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Measuring Ireland's Progress 2018

Economy

 

Table 2.1 Ireland: Gross Domestic Product and Gross National Income, 2008-20181,2
YearGross Domestic Product (GDP)Gross National Income (GNI)Modified Gross National Income (GNI*)GNI as a % of GDPGNI* as a % of GDPGNI* at current prices per capita
€ billion€ billion€ billion%%€
2008187.8162.6156.986.683.634,984
2009170.1142.2134.883.679.329,744
2010167.7140.5129.083.876.928,313
2011170.8138.5126.481.174.027,620
2012175.1141.2126.580.672.227,537
2013179.7151.6137.084.476.229,679
2014194.8164.5148.784.476.332,018
2015262.8202.0162.776.961.934,698
2016271.7221.6175.681.664.637,056
2017297.1236.0184.079.461.938,384
2018324.0254.2197.578.460.940,655
Source: CSO, National Income and Expenditure Annual Results
1 Gross Domestic Product (GDP), Gross National Income (GNI) and Modified Gross National Income (GNI*) calculated at current market prices.
2 GNI* is designed to exclude the globalisation effects that are disproportionally affecting the size of the Irish economy, see Appendix 1.
  • Gross Domestic Product (GDP) at current market prices increased from €187.8 bn in 2008 to €324.0 bn in 2018.

  • Gross National Income (GNI) also increased between 2008 and 2018, from €162.6 bn to €254.2 bn. However, as a percent of GDP, GNI has decreased in the same time period, from 86.6% in 2008 to 78.4% in 2018.

  • Modified Gross National Income (GNI*) is an indicator that is designed to exclude globalisation effects that have a disproportionate impact on the measurement of the size of the Irish economy, see Appendix 1 for further details.

  • Modified GNI (GNI*) at current prices fell from €156.9 bn in 2008 to €126.5 bn in 2012, before increasing over the next six years to €197.5 bn by 2018.
YearGNI*
200834984
200929744
201028313
201127620
201227537
201329679
201432018
201534698
201637056
201738384
201840655
Table 2.2 EU28 GDP and GNI at current market prices, 20181
 € million€ million%
CountryGross Domestic Product (GDP)Gross National Income (GNI)GNI as % of GDP
EU2815,848,56415,812,77199.8
Eurozone 1911,543,96711,632,557100.8
Germany3,344,3703,437,908102.8
United Kingdom2,393,6932,294,67695.9
France2,353,0902,406,070102.3
Italy1,765,4211,773,423100.5
Spain1,202,1931,204,894100.2
Netherlands774,039781,718101.0
Poland496,361447,85990.2
Sweden471,196478,522101.6
Belgium450,506444,34998.6
Austria385,712384,65399.7
Ireland324,038254,18378.4
Denmark298,277305,365102.4
Finland232,096232,266100.1
Czech Republic207,772179,92286.6
Portugal203,896199,41197.8
Romania202,884183,68090.5
Greece184,714180,56897.8
Hungary133,782119,09789.0
Slovakia90,20283,16492.2
Luxembourg60,05339,19965.3
Bulgaria55,18252,34194.9
Slovenia45,75542,22292.3
Lithuania45,26443,81196.8
Latvia29,52426,84690.9
Estonia26,03623,14888.9
Cyprus21,13819,03790.1
Malta12,32410,39384.3
Turkey652,520743,615114.0
Switzerland597,009608,351101.9
Norway367,894383,593104.3
Serbia42,85636,64285.5
Source: Eurostat Annual National Accounts, CSO NIEAR
1 2017 data used for Belgium, Greece, United Kingdom, Bulgaria, Slovenia, Slovakia, Latvia, Romania, Poland, Cyprus, Hungary, Estonia, Czech Republic, Malta, Luxembourg, Turkey, Switzerland and Serbia.
2 Sorted by GDP, descending.
  • Eight countries in the EU28 had a GNI greater than their GDP in 2018, including Germany (102.8%), Denmark (102.4%), France (102.3%), Sweden (101.6%), Netherlands (101.0%), Italy (100.5%), Spain (100.2%) and Finland (100.1%).

  • Ireland had the twelfth highest Gross National Income (GNI) in the EU28 in 2018 at €254.2 bn, and the eleventh highest Gross Domestic Product (GDP) of €324.0 bn.

  • Five countries in the EU28 had a GDP and GNI of greater than one trillion euros – Germany, France, UK, Italy and Spain.

  • In the EU28, Germany had both the highest GDP and GNI in 2018, at €3.3 tn and €3.4 tn respectively. Malta had the lowest GDP and GNI in the EU28, at €12.3 bn and €10.4 bn respectively.

  • Ireland had the second lowest ratio of GNI to GDP at 78.4%, which can be attributed to the importance of foreign direct investment into the Irish economy. The lowest ratio of GNI to GNP was in Luxembourg at 65.3%.
CountryGDP
Germany3344370
United Kingdom2393693
France2353090
Italy1765421
Spain1202193
Netherlands774039
Poland496361
Sweden471196
Belgium450506
Austria385712
Ireland GNI324038
Ireland GNI* 324038
Denmark298277
Finland232096
Czech Republic207772
Portugal203896
Romania202884
Greece184714
Hungary133782
Slovakia90202
Luxembourg60053
Bulgaria55182
Slovenia45755
Lithuania45264
Latvia29524
Estonia26036
Cyprus21138
Malta12324
Turkey652520
Norway367894
Switzerland597009
Serbia42856
Table 2.3 EU28: GDP growth rates, 2014-20181
% change on previous year
Country20142015201620172018
Ireland % GDP8.625.23.78.18.2
Malta8.710.85.76.76.8
Ireland % GNI8.713.79.75.16.5
Poland3.33.83.14.95.1
Hungary4.23.52.34.14.9
Latvia1.93.02.14.64.8
Romania3.43.94.87.04.1
Slovenia2.82.23.14.84.1
Slovakia2.84.23.13.24.1
Estonia2.91.93.54.93.9
Cyprus-1.32.04.84.53.9
Lithuania3.52.02.44.13.5
Bulgaria1.83.53.93.83.1
Czech Republic2.75.32.54.43.0
Croatia-0.12.43.52.92.6
Luxembourg4.33.92.41.52.6
Netherlands1.42.02.22.92.6
Spain1.43.83.02.92.4
Austria0.71.02.12.52.4
Sweden2.74.42.42.42.3
Portugal0.91.81.92.82.1
EU281.82.32.02.62.0
Greece0.7-0.4-0.21.51.9
France1.01.11.12.31.7
Finland-0.60.52.83.01.7
Denmark1.62.32.42.31.5
Germany2.21.72.22.51.5
Belgium1.31.71.51.71.4
United Kingdom2.92.31.81.81.4
Italy0.10.91.11.70.9
      
