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Measuring Ireland's Progress 2016

Economy

2.1 Ireland: Gross Domestic Product and Gross National Income, 2007-2016
 €bn€bn€bn%%€
YearGross Domestic Product (GDP)Gross National Income (GNI)Modified Gross National Income (GNI*)GNI as % of GDPGNI* as % of GDPGNI* at current prices per capita
2007197.2170.5168.686.585.538,526
2008187.8162.6160.486.685.435,756
2009170.1142.2138.583.681.430,547
2010167.6140.4132.683.879.129,119
2011171.9139.6131.381.276.428,704
2012175.6143.4133.181.775.828,966
2013180.3153.2143.085.079.330,989
2014194.5165.9154.585.379.433,249
2015262.0207.2172.979.166.036,878
2016275.6227.7189.282.668.639,911
Source: CSO National Accounts

 

  • GDP at current market prices increased again in 2016 to €275.6 billion.
  • Modified GNI (GNI*) at current prices fell from €168.6 billion in 2007 to €131.3 billion in 2011 before increasing over the next five years to stand at €189.2 billion in 2016.
  • Modified GNI (GNI*) is a new indicator which is designed to exclude globalisation effects that are disproportionately impacting the measurement of the size of the Irish economy, see Appendix 1 for further details.
  • GNI* at current prices per capita fell from €38,526 in 2007 to €28,704 in 2011 and has increased each year since then to €39,911 in 2016.
GNI* at current prices per capita
200738526.2123497418
200835756.1704309826
200930547.050778665
201029118.5123386318
201128703.578220289
201228965.7574504212
201330989.0133703166
201433249.4510698756
201536878.2797900934
201639911.173938729
2.2 EU: GDP and GNI at current market prices, 20161
 €m€m%
CountryGDPGNIGNI as % of GDP
EU 2814,907,85214,848,08499.6
Germany3,144,0503,197,192101.7
United Kingdom2,395,8012,338,68897.6
France2,228,8572,264,322101.6
Italy1,680,5231,684,294100.2
Spain1,118,5221,118,268100.0
Netherlands702,641694,23198.8
Sweden465,186472,566101.6
Poland425,980410,02096.3
Belgium423,048425,741100.6
Austria353,297353,11799.9
Denmark277,489284,498102.5
Ireland275,567227,74282.6
Finland215,773217,475100.8
Portugal185,180181,17497.8
Czech Republic176,564165,26593.6
Greece174,199175,123100.5
Romania160,314156,90497.9
Hungary110,723104,53094.4
Slovakia81,15480,00998.6
Luxembourg53,00536,04968.0
Bulgaria48,12948,00399.7
Croatia43,99642,79997.3
Slovenia40,41839,28997.2
Lithuania38,66837,14396.1
Latvia24,92724,86799.8
Estonia21,09820,68798.1
Cyprus17,74217,57599.1
Malta9,2668,67493.6
    
Turkey772,979763,84898.8
Switzerland604,456610,086100.9
Norway335,504351,636104.8
Serbia34,26332,84395.9
Iceland13,03812,741:
Albania10,722::
Macedonia9,723::
Montenegro3,954::
Source: Eurostat, CSO National Accounts
1 2015 data used for Cyprus, Hungary, Malta, Romania and Turkey. 2014 data used for Iceland, 2013 for Serbia and 2012 for Croatia.

 

