The Gross Domestic Product (GDP) in Ireland expanded 6.30 percent in the second quarter of 2021 over the previous quarter. source: Central Statistics Office Ireland

GDP Growth Rate in Ireland averaged 1.51 percent from 1995 until 2021, reaching an all time high of 22.60 percent in the first quarter of 2015 and a record low of -5.30 percent in the first quarter of 2017. 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 September of 2021.

GDP Growth Rate in Ireland is expected to be 4.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Ireland GDP Growth Rate is projected to trend around 0.70 percent in 2022 and 0.60 percent in 2023, according to our econometric models.

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Ireland GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
6.30 8.70 22.60 -5.30 1995 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2020-12-04 11:00 AM Q3 11.1% -3.2% 3.8%
2021-03-05 11:00 AM Q4 -5.1% 11.8% -1%
2021-06-04 10:00 AM Q1 7.8% -4.4% -1.4%
2021-09-02 10:00 AM Q2 6.3% 8.7% 2.1%
2021-12-17 11:00 AM Q3 6.3% 4.4%

News Stream
Irish GDP Growth Slows to 6.3% in Q2
Ireland's economy grew by 6.3 percent from the previous period in the second quarter of 2021, easing from an upwardly revised 8.7 percent expansion in Q1. Household consumption expanded 12.6 percent (vs -5.7 in Q1) and fixed investment advanced 5.8 percent (vs -25.7 percent). Also, foreign demand contributed to growth, as exports surged 6.4 percent (vs 2.6 percent) while imports rose at a softer 5.4 percent (vs -15.3 percent). On a yearly basis, the economy expanded 21.6 percent, following an 11.2 percent gain in Q1.
Irish Economy Rebounds Sharply in Q1
Ireland's economy grew by percent from the previous period in the first quarter of 2021, rebounding from a downwardly revised 4.4 percent contraction in September-December. Government expenditure accelerated (1.1 percent vs 0.1 percent in Q4) and net foreign demand contributed positively to growth, as exports jumped 5.8 percent (vs 4.8 percent) while imports slumped 8.9 percent (vs 23.9 percent). On the other hand, household consumption declined faster (-5.1 percent vs -2.4 percent) and gross fixed capital formation tumbled (-19.5 percent vs 28.1 percent). On a yearly basis, the economy expanded 11.8 percent, following a 1.5 percent advance in Q4.
Irish Economy Returns to Contraction in Q4
The Irish economy shrank 5.1 percent on quarter in the last three months of 2020, after a revised 11.8 percent expansion in the previous period. Household consumption declined 2.3 percent, reversing from a 20.9 percent jump in Q3 and net foreign demand contributed negatively to growth, as exports rose 4 percent (vs 7.2 percent in Q3) while imports soared 24.4 percent (vs 2.1 percent in Q3). Meantime, government expenditures eased (0.1 percent vs 1 percent) while fixed investment advanced faster (28.7 percent vs 5.9 percent). On a yearly basis, the economy grew by 1.5 percent, following an 8.7 percent expansion in Q3. Considering full 2020, Ireland's GDP grew 3.4 percent with COVID-19 restrictions impacting all quarters of the year.
Irish Economy Rebounds Firmly in Q3
Ireland's economy grew by 11.1 percent from the previous period in the third quarter of 2020, rebounding from a downwardly revised 3.2 percent contraction in April-June due to the COVID restrictions. Household consumption expanded 21.3 percent (vs -19.1 percent in Q2) and fixed investment rose 4.4 percent (vs -64.4 percent in Q2). In addition, net external demand contributed positively to the GDP as exports jumped 5.7 percent (vs -2.9 percent in Q2) and imports increased at a softer 1.5 percent (vs -35.8 percent in Q2). On a yearly basis, the economy grew by 8.1 percent, rebounding from a 3.2 contraction in the previous three-month period.

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.