Iceland2.14.76.64.44.8
Serbia-1.61.83.32.04.3
Albania1.82.23.33.84.1
Switzerland2.41.31.71.82.8
Turkey5.26.13.27.52.8
Macedonia3.63.92.80.22.7
Norway2.02.01.12.31.3
Source: Eurostat Annual National Accounts, CSO NIEAR
1 Sorted by 2018, descending.
  • In 2008 the GDP growth rate in Ireland was -4.5%. It then decreased to a low of -5.1% in 2009, before returning to positive growth in 2010 at 1.8%.

  • The growth rate then dipped again in 2012 at 0.2%, before increasing to 25.2% in 2015. The dramatic increase in the growth rate in 2015 can be attributed to the globalisation activities of a small number of companies.

  • In 2018, Ireland had the highest annual GDP growth rate in the EU28 at 8.2%.

  • The average GDP growth rate for the EU28 was 2% in 2018.

  • Three countries in the EU28 had a GDP growth rate greater than 5% in 2018: Ireland, Malta and Poland. Furthermore, eight countries in the EU28 had a GDP growth rate less than 2% in 2018: Greece, France, Finland, Denmark, Germany, Belgium, the United Kingdom and Italy. No country experienced negative growth in the EU28 in 2018.
CountryGDP Growth Rate
Ireland % GDP8.16979716017514
Malta6.8
Ireland % GNI6.45684909154867
Poland5.1
Hungary4.9
Latvia4.8
Romania4.1
Slovenia4.1
Slovakia4.1
Estonia3.9
Cyprus3.9
Lithuania3.5
Bulgaria3.1
Czech Republic3
Croatia2.6
Luxembourg2.6
Netherlands2.6
Spain2.4
Austria2.4
Sweden2.3
Portugal2.1
EU282
Greece1.9
France1.7
Finland1.7
Denmark1.5
Germany1.5
Belgium1.4
United Kingdom1.4
Italy0.9
Iceland4.8
Serbia4.3
Albania4.1
Switzerland2.8
Turkey2.8
Macedonia2.7
Norway1.3
YearIrelandEU28
2008-4.50.5
2009-5.1-4.3
20101.82.1
20110.31.8
20120.2-0.4
20131.40.3
20148.61.8
201525.22.3
20163.72
20178.12.6
20188.22
Table 2.4 EU28: GDP per capita in Purchasing Power Standards, 2014-20181
     EU28 = 100
Country20142015201620172018
Luxembourg269266260253254
Ireland GDP136178177181187
Netherlands131130128128129
Austria130129128127127
Denmark128127126128126
Germany126124124124123
Sweden124125122121121
Belgium119118118116115
Ireland GNI*104110114112114
Finland110109109109110
France107106104104104
United Kingdom109109107106104
EU28100100100100100
Malta8993959898
Italy9695979695
Spain9091919291
Czech Republic8687888990
Cyprus8182848587
Slovenia8282838587
Estonia7776777981
Lithuania7575757881
Slovakia7777777678
Portugal7777777776
Poland6769687071
Latvia6364646770
Hungary6868676870
Greece7169686768
Romania5556596364
Croatia5959616263
Bulgaria4747484950
Switzerland165165160156157
Norway176156145146150
Iceland122126130130133
Turkey6466656665
Montenegro4142444547
Serbia3939393940
Macedonia3636373638
Albania3030303031
Source: Eurostat Annual National Accounts, CSO NIEAR
1 Sorted by 2018, descending.
  • GNI* in Purchasing Power Standards (PPS) in Ireland was 104 in 2014, increasing to 114 by 2016. In 2017 GNI* per capita in PPS fell to 112, before increasing again to 114 in 2018.

  • Ireland had the second highest GDP per capita in PPS in 2018, at 187, 87% higher than the EU28 average.

  • GDP per capita in PPS in Ireland fell from 148 in 2008 to 129 in 2009, before increasing to 136 by 2014. In 2015, GDP per capita increased sharply to 178 in Ireland. This increase can be attributed to the unprecedented growth in GDP the same year, resulting from the globalisation activities of a small number of companies.

  • Luxembourg had the highest GDP per capita in PPS in the EU28 in 2018 at 254, while Bulgaria had the lowest GDP per capita at 50.

  • A total of seventeen countries had a GDP per capita in PPS below than the EU28 average. These included the thirteen countries that joined the EU28 in 2004 or after, in addition to Italy, Spain, Portugal and Greece.
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
Table 2.5 EU28: General government consolidated gross debt, 2014-20181
 Percentage of Gross Domestic Product (GDP)
Country20142015201620172018
Greece178.9175.9178.5176.2181.1
Italy131.8131.6131.4131.4132.2
Portugal130.6128.8129.2124.8121.5
Ireland % GNI*136.7124.0114.3109.5104.4
Cyprus108.0108.0105.595.8102.5
Belgium107.5106.4106.1103.4102.0
France94.995.698.098.498.4
Spain100.499.399.098.197.1
United Kingdom87.087.987.987.186.8
EU2886.684.683.481.780.0
Croatia84.083.780.577.874.6
Austria84.084.783.078.273.8
Hungary76.776.776.073.470.8
Slovenia80.482.678.774.170.1
Ireland % GDP104.476.773.967.863.6
Germany75.371.668.564.560.9
Finland60.263.463.061.358.9
Netherlands67.964.661.957.052.4
Poland50.451.354.250.648.9
Slovakia53.552.251.850.948.9
Malta63.457.955.550.246.0
Sweden45.544.242.440.838.8
Latvia40.936.840.340.035.9
Romania39.237.837.335.235.0
Lithuania40.542.640.039.434.2
Denmark44.339.837.235.534.1
Czech Republic42.240.036.834.732.7
Bulgaria27.126.229.625.622.6
Luxembourg22.722.220.723.021.4
Estonia10.59.99.29.28.4
Source: Eurostat Government Statistics, CSO Government Finance Statistics
1 Sorted by 2018, descending.
  • From 2008 to 2013, Ireland’s general government consolidated gross debt as a percentage of GDP increased from 42.4% to 119.9%. In 2014, the debt to GDP ratio dropped to 104.4% and continued to decline over the subsequent years, to 63.6% in 2018.

