Economy of the Republic of Ireland

Economy of Ireland
	The International Financial Services Centre in Dublin
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	EU, WTO and OECD
Country group	Developed/Advanced; High-income economy;
Statistics
Population	5,149,139 (2022 census)
GDP	$516 billion (nominal; 2023); $633 billion (PPP; 2023);
GDP rank	30th (nominal; 2023); 40th (PPP; 2023);
GDP growth	12.0% (2022); 5.6% (2023f); 4.0% (2024f);
GDP per capita	$101,509 (nominal; 2023); $124,596 (PPP; 2023);
GDP per capita rank	2nd (nominal; 2023); 3rd (PPP; 2023);
GDP by sector	agriculture: 1.2%; industry: 38.6%; services: 60.2%; (2017 est.);
Inflation (CPI)	7.81% (2022); 2.36% (2021); -0.33% (2020);
Population below poverty line	6.7% (consistent poverty in 2017) Poverty line in 2022: €13,400/year; 21.1% at risk of poverty or social exclusion (AROPE, 2018);
Gini coefficient	28.9 low (2018, Eurostat)
Human Development Index	0.945 very high (2021) (8th); 0.886 very high IHDI (6th) (2021);
Labour force	2,608,500 (2023 Q1); 73.6% employment rate ( 2023 Q1);
Labour force by occupation	agriculture: 5%; industry: 11%; services: 84%; (2015 est.);
Unemployment	4.2% (July 2022); 10.4% youth unemployment (15 to 24 year-olds; October 2021);
Average gross salary	€4,002 monthly (2023-Q1)
Average net salary	€3,086 monthly (2023-Q1)
Main industries	Pharmaceuticals; chemicals; computer hardware; software; food products; beverages and brewing; medical devices;
External
Exports	Goods - €208.208 billion (2022); Services - €337.282 billion (2022);
Export goods	Chemicals and related products 64.24%; Machinery and transport equipment 13.17%; Miscellaneous manufactured articles 10.18%; Food and live animals 7.11%; Manufactured goods classified chiefly by material 1.57%; Crude materials, inedible, except fuels 1.05%; Beverages and tobacco 0.98%; Mineral fuels, lubricants and related materials 0.86%; Animal and vegetable oils, fats and waxes 0.07%; (2022);
Main export partners	European Union(+) 38.73%; United States(-) 30.27%; Germany(+) 12.11%; Belgium(+) 8.45%; United Kingdom (excluding Northern Ireland)(-) 8.25%; Netherlands(+) 6.83%; China(-) 6.62%; France(+) 3.44%; Italy(-) 2.18%; (2022);
Imports	Goods - €140.199 billion (2022); Services - €354.051 billion (2022);
Import goods	Machinery and transport equipment 35.76%; Chemicals and related products 27.38%; Miscellaneous manufactured articles 10.53%; Mineral fuels, lubricants and related materials 9.36%; Food and live animals 6.67%; Manufactured goods classified chiefly by material 6.4%; Beverages and tobacco 0.83%; Crude materials, inedible, except fuels 0.81%; Animal and vegetable oils, fats and waxes 0.41%; (2022);
Main import partners	European Union(-) 30.28%; United Kingdom (excluding Northern Ireland)(+) 17.15%; United States(-) 15.49%; China(+) 10.37%; France(-) 8.69%; Germany(+) 7.44%; Switzerland(-) 4.57%; Netherlands(-) 3.39%; Japan(+) 2.26%; (2022);
FDI stock	€1.32 trillion (Q4 2022); Abroad: €1.11 trillion (Q4 2022);
Current account	$17 billion (2022 est.)
Gross external debt	€2.954 trillion (June 2022)
Net international investment position	−€610 billion (July 2022)
Public finances
Government debt	44.7% of GDP (2022); €224.8 billion (2022);
Budget balance	€8.0 billion surplus (2022); +1.6% of GDP (2022);
Revenues	€115.506 Billion ; 22.98% of GDP (2022) ;
Expenses	€107.473 Billion; 21.38% of GDP (2022);
Economic aid	€900 million from European Structural and Investment Funds (2007–2013); €3.36 billion from European Structural and Investment Funds (2014–2020);
Credit rating	Standard & Poor's:; A+ (Domestic); A+ (Foreign); AAA* (T&C Assessment); Outlook: Stable; Moody's:; A2; Outlook: Stable; Fitch:; AA-; Outlook: Stable; Scope:; AA-; Outlook: Positive;
Foreign reserves	$4.412 billion (31 December 2017 est.)
	; All values, unless otherwise stated, are in US dollars.

The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services and agribusiness, including agrifood. Ireland is an open economy (3rd on the Index of Economic Freedom), and ranks first for high-value foreign direct investment (FDI) flows. In the global GDP per capita tables, Ireland ranks 2nd of 192 in the IMF table and 4th of 187 in the World Bank ranking.

Following a period of continuous growth at an annual level from 1984 to 2007, the post-2008 Irish financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. Ireland first experienced a short technical recession from Q2-Q3 2007, followed by a recession from Q1 2008 – Q4 2009.

After a year with stagnant economic activity in 2010, the Irish real GDP rose by 2.2% in 2011 and 0.2% in 2012. This growth was mainly driven by improvements in the export sector. The European sovereign-debt crisis caused a new Irish recession to start in Q3 2012, which was still ongoing as of Q2 2013. By mid-2013, the European Commission's economic forecast for Ireland predicted its growth rates would return to a positive 1.1% in 2013 and 2.2% in 2014. An inflated 2015 GDP growth of 26.3% (GNP growth of 18.7%) was officially partially ascribed to tax inversion practices by multinationals switching domiciles. This growth in GDP, dubbed "leprechaun economics" by American economist Paul Krugman, was shown to be driven by Apple Inc.'s restructuring of its Irish subsidiary in January 2015. The distortion of Ireland's economic statistics (including GNI, GNP and GDP) by the tax practices of some multinationals, led the Central Bank of Ireland to propose an alternative measure (modified GNI or GNI*) to more accurately reflect the true state of the economy from that year onwards.

Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of the top 20 Irish firms (by turnover), employing 23% of the private sector labour-force, and paying 80% of the collected corporation tax.

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