Measuring Ireland's Progress 2022

Ireland: Gross Domestic Product, Gross National Income and Modified Gross National Income

• Gross Domestic Product (GDP) at current market prices increased from €175.2bn in 2012 to €506.3bn in 2022 (see Table 2.1).
• Gross National Income (GNI) also increased between 2012 and 2022, from €141.6bn to €363.6bn. However, as a percent of GDP, GNI has decreased in the same time period, from 80.8% in 2012 to 71.8% in 2021.
• Modified Gross National Income (GNI*) at current prices rose from €126.8bn in 2012 to €273.1bn in 2023, but fell from 72.4% to 53.9% of GDP in that time period. GNI* is an indicator designed to exclude globalisation effects that have a disproportionate impact on the measurement of the Irish economy, see Background Notes for further details.
• GNI* per capita at current prices rose from €27,613 in 2012 to €52,688 in 2022 despite experiencing a small decline to €40,338 in 2020 (see Figure 2.1).

By country: GDP and GNI at current market prices

• Ireland had the eleventh highest Gross National Income (GNI) in the EU27 in 2022 at €363.6bn and the ninth highest Gross Domestic Product (GDP) at €506.3bn (see Table 2.2).
• Eight countries in the EU27 had a GNI greater than their GDP in 2022, including Germany (103.9%), Sweden (103.7%), Denmark (103.3%). France (101.8%), Belgium (101.5%), Finland (100.9%), Italy (100.9%) and Spain (100.5%).
• Ireland had the second lowest ratio of GNI to GDP at 71.8%, among the listed countries that data was available for in 2022, after Luxembourg (67.4%). This can be attributed to the importance of foreign direct investment into the Irish economy and the concentration of large multinationals. 
• Four countries in the EU27 had a GDP and GNI of greater than one trillion euros in 2022 – Germany, France, Italy and Spain.
• Germany had both the highest GDP and GNI in the EU27 in 2022 at €3.9 trillion and €4.0 trillion respectively. Malta had the lowest GDP at €17.5bn and GNI at €15.5bn.

By country: GDP growth rates

• In 2022, Ireland had the highest annual GDP growth rate in the EU27 at 9.4%, followed by Malta at 8.2% (see Table 2.3).
• In 2020, the average GDP change rate for the EU27 was negative at 5.6%, before returning to positive growth of 6.0% in 2021 and 3.4% in 2022. Ireland's GDP grew by 6.6% in 2020, by 15.1% in 2021 and then by 9.4% in 2022.
• Estonia was the only country in the EU27 which saw a negative change rate in GDP in 2022, of 0.5%.
• Ireland’s GDP growth rate was -0.1% in 2012, then had positive growth every year to 2022 (see Figure 2.4). GDP growth peaked in 2015 at 24.5% which was attributed to the globalisation activities of a small number of companies.

By country: GDP per capita in Purchasing Power Standards

• Ireland had the second highest GDP per capita in Purchasing Power Standards (PPS) in 2022, at 235 or 135% higher than the EU27 average. This measurement adjusts for price differences between countries to give an indication of relative economic prosperity.
• GDP per capita in PPS in Ireland increased from 133 in 2012 to 235 in 2022. There was a particularly sharp increase from 138 in 2014 to 181 in 2015 due to the globalisation activities of a small number of multinational companies.
• Modified Gross National Income (GNI*) is an indicator which excludes certain globalisation effects to give a more accurate measurement of the size of the domestic Irish economy. Ireland’s GNI* in PPS increased to 127 in 2022.
• Luxembourg had the highest GDP per capita in PPS in the EU27 in 2022 at 256, while Bulgaria had the lowest GDP per capita at 62.
• Sixteen countries had a GDP per capita in PPS below the EU27 average. These included 12 countries that joined the EU27 in 2004 or later, in addition to Italy, Spain, Portugal and Greece. France's GDP per capita was at the EU27 average.

By country: General government consolidated gross debt

• Ireland’s general government consolidated gross debt as a percentage of GDP fell from 119.9% in 2012 to 44.4% in 2022. During that period it increased marginallly in 2013, but then dropped for six consecutive years to 57.1% in 2019. It then rose slightly to 58.1% in 2020, after which it fell again till 2022 (see Figure 2.6).
• In 2022, Ireland had the ninth lowest government debt to GDP ratio in the EU27 at 44.4%. However, as a percentage of modified Gross National Income (GNI*), Ireland had a consolidated gross debt of 82.3% (see Table 2.5). 
• Ireland’s debt to GDP ratio of 44.4% was over 39 percentage points lower than the EU27 average of 83.5% in 2022, while its debt to GNI* ratio was 1.2 percentage points lower at 82.3%.
• The highest debt to GDP ratio in the EU27 in 2022 was in Greece at 172.6%, while the lowest was in Estonia at 18.5%.