  • In 2018, Ireland had the thirteenth highest general government consolidated gross debt as a percentage of GDP in the EU28, at 63.6%. However, as a percentage of GNI*, Ireland has the fourth highest general government consolidated gross debt, at 104.4%.

  • Current figures show that Ireland’s general government consolidated gross debt of 63.6% falls more than fifteen per cent below the EU28 average of 80.0%.

  • The highest debt to GDP ratio in the EU28 in 2018 was in Greece at 181.1%, while the lowest was in Estonia at 8.4%.
Year% of GDP% of GNI*
200842.403698161038350.7443947331523
200961.543435958636377.6366238755275
201085.9883623876183111.8408808933
2011111.063824805212150.150366419222
2012119.933072934512166.027921390061
2013119.857954703581157.228075555458
2014104.387171616586136.72699646358
201576.7160135903787123.964071414519
201673.8762680172553114.279369815124
201767.7707812379052109.465901986899
201863.6388324826101104.433302947432
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
Table 2.6 EU28: Public balance, 2014-20181
     Percentage of GDP
Country20142015201620172018
Luxembourg1.31.41.91.42.4
Bulgaria-5.5-1.70.11.22.0
Malta-1.7-1.00.93.42.0
Germany0.60.80.91.01.7
Netherlands-2.2-2.00.01.21.5
Greece-3.6-5.60.50.71.1
Czech Republic-2.1-0.60.71.60.9
Sweden-1.60.01.01.40.9
Lithuania-0.6-0.30.20.50.7
Slovenia-5.5-2.8-1.90.00.7
Denmark1.1-1.3-0.11.40.5
Croatia-5.1-3.2-1.00.80.2
Austria-2.7-1.0-1.6-0.80.1
Ireland % GNI*-4.8-3.1-1.0-0.50.0
Ireland % GDP-3.7-1.9-0.7-0.30.0
Poland-3.7-2.7-2.2-1.5-0.4
Portugal-7.2-4.4-2.0-3.0-0.5
EU28-2.9-2.3-1.7-1.0-0.6
Estonia0.70.1-0.3-0.4-0.6
Belgium-3.1-2.4-2.4-0.8-0.7
Slovakia-2.7-2.6-2.2-0.8-0.7
Finland-3.2-2.8-1.7-0.8-0.7
Latvia-1.4-1.40.1-0.6-1.0
United Kingdom-5.3-4.2-2.9-1.9-1.5
Italy-3.0-2.6-2.5-2.4-2.1
Hungary-2.6-1.9-1.6-2.2-2.2
Spain-6.0-5.3-4.5-3.1-2.5
France-3.9-3.6-3.5-2.8-2.5
Romania-1.3-0.7-2.7-2.7-3.0
Cyprus-9.0-1.30.31.8-4.8
Source: Eurostat Government Statistics, CSO Government Finance Statistics
1 Sorted by 2018, descending.
  • In 2018, Ireland’s public balance, the ratio between net lending and net borrowing, was 0.0% of GDP and 0.0% of GNI*. In 2017, the public balance was -0.3% of GDP and -0.5% of GNI*.

  • Ireland’s public balance in 2018 was higher than that of the EU28 average of -0.6%.

  • Between 2008 and 2010, Ireland's public balance as a percentage of GDP decreased significantly from -7.0% to -32.4%, meaning that net borrowing had exceeded net lending for those years.

  • After 2010, Ireland's public balance increased, and by 2015 it had fallen within the 3.0% deficit limit established by the EMU Stability and Growth Pact.

  • The country with the highest public balance surplus in 2018 was Luxembourg at 2.4% of GDP. Cyprus has the greatest public balance deficit at 4.8%, exceeding the 3% EMU limit.
Year% GDP% GNI3% deficit limit
2008-7.01819789209081-8.39865906976151-3
2009-13.8241397757803-17.4390578533235-3
2010-32.0594758304915-41.6982009925558-3
2011-12.8416468122721-17.3609902024407-3
2012-8.09463441376002-11.2057107622255-3
2013-6.17496284669461-8.10023437671128-3
2014-3.6536664989888-4.78559614893302-3
2015-1.93506903623213-3.12684438323825-3
2016-0.665847087057022-1.0300003985629-3
2017-0.279338069740283-0.451197303688402-3
20180.01419586591696040.0232958573888382-3
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
Table 2.7 Ireland: General government total expenditure, 2008-2018
YearGeneral Government Total Expenditure% of GDP% of GNI*
€ million%
200878,56941.848.3
200980,02747.056.3
2010109,16065.177.7
201179,69646.757.5
201273,68642.152.2
201372,60740.447.9
201473,14537.544.5
201575,99928.937.6
201675,35427.734.0
201777,36326.032.8
201881,98325.332.3
Source: CSO, Government Finance Statistics
  • General government total expenditure increased in Ireland from €78.6 bn in 2008 to €109.2 bn in 2010. It then decreased each year until 2013 to €72.6 bn. Over the next five years, total government expenditure rose to €82.0 bn.

  • Government total expenditure increased from 41.8% of GDP in 2008 to 65.1% by 2010, before decreasing over the next eight years to 25.3% in 2018.

