percent vs -0.3 percent in Q4) and net external demand contributed positively to GDP as exports rose slightly (0.1 percent vs 1.9 percent) and imports declined (-4.5 percent vs 44.2 percent). Meantime, gross fixed investment slowed (35 percent vs 75.7 percent) while household consumption fell further (-3.1 percent vs -0.4 percent).
2020-07-20
Irish GDP Growth Slows in Q1
Ireland's quarterly economic growth rate slowed to 1.2 percent in the first quarter of 2020 from a downwardly revised 1.7 percent in the previous period, amid the coronavirus pandemic. Household consumption tumbled 4.7 percent, after being unchanged in Q4, while gross fixed investment showed no growth, following a 154.1 percent jump. Meanwhile, public spending expansion was unchanged at 0.5 percent, while net external demand contributed positively to GDP as exports rose slightly and imports declined.
2020-06-05
Irish Economy Expands 1.8% in Q4
Ireland's economy grew by 1.8 percent on quarter in the three months to December 2019, following an upwardly revised 2.1 percent in the previous period. Fixed investment jumped 122.9 percent (vs -54.1 percent in Q3), driven by IPP, and government spending advanced 0.8 percent (vs 1.4 percent in Q3), while household consumption stagnated (vs 0.7 percent in Q3). Also, imports surged 34 percent (vs -21.6 percent in Q3) while exports rose at a much softer 2.0 percent (vs 2.1 percent in Q3). On the production side, information & communication was the biggest driver of growth, while manufacturing output contracted. Year-on-year, the GDP growth picked up to 6.2 percent from 4.5 percent. Considering 2019 full year, the economy expanded 5.5 percent, the weakest rate since 2016.
2020-03-06

Ireland GDP Growth Rate
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.