  • GDP for the five largest economies in the EU (Germany, the United Kingdom, France, Italy and Spain) accounted for 71% of the total GDP in the EU in 2016. Ireland had the twelfth largest economy in the EU in 2016, using GDP as a measure, and accounted for 1.8% of EU GDP.
  • The relationship between GDP and GNI in Ireland in unusual among EU countries, with Luxembourg the only other country where the difference between the two measures is over 7% of GDP.
  • The GNI/GDP ratio was 82.6 for Ireland while the average for the EU was 99.6. The gap between GNI and GDP in Ireland reflects the importance of foreign direct investment to the Irish economy.
GDP
Germany3144050
United Kingdom2395801
France2228857
Italy1680522.8
Spain1118522
Netherlands702641
Sweden465186.2
Poland425980.2
Belgium423048.4
Austria353296.9
Denmark277489.1
Ireland275567.1
Finland215773
Portugal185179.5
Czech Republic176564.3
Greece174199.3
Romania160313.7
Hungary110722.9
Slovakia81154
Luxembourg53004.8
Bulgaria48128.6
Croatia43996.1
Slovenia40418.1
Lithuania38668.3
Latvia24926.7
Estonia21098.3
Cyprus17742
Malta9266.1
Turkey772978.8
Switzerland604455.9
Norway335503.8
Serbia34262.9
Iceland13037.8
Albania10722.1
Macedonia9722.8
Montenegro3954.2
2.3 EU: GDP growth rates, 2012-2016
     %
Country20122013201420152016
Ireland (% of GNI)1.05.28.916.49.4
Malta2.64.68.27.15.5
Ireland (% of GDP)0.01.68.325.65.1
Romania0.63.53.14.04.6
Bulgaria0.00.91.33.63.9
Spain-2.9-1.71.43.43.3
Slovakia1.71.52.83.93.3
Sweden-0.31.22.64.53.3
Luxembourg-0.43.75.82.93.1
Slovenia-2.7-1.13.02.33.1
Croatia-2.2-0.6-0.12.33.0
Cyprus-3.1-5.9-1.42.03.0
Poland1.61.43.33.82.9
Czech Republic-0.8-0.52.75.32.6
Lithuania3.83.53.52.02.3
Hungary-1.62.14.23.42.2
Netherlands-1.1-0.21.42.32.2
Estonia4.31.92.91.72.1
Latvia4.02.61.92.82.1
EU 28-0.40.31.82.31.9
Germany0.50.51.91.71.9
Finland-1.4-0.8-0.60.01.9
Eurozone 19-0.9-0.21.32.11.8
United Kingdom1.52.13.12.31.8
Denmark0.20.91.71.61.7
Belgium0.20.21.41.41.5
Austria0.70.00.81.11.5
Portugal-4.0-1.10.91.81.5
France0.20.60.91.11.2
Italy-2.8-1.70.11.00.9
Greece-7.3-3.20.7-0.3-0.2
      
Iceland1.34.32.14.37.4
Albania1.41.01.82.23.4
Turkey4.88.55.26.13.2
Serbia-1.02.6-1.80.82.8
Macedonia-0.52.93.63.82.4
Switzerland1.01.92.41.21.4
Norway2.71.02.02.01.1
Montenegro-2.73.51.83.4:
Source: Eurostat, CSO National Accounts

 

  • The GDP growth rate in Ireland was 5.2% in 2007 and then turned negative and dropped sharply to -3.9% in 2008. (See chart for data for years 2007 to 2011).
  • The GDP growth rate decreased again in 2009 to -4.6% before rising to 1.8% in 2010 and 3% in 2011. There was zero growth in 2012 followed by growth of 1.6% in 2013.
  • The growth rate increased strongly to 8.3% in 2014 and rose sharply in 2015 to 25.6%. This unprecedented increase in GDP in 2015 is due to the globalisation activities of a very small number of companies.
  • In 2016 the rate of growth in GDP in Ireland was 5.1%, the second highest rate in the EU behind Malta.
  • The average GDP growth rate in the EU in 2016 was 1.9% and only Greece had negative growth.
GDP growth rate
Ireland (% of GNI)9.40187266205641
Malta5.5
Ireland (% of GDP)5.14139824780369
Romania4.6
Bulgaria3.9
Spain3.3
Slovakia3.3
Sweden3.3
Luxembourg3.1
Slovenia3.1
Croatia3
Cyprus3
Poland2.9
Czech Republic2.6
Lithuania2.3
Hungary2.2
Netherlands2.2
Estonia2.1
Latvia2.1
EU 281.9
Germany1.9
Finland1.9
Eurozone 191.8
United Kingdom1.8
Denmark1.7
Belgium1.5
Austria1.5
Portugal1.5
France1.2
Italy0.9
Greece-0.2
Iceland7.4
Albania3.4
Turkey3.2
Serbia2.8
Macedonia2.4
Switzerland1.4
Norway1.1
Montenegro3.4
EUIreland
200735.20877179332377
20080.4-3.93593240574556
2009-4.3-4.62678809348941
20102.11.80165714510119
20111.72.98499240064496
2012-0.40.0371530437044409
20130.31.63882055368778
20141.88.32838732408432
20152.325.5572850444707
20161.95.14139824780369
2.4 EU: GDP per capita in Purchasing Power Standards, 2012-2016
     EU = 100
Country20122013201420152016
Luxembourg260262270269267
Ireland (GDP)132133137177177
Netherlands133134131128128
Austria131131129128126
Denmark127128127127125
Sweden127125124124124
Germany124124125124123
Ireland (GNI*)100105109117122
Belgium121120120118118
Finland115113111109109
United Kingdom107107108108108
Eurozone 19107107107106106
France107109107107105
EU 28100100100100100
Italy10299979696
Malta8486909395
Spain9190909092
Czech Republic8384868788
Slovenia8281838383
Cyprus9184818181
Portugal7577777777
Slovakia7677777777
Lithuania7073757575
Estonia7475767574
Poland6767686969
Greece7272706867
Hungary6567686867
Latvia6062646465
Croatia6059585859
Romania5455555759
Bulgaria4646464748
      