  • Government spending in Ireland as a percentage of GNI* follows a similar pattern, where it increased from 48.3% in 2008 to 77.7% in 2010, before decreasing to 32.3% in 2018.
Year% of GDP% of GNI*
200841.843435284844748.3195266999994
200947.04675457522356.2789650977166
201065.080008585123977.6718371993738
201146.653046649534357.5430692139959
201242.078393750428352.1999702467395
201340.413334001257947.9004347567935
201437.545298689032844.4774830651732
201528.915318852655537.6169357632874
201627.735899059201134.0052799025249
201726.036663963033132.787739827337
201825.300427727612232.253533871266
Table 2.8 EU28: Gross fixed capital formation, 2014-20181
Percentage of GDP
Country20142015201620172018
Ireland % GNI*27.038.855.150.738.4
Sweden23.523.824.225.225.9
Czech Republic25.126.524.924.825.5
Hungary22.222.519.622.225.5
Belgium23.023.123.423.524.0
Austria22.722.723.223.623.9
Estonia25.623.623.024.423.9
Ireland % GDP20.724.035.631.423.4
France21.821.521.822.522.9
Latvia22.622.119.620.922.8
Finland20.620.321.722.322.6
Denmark19.219.920.921.222.4
Slovakia20.724.321.321.422.0
Romania24.324.822.922.421.2
Germany20.020.020.320.521.2
EU2819.419.820.020.320.6
Netherlands17.622.120.020.120.3
Croatia19.219.620.020.120.1
Spain17.818.018.018.719.4
Cyprus11.713.017.721.519.4
Lithuania18.919.619.319.219.3
Slovenia19.118.717.418.319.2
Bulgaria21.121.018.618.519.0
Malta17.324.823.620.519.0
Poland19.720.118.017.518.2
Italy16.716.917.217.618.0
Luxembourg20.018.118.618.917.5
Portugal15.015.515.516.617.1
United Kingdom16.616.816.817.117.0
Greece11.511.612.112.911.1
     
Turkey28.929.729.330.129.9
Switzerland23.923.823.924.424.2
Norway23.923.825.224.624.1
Iceland17.219.421.121.922.3
Serbia16.016.816.917.718.7
Montenegro19.020.124.726.9:
Macedonia23.423.824.4::
Source: Eurostat Annual National Accounts, CSO National Income and Expenditure Annual Results
1 Sorted by 2018, descending.
: indicates data unavailable.
  • Gross Fixed Capital Formation (GFCF) in Ireland was 23.4% of GDP in 2018, the seventh highest rate in the EU28, and above the EU28 average of 20.6%.

  • However, as a percentage of GNI*, Ireland had the highest investment in capital formation, at 38.4%. This was a sharp decrease from 2017, where GFCF as a percentage of GNI* was 50.7%.

  • Sweden had the highest GFCF (as a percentage of GDP) within the EU28 in 2018 at 25.9%, while Greece had the lowest at 11.1%.
Table 2.9 EU28: Current account balance, 2014-20181
Percentage of GDP
Country20142015201620172018
Ireland % GNI*1.47.1-6.50.817.4
Netherlands8.56.38.110.810.9
Ireland % GDP1.14.4-4.20.510.6
Malta5.82.83.810.59.8
Germany7.28.68.58.17.4
Denmark8.98.27.98.05.7
Slovenia5.13.84.86.15.7
Luxembourg5.25.15.15.04.7
Bulgaria1.2-0.02.63.14.6
Croatia2.04.52.64.02.6
Italy1.91.32.52.62.5
Austria2.51.72.52.02.3
Estonia0.81.82.03.21.9
Sweden4.54.13.72.81.7
Lithuania3.2-2.3-0.80.91.6
Spain1.11.22.31.90.9
Hungary1.52.76.12.80.4
Czech Republic0.20.21.61.60.3
Poland-2.1-0.6-0.50.2-0.6
Portugal0.10.10.60.5-0.6
France-1.0-0.4-0.5-0.7-0.6
Latvia-1.7-0.51.60.7-1.0
Belgium-0.9-1.0-0.60.7-1.3
Finland-1.8-0.7-0.7-0.7-1.6
Slovakia1.1-1.7-2.2-2.0-2.5
Greece-1.6-0.8-1.7-1.8-2.9
United Kingdom-4.9-4.9-5.3-3.3-3.9
Romania-0.7-1.2-2.1-3.2-4.5
Cyprus-4.3-1.5-5.1-8.4-7.0
     
Switzerland8.511.39.46.710.2
Norway11.08.14.05.78.1
Iceland3.95.17.73.73.0
Macedonia-0.8-2.0-2.9-1.0-0.3
Turkey-4.7-3.7-3.8-5.5-3.4
Serbia-5.4-4.3-3.6-5.2-4.9
Source: Eurostat Balance of Payments, CSO Balance of Payments
1 Sorted by 2018, descending.
  • Ireland’s current account surplus as a percentage of GDP was the second highest in the EU28 in 2018 at 10.6%, while the Netherlands had the highest at 10.9%.

  • However, as a percentage of GNI*, Ireland’s current account balance was 17.4%, an increase from 0.8% in 2017.

  • In 2018, eleven countries in the EU28 had a current account deficit, namely Poland, Portugal, France, Latvia, Belgium, Finland, Slovakia, Greece, United Kingdom, Romania, and Cyprus.
Table 2.10 EU28: Exports of goods and services, 2014-20181
% of GDP
Country20142015201620172018
Ireland % GNI*144.1197.1186.9195.5200.7
Luxembourg199.2208.1196.5196.7195.6
Malta147.9153.8151.9150.8144.9
Ireland % GDP110.0122.0120.8121.0122.3
Slovakia91.390.992.494.195.2
Slovenia76.277.278.083.285.4
Hungary87.488.087.287.184.9
Netherlands81.582.779.583.484.4
Belgium82.080.580.583.784.3
Czech Republic82.580.879.480.078.4
Lithuania72.368.867.673.675.6
Estonia81.376.977.576.174.3
Cyprus66.170.371.374.474.2
Bulgaria64.964.664.768.166.8
Latvia61.361.060.561.660.5
Austria53.453.052.454.055.7
Poland47.549.552.154.355.5
Denmark54.655.453.654.554.5
Croatia45.348.148.851.251.6
Germany45.646.846.047.447.3
Sweden44.244.743.644.345.4
Romania41.241.041.241.541.9
Finland36.735.635.038.039.0
Greece32.031.830.834.237.6
France30.431.931.632.132.6
Italy29.129.729.330.931.5
United Kingdom28.227.428.330.129.9
     
Switzerland63.561.465.064.565.5
Macedonia47.448.850.955.160.1
Serbia40.944.047.449.349.6
Iceland51.651.847.846.247.3
Montenegro40.142.340.641.142.8
Norway38.737.735.436.238.3
Turkey23.723.221.824.629.1
Source: Eurostat Balance of Payments, CSO National Income and Expenditure Results 2018
1 Data unavailable for Spain and Portugal
2 Sorted by 2018, descending.
  • Exports of goods and services were 122.3% of GDP in Ireland in 2018, the third highest in the EU28. after Luxembourg (195.6%) and Malta (144.9%).