By country: Public balance

• In 2022, Ireland’s public balance, the ratio between government spending and income was 1.7% of GDP and 3.1% of GNI*. A positive balance indicates a surplus, i.e. net lending exceeded net borrowing (see Table 2.6).
• Ireland’s public balance surplus in 2022 compares with an EU27 average deficit of -3.3% of GDP. In 2021 Ireland’s public balance was -1.5% of GDP and -2.8% of GNI* compared with an EU27 deficit of -4.7% of GDP.
• In 2012, Ireland’s public balance was -8.5% of GDP, but this improved steadily and by 2015 it had fallen within the 3.0% deficit limit established by the EMU Stability and Growth Pact, with the exception of 2020 when it was -5.0% (see Figure 2.7).
• The only other EU27 countries with a public balance surplus in 2022 were Denmark at 3.3%, Cyprus at 2.4%, Sweden at 1.1% and Croatia at 0.1%. Italy had the biggest deficit at -8.0% and was one of 11 EU27 countries that exceeded the 3% EMU limit.

Ireland: General government total expenditure

• General government total expenditure decreased in Ireland from €74.7bn in 2012 to €72.9bn in 2013, before increasing to €76.4bn by 2015. It fell to €75.9bn in 2016 and then grew for the next six years, most notably in 2020 when it increased by just under 18% to €102.0bn. In 2022 it increased by 1.6% to €107.6bn (see Table 2.7).
• Government spending as a percentage of GDP in Ireland decreased from 42.6% in 2012 to 24.3% in 2019. It increased in 2020 to 27.2% and then reduced to 21.2% by 2022.
• Government spending as a percentage of GNI* followed a similar pattern, decreasing from 58.9% in 2012 to 41.2% in 2019. It increased again to 50.3% in 2020 and then reduced to 39.4% by 2022.

By country: Gross fixed capital formation

• Gross Fixed Capital Formation (GFCF) in Ireland was 21.6% of GDP in 2022, which was below the EU27 average of 22.5% (see Table 2.8).
• As a percentage of GNI*, Ireland’s  investment in capital formation was 40.1% in 2022, down from 91.9% in 2019.
• Greece had the lowest GFCF (as a percentage of GDP) within the EU27 in 2022, at 13.7%, and Hungary had the highest at 28.2%.

By country: Current account balance

• In 2022 Ireland had a current account surplus of 10.8% of GDP, the second highest in the EU27 after Denmark (13.4%). (see Table 2.9).
• Ireland’s current account surplus was 20.0% of Modified Gross National Income (GNI*) in 2022. 
• Seven countries in the EU27 had a current account surplus in 2022. As well as Denmark and Ireland, these were: Netherlands, Luxembourg, Sweden, Germany and Spain.

By country: Exports of goods and services

• Exports of goods and services were 137.1% of GDP in Ireland in 2022 (see Table 2.10). This was the third highest in the EU27, after Luxembourg (211.1%) and Malta (145.7%).
• In Ireland exports of goods and services increased from 248.9% of GNI* in 2021 to 254.1% of GNI* in 2022.
• France had the lowest percentage of exports in the EU27 in 2022, at 36.5% of GDP.
• Every country in the EU27 except Luxembourg had an increase in exports as a percentage of GDP between 2021 and 2022.

By country: Imports of goods and services

• Imports of goods and services to Ireland were 97.2% of GDP in 2022, the fifth highest in the EU27. This was an increase from 93.7% in 2021 (see Table 2.11).
• As a percentage of GNI*, Ireland's imports were 180.1% in 2022, up from 174.3% in 2021.
• The high level of imports and exports relative to national income reflects the fact that Ireland's economy is very open (see Table 2.10 for data on exports).
• Three countries had imports greater than 100% of their GDP in 2022 – Luxembourg (173.7%), Malta (134.7%) and Slovakia (104.5%).
• Italy had the lowest imports as a percentage of GDP in the EU27 in 2022, at 38.2%. All EU27 countries except Luxembourg saw an increase in the ratio of imports to GDP in 2022.

By country: Harmonised Index of Consumer Prices

• Consumer prices in Ireland increased by 15.8% between 2019 and 2023, below the EU27 average of 20.3% and the Eurozone average of 17.5% (see Table 2.12).
• Hungary had the highest percentage increase in consumer prices in the EU27 between 2019 and 2023 at 46.7%, followed by Czechia at 37.2% and Poland at 36.9%. Greece had the lowest price increases at 13.1%.
• All countries in the EU27 experienced increases in consumer prices between 2022 and 2023. Countries in Eastern Europe were most affected with prices increasing by 17.0% in Hungary, 12.0% in Czechia, and 11.0% in Slovakia.
• Consumer prices in Ireland rose by 5.2% in 2023 which was the ninth lowest in the EU27 and below the average of 6.4%. Belgium had the smallest percentage increase in consumer prices at 2.3%.