Switzerland164164163161159
Norway186184175160149
Iceland115117118123129
Turkey5961626362
Montenegro3941414242
Macedonia3435363638
Serbia3738373636
Albania3029303030
    Source: Eurostat

 

  • GDP per capita in PPS in Ireland rose from 132 in 2012 to 137 in 2014 before increasing sharply to 177 in 2015. This unprecedented increase in GDP in 2015 is due to the globalisation activities of a very small number of companies.
  • Ireland had the second highest GDP per capita, expressed in terms of purchasing power standards (PPS), in the EU in 2016, with Ireland 77% above the EU average.
  • Modified GNI (GNI*) per capita in Ireland was 22% above the EU average in 2016.
  • In 2016 all thirteen of the EU Member States who joined since 2004, as well as Greece, Portugal, Spain and Italy, were below the EU average GDP per capita.
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.5 EU: General Government consolidated gross debt, 2012-2016
     % of GDP
Country20122013201420152016
Estonia9.710.210.710.09.4
Luxembourg22.023.722.722.020.8
Bulgaria16.717.027.026.029.0
Czech Republic44.544.942.240.036.8
Romania37.337.839.437.937.6
Denmark44.944.044.039.537.7
Lithuania39.838.840.542.640.1
Latvia41.239.040.936.940.6
Sweden38.140.845.544.242.2
Slovakia52.254.753.552.351.8
Poland53.755.750.251.154.1
Malta67.868.463.860.357.6
Netherlands66.367.868.064.661.8
Finland53.956.560.263.663.1
Germany79.877.474.670.968.1
Ireland (% of GDP)119.6119.4104.576.972.8
Hungary77.676.075.274.773.9
Slovenia53.870.480.382.678.5
Croatia70.681.785.885.482.9
EU 2883.785.686.584.583.2
Austria81.781.083.884.383.6
United Kingdom84.585.687.488.288.3
Eurozone 1989.491.391.889.988.9
France89.692.495.095.896.5
Spain85.795.5100.499.499.0
Belgium104.3105.5106.8106.0105.7
Ireland (% of GNI*)157.8150.6131.6116.6106.0
Cyprus79.7102.6107.5107.5107.1
Portugal126.2129.0130.6128.8130.1
Italy123.4129.0131.8131.5132.0
Greece159.6177.4179.0176.8180.8
  Source: Eurostat, CSO National Accounts

 