  • In Ireland exports of goods and services increased from 144.1% of GNI* in 2014 to 197.1% of GNI* in 2015. Along with the notable increase in GDP in the same year, this can be attributed to the globalisation activities of a small number of companies.

  • As a percentage of GNI*, Ireland's exports accounted for 200.7%.

  • The United Kingdom had the lowest percentage of exports in the EU28 in 2018, at 29.9% of GDP.

  • Fifteen countries (including Ireland) have shown an increase in exports as a percentage of GDP between 2017 and 2018.
Table 2.11 EU28: Imports of goods and services, 2014-20181
Percentage of GDP
Country20142015201620172018
Luxembourg165.0172.0163.8164.8161.8
Ireland % GNI*120.5150.6162.8159.8146.4
Malta136.0144.1138.1128.4123.9
Slovakia87.489.790.492.494.5
Ireland % GDP92.093.2105.299.089.2
Belgium82.079.479.282.284.4
Hungary81.480.979.380.881.7
Slovenia69.269.269.474.377.1
Lithuania70.569.666.971.473.9
Netherlands70.875.269.372.673.7
Cyprus64.468.070.574.873.7
Czech Republic76.275.171.972.472.0
Estonia78.373.473.672.371.8
Bulgaria65.563.559.763.763.7
Latvia63.361.959.561.460.7
Poland46.146.448.250.252.1
Austria50.149.448.850.952.0
Croatia43.445.846.049.150.6
Denmark47.748.646.948.150.1
Romania41.641.642.143.645.0
Portugal::38.941.843.8
Sweden39.839.839.241.443.6
Germany39.039.338.740.341.3
Finland37.936.236.337.939.7
Greece33.432.531.835.239.4
France31.232.332.133.133.7
Spain30.430.629.931.632.4
United Kingdom30.229.430.531.932.1
Italy26.326.826.128.029.1
     
Macedonia64.965.066.269.172.9
Serbia51.053.054.257.059.3
Switzerland52.650.654.454.754.1
Albania:44.645.946.645.6
Iceland45.544.741.442.144.2
Norway29.832.133.732.732.5
Turkey27.626.024.729.231.0
Source: Eurostat Balance of Payments, National Income and Expenditure Results 2018
1 Sorted by 2018, descending.
: indicates data unavailable.
  • In 2018, Ireland had the fourth highest imports of goods and services in the EU28 at 89.2% of GDP. This is a decrease from 99.0% in 2017.

  • As a percentage of GNI*, Ireland's imports were 146.4% in 2018, down from 159.8% in 2017.

  • The high level of imports and exports relative to national income reflects that Ireland's economy is very open (see Table 2.10 for data on exports).

  • Two countries had imports greater than 100% of their GDP – Malta and Luxembourg, while in Italy imports were 29.1% of GDP, and the lowest in the EU28.

Table 2.12 EU28: Harmonized Index of Consumer Prices, 2014-20181
      2015=100
Country20142015201620172018% Change 2014 to 2018
Estonia99.9100.0100.8104.5108.18.1
Belgium99.4100.0101.8104.0106.47.1
Lithuania100.7100.0100.7104.4107.16.3
Austria99.2100.0101.0103.2105.46.3
Hungary99.9100.0100.5102.8105.85.9
United Kingdom100.0100.0100.7103.4105.95.9
Sweden99.3100.0101.1103.0105.15.9
Latvia99.8100.0100.1103.0105.65.9
Czech Republic99.8100.0100.7103.1105.15.3
Malta98.8100.0100.9102.2104.05.2
Germany99.3100.0100.4102.1104.04.7
Luxembourg99.9100.0100.0102.2104.24.3
EU2899.9100.0100.3102.0103.94.0
Portugal99.5100.0100.6102.2103.43.9
Eurozone 1999.8100.0100.2101.8103.63.8
France99.9100.0100.3101.5103.63.7
Romania100.4100.098.9100.0104.13.7
Netherlands99.8100.0100.1101.4103.03.2
Slovakia100.4100.099.5100.9103.53.1
Spain100.6100.099.7101.7103.52.8
Italy99.9100.099.9101.3102.52.6
Slovenia100.8100.099.9101.4103.42.6
Finland100.2100.0100.4101.2102.42.3
Denmark99.8100.0100.0101.1101.82.0
Croatia100.3100.099.4100.7102.22.0
Poland100.7100.099.8101.4102.61.9
Bulgaria101.1100.098.799.9102.51.4
Greece101.1100.0100.0101.2101.90.8
Ireland100.0100.099.8100.1100.80.8
Cyprus101.6100.098.899.5100.2-1.3
      
Turkey92.8100.0107.7119.6139.250.0
Norway98.0100.0103.9105.8109.011.2
Serbia98.5100.0101.3104.7106.88.4
Macedonia99.9100.0100.2102.4104.74.8
Switzerland100.9100.099.5100.1101.00.2
Iceland99.7100.0100.899.199.90.1
Source: Eurostat HICP
1 Sorted by percent change from 2014 to 2018, descending.
  • Ireland and Greece both had the smallest percentage increase in consumer prices between 2014 and 2018 in the EU28 of 0.8%, less than the average of the EU28 at 4.0%