By country: Comparative price levels of consumer goods and services

• In 2022 price levels for consumer goods and services in Ireland were 42.3% higher than the EU27 average (see Table 2.13).
• Ireland had the second highest prices in the EU27 in 2022 at 42.3% above the EU27 average, behind Denmark at 48.6% above average. Luxembourg was third highest at 37.0% above the EU27 average.
• In 2012 prices in Ireland were 21.9% above average (see Figure 2.10). Price levels in Ireland relative to the EU27 average increased each year till 2021 when they peaked at 43.1% above average.
• Bulgaria had the lowest comparative price levels in 2022 with prices at 58.5% of the EU27 average.

By country: Employment rates by sex

• The employment rate in Ireland was 73.2% in 2022, slightly above the EU27 average of 69.8%. The Netherlands had the highest employment rate in 2022 at 81.8%. The lowest rate of employment was in Italy, at 60.1% (see Table 2.14).
• The total employment rate in Ireland increased each year from 59.9% in 2012 to 69.5% in 2019. It then dipped to 67.7% in 2020, before increasing again to 73.2% by 2022 (see Figure 2.11).
• The male employment rate in Ireland followed a similar pattern increasing from 63.7% in 2012 to 78.1% in 2022, but with a fall in 2020 to 73.2%. Likewise, the rate for females rose from 56.2% in 2012 to 68.4% in 2022, with a fall in 2020 to 62.4%.
• Across all countries in the EU27, there was a higher rate of males in employment than females in 2022. The average gender differential across the EU27 was 9.8 percentage points.
• The gender differential in Ireland in 2022 was 9.7 percentage points. Greece had the highest gender differential at 19.1 percentage points while Lithuania had the lowest at 0.3.

By country: GDP in PPS per hour worked

• GDP in PPS per hour worked can be considered a measure of labour productivity per hour worked. When the foreign sector is excluded, Ireland's GDP per hour worked in PPS was 18.0% higher than the EU27 average in 2022 (see Table 2.15).
• Labour productivity in all sectors in Ireland increased from 39.4% to 79.9% above the EU27 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).  By 2022 it had grown to 118% above the EU27 average.
• Bulgaria had the lowest labour productivity in the EU27 in 2022 at 55.2% of the EU27 average.

By country: Unemployment rates by sex

• In 2022, Ireland had a total unemployment rate of 4.5%, which was below the EU27 average of 6.2%. There were eight countries with lower rates than Ireland (see Table 2.16).
• In Ireland, the male unemployment rate in 2022 was 4.4%, and the female rate of unemployment was 4.6%. This resulted in a gender differential of -0.2%.
• The female unemployment rate in the EU27 was 6.5% compared to 5.9% for males, resulting in a gender differential of -0.6%. A total of fourteen countries in the EU27 had a female unemployment rate higher than that of males in 2022.
• Czechia had the lowest unemployment rate in the EU27 in 2022, at 2.2%, while Spain had the highest at 12.9%.

By country: Long-term unemployment rates by sex

• In 2022, Ireland had a long-term unemployment rate of 1.3%, below the EU27 average of 2.4% (see Table 2.17).
• In the EU27, Denmark had the lowest long-term unemployment rate in 2022 at 0.5%, and Greece had the highest at 7.7%.
• In Ireland, the male long-term unemployment rate was 1.5% compared to 1.1% for females, resulting in a gender differential of 0.4 percentage points.
• The country with the largest gender differential in the EU27 in 2021 was Greece at -5.0 percentage points (a negative value means female long-term unemployment was higher than male).
• Slovenia, Poland and Denmark were the only countries in the EU27 with no gender differential in the long-term unemployment rate.

By country: Population aged 18-59 living in jobless households

• In Ireland, 7.7% of persons aged 18-59 lived in jobless households in 2022. This was a little below the EU27 average of 8.4% (see Table 2.18).
• In 2022, Malta had the lowest percentage of people living in jobless households at 3.7%, while Italy had the highest at 11.6%.
• The percentage of people aged 18-59 living in jobless households in Ireland decreased from 15.7% in 2012 to 8.6% by 2019. It then rose to 9.6% in 2020 before declining again to 7.7% by 2022 (see Figure 2.15).

Ireland: Residential Property Price Index

• Residential property prices have more than doubled nationally since 2013, increasing by 123.3% between 2013 and 2023 (January values).
• In Dublin, residential property prices increased by 113.7% between 2013 and 2023.
• Property prices in the rest of Ireland showed the strongest growth in the period increasing by 127.4% between 2013 and 2023.

Ireland: New Dwelling Completions

• New Dwelling Completions is a 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 (see Table 2.20).
• The number of new dwellings completed in Ireland rose from 4,575 in 2013 to a total of 21,097 in 2019, before falling slightly in 2020 and 2021 during the COVID-19 pandemic. In 2022 and 2023 it increased sharply, reaching 32,695 in 2023.
• In 2023 there were 5,548 new single houses built, 15,505 new scheme houses, and 11,642 new apartments.
• The number of new dwellings completed in 2023 increased by 615% compared to 2013. The number of new apartments completed rose by 2,361%, scheme houses by 1,242%, and single houses by 88%.