  • General government consolidated gross debt as a percentage of GDP in Ireland was 23.9% 2007 before rising to 42.4% in 2008. The debt to GDP ratio increased over each of the next five years to stand at 119.6% in 2012. (See chart for data for years from 2007 to 2011).
  • In 2014 however, the debt to GDP ratio fell to 104.5% before dropping sharply to 76.9% in 2015 and declining again in 2016 to 72.8%. The sharp fall in the debt to GDP ratio in 2015 is due to the unprecedented increase in GDP in Ireland in 2015.
  • The debt to modified GNI (GNI*) ratio in Ireland followed a similar pattern and rose steeply from 28% in 2007 to 157.8% in 2012 before falling to 106% in 2016, (see chart for data for years from 2007 to 2011).
  • Ireland had the thirteenth highest debt to GDP ratio in the EU in 2016 and was below the EU average. However, when the debt is calculated as a % of modified GNI, the ratio is 106% and is the fifth highest in the EU.
% of GDP% of GNI*
200723.90847963002427.9672327577514
200842.406101536036149.6476897175282
200961.543707414004975.5939400066435
201086.0630254858786108.744693845237
2011110.344366315961144.479728289013
2012119.625657178986157.835562903953
2013119.41119701827150.551379322401
2014104.517906619306131.639226451375
201576.9315020397883116.60766552135
201672.7924606357075106.041879225853
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.6 EU: Public balance 2012-2016
     % of GDP
Country20122013201420152016
Luxembourg0.31.01.31.41.6
Malta-3.5-2.4-1.8-1.11.1
Sweden-1.0-1.4-1.60.21.1
Germany0.0-0.10.30.60.8
Czech Republic-3.9-1.2-1.9-0.60.7
Greece-8.9-13.2-3.6-5.70.5
Cyprus-5.6-5.1-8.8-1.20.5
Netherlands-3.9-2.4-2.3-2.10.4
Lithuania-3.1-2.6-0.6-0.20.3
Bulgaria-0.3-0.4-5.5-1.60.0
Latvia-1.2-1.0-1.2-1.20.0
Estonia-0.3-0.20.70.1-0.3
Ireland (% of GDP)-8.0-6.1-3.6-1.9-0.5
Denmark-3.5-1.21.1-1.8-0.6
Ireland (% of GNI*)-10.6-7.7-4.6-2.9-0.8
Croatia-5.2-5.3-5.1-3.3-0.9
Eurozone 19-3.6-3.0-2.6-2.1-1.5
Austria-2.2-2.0-2.7-1.0-1.6
EU 28-4.2-3.3-3.0-2.4-1.7
Finland-2.2-2.6-3.2-2.7-1.7
Hungary-2.4-2.6-2.7-2.0-1.9
Slovenia-4.0-14.7-5.3-2.9-1.9
Portugal-5.7-4.8-7.2-4.4-2.0
Slovakia-4.3-2.7-2.7-2.7-2.2
Belgium-4.2-3.1-3.1-2.5-2.5
Italy-2.9-2.9-3.0-2.6-2.5
Poland-3.7-4.1-3.6-2.6-2.5
United Kingdom-8.2-5.4-5.5-4.3-2.9
Romania-3.7-2.1-1.4-0.8-3.0
France-4.8-4.1-3.9-3.6-3.4
Spain-10.5-7.0-6.0-5.3-4.5
  Source: Eurostat, CSO National Accounts

 

  • The public balance in Ireland was positive at 0.3% of GDP in 2007, (see chart for data for Ireland from 2007 to 2011).
  • However, the public balance in Ireland decreased to -7% of GDP in 2008, well below the 3% deficit limit in the EMU Stability and Growth Pact, and fell again in 2009 to -13.8%.
  • The deficit in Ireland deteriorated sharply in 2010 to -32.1% of GDP before improving strongly in 2011 to -12.7%. There were continued improvements in the deficit over the last five years and it stood at -0.5% of GDP in 2016.
  • When calculated as a % of Modified GNI (GNI*), the deficit in Ireland was -0.8% in 2016.
  • Two EU member states exceeded the 3% deficit limit in the EMU Stability and Growth Pact in 2016 - Spain and France.
% of GDP% of GNI3% deficit limit
20070.3164268110871090.3701440833298733
2008-6.95530369202582-8.143044210263773
2009-13.7962456715874-16.94588466371083
2010-32.0509836916632-40.4979303168993
2011-12.7236985209871-16.65981297023973
2012-8.03424450760704-10.60048098602133
2013-6.1032290984925-7.694835844900533
2014-3.63015775919234-4.572146293143083
2015-1.88980945439003-2.864447760848693
2016-0.516026955332097-0.7517326327030133
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.7 Ireland: General Government total expenditure, 2007-2016
 €m %
YearGeneral Government total expenditure% of GDP% of GNI*
200770,81535.942.0
200878,50441.849.0
200979,95747.057.7
2010109,08865.182.3
201179,62246.360.6
201273,60341.955.3
201372,51940.250.7
201473,08037.647.3
201575,81428.943.9
201674,79727.139.5
Source: CSO National Accounts

 