  • In the EU28 Cyprus was the only country that had a decrease (-1.3%) in consumer prices between 2014 and 2018, while Estonia had the highest increase at 8.1%.
YearEU28Eurozone 19Ireland
200889.7291.3799.5
200990.6191.6597.8
201092.4993.1396.2
201195.3595.6797.4
201297.8798.0699.2
201399.3599.3899.7
201499.999.81100
2015100100100
2016100.25100.2399.8
2017101.96101.78100.1
2018103.89103.56100.8
Table 2.13 EU28: Comparative price levels of final consumption by private households including direct taxes, 2014-20181
EU28 = 100
Country20142015201620172018
Bulgaria47.446.747.749.650.6
Romania52.851.851.752.652.8
Poland55.854.253.856.657.4
Hungary57.957.760.16362.4
Lithuania62.160.362.764.565.7
Croatia65.763.765.667.468.2
Slovakia67.766.467.969.870.2
Czech Republic62.862.865.668.270.8
Latvia70.768.871.672.873.8
Estonia74.472.875.178.180.1
Malta80.678.981.381.782.2
Greece85.282.984.385.484.2
Slovenia82.780.883.583.784.9
Portugal82.981.384.18686.8
Cyprus9186.78889.588.8
Spain92.489.191.692.492.5
EU28100100100100100
Italy102.5100.1100.2100.9100.6
Germany101.8100.6103.2104104.3
Austria105102.7106108.6109.6
France106.7105.3108109.4110.3
Belgium106.8104.5108.8110.8111.1
Netherlands109.5107.3111.2112.1112.1
Sweden124.5120.1125.9125.5118.5
Finland121.5118.3121.1122.4122.5
Luxembourg120.8118123125.8126.6
Ireland122.9120.6124.4127.2127.3
Denmark138134.2140.3138.8137.9
United Kingdom123134.1122.2116.4116.5
Turkey58.557.758.252.743.4
Macedonia46.445.24647.947.9
Albania48.145.449.149.853.2
Serbia50.648.349.351.953.6
Montenegro54.552.853.755.656
Norway146.4143146.6149.4147.7
Switzerland146.5159.8161.9159.9151.9
Iceland120.4127.9150.1166.1156.1
Source: Eurostat Purchasing Power Parities
1 Sorted by 2018, ascending.
  • In 2018, comparative price levels of final consumption by private households in Ireland were 27.3% higher than the EU28 average.

  • Ireland had the second highest price level in the EU28 in 2018, while Denmark had the highest at 137.9.

  • In 2008 price levels for final consumption by private households in Ireland were 26.5% above the EU28 average (see Figure 2.9). Price levels in Ireland then dropped to 17.9% above the EU28 average by 2012, before increasing in recent years.

  • Bulgaria had the lowest comparative price levels in 2018, with prices just over half the EU28 average at 50.6%.

 

CountryEU28Eurozone 19Ireland
2008100101.5126.5
2009100103.9124.3
2010100102.8118
2011100102.9118.9
2012100101.8117.9
2013100102.1120.6
2014100101.2122.9
201510099.2120.6
2016100101.5124.4
2017100102.6127.2
2018100102.8127.3
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
Table 2.14 EU28: Employment rates by sex, 20181
    % of population aged 15 - 64
CountryTotal PersonsMalesFemalesGender Differential
Sweden77.579.076.03.0
Netherlands77.281.672.88.8
Germany75.979.772.17.6
Denmark75.478.072.65.4
Czech Republic74.881.867.614.2
Estonia74.878.171.46.7
United Kingdom74.779.170.38.8
Austria73.077.468.68.8
Lithuania72.473.371.61.7
Finland72.173.570.62.9
Malta71.981.561.520.0
Latvia71.873.670.13.5
Slovenia71.174.567.57.0
Portugal69.772.766.95.8
Hungary69.276.362.314.0
EU2868.673.863.310.5
Cyprus68.673.364.29.1
Ireland68.573.863.410.4
Bulgaria67.771.563.97.6
Slovakia67.673.961.212.7
Poland67.474.060.813.2
Eurozone 1967.372.562.110.4
Luxembourg67.170.663.47.2
France65.468.961.97.0
Romania64.873.256.217.0
Belgium64.568.260.77.5
Spain62.467.956.911.0
Croatia60.665.455.99.5
Italy58.567.649.518.1
Greece54.964.745.319.4
    
Iceland85.187.582.55.0
Switzerland80.184.575.78.8
Norway74.876.972.64.3
Serbia58.865.752.013.7
Montenegro54.761.048.412.6
Turkey52.070.932.938.0
Macedonia51.761.441.719.7
Source: Eurostat Labour Force Survey, CSO Labour Force Survey
1 Sorted by total persons, descending.
  • The employment rate in Ireland was 68.5% in 2018, just below the EU28 average of 68.6%. Sweden had the highest employment rate in 2018 at 77.5%. The lowest rate of employment was in Greece, at 54.9%.

  • The employment rate in Ireland fell from 70.3% in 2008 to 59.8% in 2012, before increasing annually to stand at 68.5% in 2018.

  • The male employment rate fell from 78.0% in 2008 to 63.4% in 2012, before rising to 73.8% in 2018. The employment rate for females followed a similar pattern, falling from 62.5% in 2008 to 56.3% in 2012, and then rising to 63.4% in 2018.
  • Across all 28 countries in the EU28, there was a higher rate of males in employment than females. The average gender differential across the EU28 was 10.5 percentage points.

  • The gender differential in Ireland in 2018 was 10.4 percentage points. Malta had the highest gender differential in the EU28 at 20.0, while Lithuania had the lowest at 1.7.
YearPersonsMalesFemales
200870.37862.5
20096468.659.3
201061.465.357.4
201160.46456.8
201259.863.456.3
201361.465.857.1
201462.667.757.5
201564.670.259
201666.371.661.2
201767.472.662.3
201868.573.863.4
Table 2.15 EU28: GDP in PPS per hour worked, 2014-20181,2,3
EU28 = 100
Country20142015201620172018
Ireland136.4174.3170.0174.0178.4
Luxembourg184.4181.6179.6174.9174.3
Denmark133.7133.6133.2135.7134.8
Netherlands130.3129.4126.5126.4126.3
France125.2124.6124.6125.3126.0
Germany124.2123.0124.5124.1123.2
Ireland excluding Foreign Sector2109.1111.3111.9113.1113.3
Austria117.8119.5119.8118.7118.2
Sweden116.1117.5114.0113.9113.8
Finland107.7107.6108.7109.6108.9
Italy102.4101.4103.0102.0100.6
EU28100.0100.0100.0100.0100.0
United Kingdom100.1100.798.798.397.7
Spain100.098.798.398.296.3
Slovenia79.378.280.382.684.1
Malta76.980.579.181.981.0
Slovakia78.277.277.376.978.4
Cyprus77.677.377.176.776.9
Czech Republic73.074.573.975.076.1
Estonia66.063.665.265.769.5
Lithuania66.764.563.066.967.8
Hungary66.665.662.663.365.8
Portugal69.368.468.265.964.3
Greece70.067.365.964.364.2
Poland59.259.559.360.963.4
Romania51.853.757.359.061.0
Latvia54.555.255.858.560.6
Bulgaria43.843.945.445.446.5
Belgium137.6137.8138.0136.4:
Croatia61.363.364.964.6:
      
Switzerland130.2129.8126.9126.7128.1
Iceland111.3114.3116.8116.4120.3
Source: Eurostat Employment Performance Monitor, CSO Productivity in Ireland 2017
1 2018 data unavailable for Belgium and Croatia
2 Ireland excluding the Foreign Sector accounts for GDP in PPS per hour worked, this measure excludes the impact of sectors dominated by foreign owned Multinational Enterprises. See Appendix 1.
3 Sorted by 2018, descending.
  • GDP in PPS per hour worked can be considered a measure of labour productivity per hour worked. When the Foreign Sector is excluded, Ireland had a GDP in PPS per hour worked 13.3% higher than the EU28 average in 2018.

  • Labour productivity in all sectors in Ireland increased from 36.4% to 74.3% above the EU28 average between 2014 and 2015. This large increase can be mainly attributed to the impact of globalisation on GDP (see Tables 2.1 and 2.3).

  • Bulgaria had the lowest labour productivity in 2018 at 46.5% below the EU28 average.
Note: A production error was discovered in Table 2.15. The figures for GDP in PPS per hours worked for Ireland excluding the Foreign Sector were incorrect. Table 2.15 was updated to the corrected figures on 28/01/2021.
Table 2.16 EU28: Unemployment rates by sex, 20181,2
   % of labour force
CountryTotal PersonsMaleFemaleGender Differential
Czech Republic2.21.82.8-1.0
Germany3.43.82.90.9
Hungary3.73.54.0-0.5
Malta3.73.83.50.3
Netherlands3.83.74.0-0.3
Poland3.93.93.90.0
United Kingdom4.04.14.00.1
Romania4.24.73.51.2
Austria4.95.04.70.3
Denmark5.04.85.1-0.3
Slovenia5.14.65.7-1.1
Bulgaria5.25.74.71.0
Estonia5.45.45.30.1
Luxembourg5.65.35.9-0.6
Ireland6.06.25.80.4
Belgium6.06.35.60.7
Lithuania6.26.95.41.5
Sweden6.36.46.30.1
Slovakia6.56.17.0-0.9
EU286.86.67.1-0.5
Portugal7.16.77.5-0.8
Latvia7.48.46.42.0
Finland7.47.47.30.1
Cyprus8.48.18.8-0.7
Croatia8.57.79.4-1.7
France9.19.09.1-0.1
Italy10.69.811.8-2.0
Spain15.313.717.0-3.3
Greece19.315.424.2-8.8
    
Iceland2.72.82.50.3
Norway3.84.03.50.5
Switzerland4.74.45.1-0.7
Turkey10.99.613.8-4.2
Serbia12.812.113.8-1.7
Montenegro15.215.315.10.2
Macedonia20.821.319.91.4
Source: Eurostat Labour Force Survey, CSO Labour Force Survey
1 Q2 data used from CSO Labour Force Survey
2 Sorted by total persons, descending.
  • In 2018, Ireland had a total unemployment rate of 6.0%, which was below the EU28 average of 6.8%. This was the fourteenth lowest unemployment rate in the EU28 in 2018.

  • In Ireland, the male unemployment rate in 2018 was 6.2%, while female unemployment was 5.8%, resulting in a gender differential of 0.4.

  • Czech Republic had the lowest unemployment rate in the EU28 in 2018, at 2.2%, while Greece had the highest at 19.3%.
  • The fermale unemployment rate in the EU28 was 7.1% compared to 6.6% for males, resulting in gender differential of 0.5. A total of fourteen countries in the EU28 had a female unemployment rate higher than that of males.
  • Poland continues to be the only country in the EU28 with a gender differential of zero.
YearIrelandEU28
20086.17
200912.98.9
201014.69.6
201115.39.6
201215.910.4
201314.710.8
201412.510.2
201510.49.4
20169.18.6
20176.97.6
201866.8
Table 2.17 EU28: Long-term unemployment rates by sex, 20181
% of labour force
CountryTotal PersonsMaleFemaleGender Differential
Greece13.610.517.5-7.0
Spain6.45.47.4-2.0
Italy6.25.66.9-1.3
Slovakia4.04.04.1-0.1
France3.83.93.70.2
Croatia3.43.13.8-0.7
Latvia3.13.82.41.4
Portugal3.13.03.2-0.2
Bulgaria3.03.42.60.8
EU282.92.83.0-0.2
Belgium2.93.22.60.6
Cyprus2.72.62.8-0.2
Slovenia2.22.02.4-0.4
Ireland2.02.31.80.5
Lithuania2.02.31.70.6
Romania1.82.21.30.9
Finland1.61.81.40.4
Germany1.41.61.10.5
Luxembourg1.41.31.5-0.2
Hungary1.41.41.5-0.1
Netherlands1.41.31.5-0.2
Austria1.41.51.30.2
Estonia1.31.51.20.3
Sweden1.21.31.00.3
Denmark1.11.01.1-0.1
Malta1.11.40.80.6
United Kingdom1.11.20.90.3
Poland1.01.01.00.0
Czech Republic0.70.60.8-0.2
     
Macedonia15.515.715.10.6
Montenegro11.411.311.6-0.3
Serbia6.55.97.2-1.3
Turkey2.41.73.9-2.2
Switzerland1.71.61.9-0.3
Norway1.01.10.80.3
Source: Eurostat Labour Force Survey, CSO Labour Force Survey
1 Sorted by total persons, descending.
  • In 2018, Ireland had a long-term unemployment rate of 2.0%, below the EU28 average of 2.9%.

  • In the EU28, the Czech Republic had the lowest long-term unemployment rate at 0.7%, and Greece had the highest at 13.6%.