  • Total expenditure by General Government (central and local government) increased from 35.9% of GDP in 2007 to 65.1% in 2010.
  • However, in 2011 total expenditure by General Government dropped to 46.3% of GDP and decreased for each of the following five years to stand at 27.1% in 2016.
  • Total expenditure by General Government as a % of GNI* followed a similar pattern, increasing from 42% in 2007 to 82.3% in 2010 followed by a decrease to 39.5% in 2016.
% of GDP% of GNI*
200735.9098792101542.0060148413541
200841.811713074415748.9517989648937
200947.006707937235857.7381898008405
201065.094908194745382.2504882039373
201146.308283751795760.6338907673094
201241.924459304743155.3156470765068
201340.221744001597450.7108143071921
201437.566118527580947.3141392102656
201528.932555326156243.8540473628802
201627.142945272837539.5410307512569
2.8 EU: Gross fixed capital formation, 2012-2016
% of GDP
Country20122013201420152016
Ireland (% of GNI*)26.023.526.230.846.4
Ireland (% of GDP)19.718.620.820.331.8
Czech Republic25.925.125.126.525.0
Sweden22.622.323.123.624.1
Malta18.217.517.525.123.7
Belgium22.622.223.123.223.4
Austria22.623.022.622.523.1
Romania27.324.724.324.723.0
Estonia28.627.724.423.622.3
France22.522.121.821.622.0
Finland22.321.220.620.421.6
Slovakia21.220.720.723.921.2
Denmark18.819.119.219.520.4
Eurozone 1920.219.619.719.820.3
Germany20.119.720.019.920.0
Spain19.818.819.319.820.0
Netherlands18.917.918.019.419.9
Croatia19.619.719.319.619.9
EU 2819.719.219.419.519.8
Hungary19.320.922.221.919.2
Lithuania17.418.518.919.618.9
Bulgaria21.321.121.121.018.6
Latvia25.423.222.522.118.2
Poland19.818.819.720.118.1
Slovenia19.219.819.418.917.6
Cyprus15.114.111.713.017.5
Luxembourg20.219.519.017.317.2
Italy18.417.216.716.917.1
United Kingdom15.615.816.416.616.5
Portugal15.814.815.015.515.3
Greece12.612.211.511.511.7
      
Turkey27.328.528.929.729.3
Norway22.423.523.823.824.1
Switzerland23.823.623.923.824.1
Macedonia23.423.723.423.824.0
Montenegro19.820.219.020.123.2
Iceland15.915.617.118.921.3
Serbia21.217.216.717.717.7
Albania26.526.124.224.6:
Source: Eurostat, CSO National Accounts

 

  • Gross fixed capital formation in Ireland was 19.7% in 2012, the same rate as the EU average that year.
  • However, the rate of investment in Ireland rose sharply in 2016 to 31.8% of GDP, well above the EU average and the highest rate in the EU.
  • When considered as a proportion of Modified GNI (or GNI*), the rate of investment in Ireland was 46.4% in 2016.
2.9 EU: Current account balance, 2012-2016
current account balance as % of GDP
Country20122013201420152016
Netherlands10.39.98.68.78.5
Germany7.06.77.48.58.2
Denmark6.37.88.98.87.3
Malta1.72.78.84.66.6
Hungary1.73.81.53.46.1
Bulgaria-0.91.30.1-0.05.3
Slovenia2.14.45.84.45.2
Ireland (% of GNI*)-3.52.72.116.54.9
Luxembourg5.65.55.25.14.8
Sweden5.65.34.64.74.4
Eurozone 191.42.22.43.23.4
Ireland (% of GDP)-2.62.11.610.93.3
Italy-0.31.01.91.52.7
Croatia-0.11.02.04.52.5
Austria1.51.92.51.92.1
Spain-0.21.51.11.11.9
Estonia-1.90.50.32.01.9
EU 280.50.90.81.11.5
Latvia-3.6-2.7-1.7-0.51.4
Czech Republic-1.6-0.50.20.21.1
Portugal-1.81.60.10.10.7
Belgium-0.1-0.3-0.9-0.10.1
Poland-3.7-1.3-2.1-0.6-0.3
France-1.2-0.9-1.1-0.2-0.9
Greece-3.8-2.0-1.6-0.2-1.1
Lithuania-1.40.83.2-2.8-1.1
Finland-1.9-1.6-1.3-1.0-1.4
Slovakia0.91.91.1-1.8-1.5
Romania-4.8-1.1-0.7-1.2-2.1
Cyprus-6.0-4.9-4.3-1.5-4.9
United Kingdom-4.3-5.5-5.3-5.2-5.8
      
Switzerland10.311.38.510.99.5
Iceland-3.86.03.95.27.9
Norway12.410.211.08.03.9
Macedonia-3.2-1.6-0.8-2.0-2.7
Serbia-11.6-6.1-5.7-4.6-3.8
Turkey-5.5-6.7-4.7-3.7-3.8
Albania:::-8.6-7.6
Montenegro:-14.5-15.2-13.2-18.0
Source: Eurostat, CSO Balance of Payments

 