  • In Ireland, the male long-term unemployment rate was 2.3% compared to 1.8% for females, resulting in a gender differential of 0.5 percentage points.

  • The country with the highest gender differential in the EU28 was Greece at 7.0 percentage points (female long-term unemployment was higher than male). Poland was the only country in 2018 with no gender differential.
CountryEU28Eurozone 19Ireland
20082.62.91.59012095068933
200933.42.95860529027825
20103.84.36.47393239610418
20114.14.68.30249253132385
20124.65.29.44994844667593
20135.15.98.13278376102468
2014566.77717536219003
20154.55.55.50864143513454
2016454.37088358566419
20173.44.43.1434184675835
20182.93.82.0380944442129
Table 2.18 EU28: Share of persons aged 18-59 who are living in households where no-one works, 2014-20181,2,3
% of target population
Country20142015201620172018
Czech Republic5.95.95.04.23.8
Malta7.86.96.26.15.4
Hungary9.78.37.16.25.5
Slovakia8.47.56.46.65.8
Portugal9.69.08.26.96.0
Slovenia9.69.09.06.96.0
Cyprus9.69.910.39.17.2
Estonia8.27.87.57.07.4
Austria8.68.68.78.17.4
Germany8.08.18.17.97.5
Netherlands9.08.78.48.27.5
Poland9.99.48.68.07.5
Latvia9.48.78.98.47.9
Romania10.910.610.68.98.2
Luxembourg7.38.09.49.18.4
Denmark9.89.48.79.78.5
United Kingdom10.19.79.18.98.5
Lithuania11.211.010.610.08.7
Bulgaria12.912.211.79.88.8
Finland10.210.410.510.18.9
EU2811.010.610.29.59.0
Croatia12.211.210.29.39.0
Ireland12.911.710.99.89.4
Eurozone 1911.511.110.710.29.6
Sweden10.311.49.89.49.8
Spain15.313.912.611.410.4
France11.311.511.511.010.6
Belgium13.013.112.412.311.8
Italy13.413.112.812.211.8
Greece18.818.117.116.114.8
      
Serbia15.514.312.911.710.4
Turkey11.211.411.411.110.8
Macedonia14.915.713.713.312.5
Montenegro19.717.718.416.614.8
Source: Eurostat Labour Force Survey
1 This indicator is calculated as the share of persons aged 18-59 who are living in households where no-one works. Students aged 18-24 who live in households composed solely of students of the same age class are not included.
2 Data unavailable for Iceland, Norway, Switzerland, and Albania.
3 Sorted by 2018, ascending.
  • In Ireland, 9.4% of persons aged 18-59 lived in jobless households in 2018. This was above the EU28 average of 9.0%, but less than the Eurozone 19 average of 9.6%. Ireland had the seventh highest percentage of people living in a jobless household in the EU28.

  • In 2018, the Czech Republic had the lowest percentage of people living in jobless households at 3.8%, while Greece had the highest at 14.8%.

  • The percentage of people aged 18-59 living in jobless households in Ireland increased from 8.7% to 15.7% between 2008 and 2012, before dropping to 9.4% by 2018.
CountryEU28Eurozone 19Ireland
20089.28.88.7
200910.29.912.4
201010.510.214.4
201110.610.315.4
201210.910.915.7
201311.211.514.4
20141111.512.9
201510.611.111.7
201610.210.710.9
20179.510.29.8
201899.69.4
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
Table 2.19 Ireland: Residential Property Price Index, 2008-20181
Base year 2005 = 100
YearNationalDublinRest of Ireland
2009109.0105.0110.8
201090.681.195.2
201178.070.581.3
201262.356.065.1
201360.258.658.3
201465.467.658.9
201577.383.066.6
201683.287.073.8
201790.592.082.4
2018101.2102.892.4
2019106.5105.699.6
Source: CSO Residential Property Price Index
1Data are from January of each year
  • Nationally, residential property prices decreased 44.8% between 2009 and 2013. In 2013, national property prices reached their lowest point, and from there they increased 76.9% by 2019.

  • In Dublin, residential property prices dropped 46.7% between 2009 and 2012, subsequently increasing 88.6% by 2019.

  • Property prices in the rest of Ireland decreased between 2009 and 2013 by 47.4%, before increasing 70.8% by 2019.

 

YearNationalDublinRest of Ireland
2009109105110.8
201090.681.195.2
20117870.581.3
201262.35665.1
201360.258.658.3
201465.467.658.9
201577.38366.6
201683.28773.8
201790.59282.4
2018101.2102.892.4
2019106.5105.699.6
Table 2.20 Ireland: New Dwelling Completions, 2012-20181
YearSingle HouseScheme HouseApartmentTotal
20123,5019644464,911
20132,9471,1554734,575
20142,9751,7957485,518
20153,2523,2946737,219
20163,6595,0701,1679,896
20174,2587,8912,22414,373
20184,68510,9882,34318,016
Source: CSO Dwelling Completions
1Scheme houses and apartments are part of multi-unit developments, whereas single houses stand alone. See Appendix 1.
  • New Dwelling Completions is a new measure by the CSO of housing and construction in Ireland. It combines multiple data sources to provide a more accurate assessment of the number of new dwellings.

  • The number of new dwellings in Ireland rose from a total of 4,911 in 2012 to 18,016 in 2018, an increase of 266.8%.

  • Between 2012 and 2018 apartments increased by 425.3%, scheme houses rose by 1,039.8%, and single houses rose by 33.8%.

  • In 2018 there were 4,685 new single houses, 10,988 new scheme houses, and 2,343 new apartments built.
YearSingle houseScheme houseApartment
2012Q1797211123
2012Q284719476
2012Q386824493
2012Q4989315154
2013Q163817477
2013Q2721281144
2013Q372726739
2013Q4861433213
2014Q1625309160
2014Q2712365241
2014Q3728506170
2014Q4910615177
2015Q1659606106
2015Q2735674161
2015Q3879899255
2015Q49791115151
2016Q1698939341
2016Q28871256252
2016Q39781224287
2016Q410961651287
2017Q18721419481
2017Q210351780455
2017Q311262002644
2017Q412252690644
2018Q19712020476
2018Q211502763487
2018Q312062839614
2018Q413583366766
2019Q110912567607
2019Q213282834758

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