  • There was a deficit in the Balance of Payments current account of -2.6% in Ireland in 2012, which increased to a surplus of 2.1% in 2013 before falling slightly to 1.6% in 2014.
  • The surplus in the Balance of Payments current account in Ireland rose sharply to 10.9% in 2015 before dropping back to 3.3% in 2016. The very substantial increase in the current account balance in Ireland in 2015, (and the large increase in GDP), was due to the globalisation activities of a very small number of companies.
  • Nine EU member states had current account deficits in 2016, with the largest in the United Kingdom at -5.8% of GDP.
2.10 EU: Exports of goods and services, 2012-2016
exports as % of GDP
Country20122013201420152016
Luxembourg173.1181.8189.9198.4192.0
Ireland (% of GNI*)141.0133.7142.3188.9174.3
Malta165.9157.1148.9143.5140.9
Ireland (% of GDP)106.9106.0113.0124.6119.6
Slovakia91.193.591.391.292.2
Hungary86.485.787.790.289.5
Belgium81.881.882.080.482.9
Netherlands81.982.082.683.482.4
Czech Republic76.376.982.580.879.4
Estonia86.084.382.678.679.0
Slovenia73.174.575.877.077.7
Lithuania81.684.180.975.774.4
Cyprus53.458.662.164.565.1
Bulgaria60.864.564.963.863.8
Latvia60.859.960.660.360.0
Denmark54.654.854.655.753.6
Poland44.446.347.549.552.2
Austria53.353.253.452.852.2
Croatia41.642.845.348.249.1
Germany46.045.545.746.846.0
Sweden45.843.744.745.143.4
Romania37.239.741.241.041.3
Portugal38.240.340.941.440.9
Finland39.738.937.436.635.6
Spain30.732.332.733.032.9
France29.729.830.030.930.2
Italy28.628.929.329.929.8
Greece28.630.432.429.928.4
United Kingdom29.729.728.327.428.3
      
Switzerland66.170.963.561.365.0
Serbia36.240.743.647.050.2
Macedonia44.543.347.448.850.0
Iceland56.855.352.953.248.6
Montenegro:41.340.142.140.3
Norway40.439.038.637.634.0
Albania:::27.429.0
Turkey23.622.123.623.221.8
Source: Eurostat, CSO Balance of Payments

 

  • Exports from Ireland rose from 106.9% of GDP in 2012 to 113% in 2014 and then increased strongly to 124.6% in 2015 before dropping back to 119.6% in 2016.
  • The strong rise in exports in 2015 is mainly due to the globalisation activities of a very small number of companies. Ireland had the third highest level of exports as a % of GDP in the EU in 2016, after Luxembourg and Malta. The United Kingdom, Greece and Italy had the lowest exports as a % of GDP in 2016.
  • Exports from Ireland were 174.3% of Modified GNI (GNI*) in 2016.
  • Ireland's economy is very open with very high levels of import and export trade in both goods and services, (see Table 2.11 for data on imports).
2.11 EU: Imports of goods and services, 2012-2016
imports as % of GDP
Country20122013201420152016
Italy27.626.626.527.026.4
Greece32.433.234.630.129.1
Spain29.229.030.330.729.9
United Kingdom31.731.730.329.130.3
France31.130.931.131.631.3
Finland40.839.538.037.036.8
Germany39.939.438.838.938.1
Portugal38.138.439.839.638.8
Sweden40.638.740.340.239.2
Romania42.340.541.641.642.2
Croatia41.142.443.445.946.2
Denmark48.648.247.748.447.4
Poland45.044.446.146.448.2
Austria50.950.450.149.248.9
Latvia65.463.662.060.859.1
Bulgaria64.165.265.562.959.4
Cyprus54.956.860.063.765.8
Slovenia69.167.868.268.468.5
Netherlands72.371.371.772.971.4
Czech Republic71.471.176.275.172.0
Lithuania80.882.879.076.373.2
Estonia84.481.579.774.675.1
Hungary79.778.781.381.479.5
Belgium82.681.781.978.881.5
Slovakia87.089.087.489.789.6
Ireland (% of GDP)89.787.395.291.597.6
Malta160.7150.8136.9136.2129.6
Ireland (% of GNI*)118.4110.0119.9138.8142.2
Luxembourg143.5152.3158.4162.9158.0
      
Turkey28.528.127.626.024.7
Norway27.528.329.832.033.2
Iceland50.847.346.745.942.2
Albania:::44.845.8
Switzerland56.759.952.750.754.7
Serbia53.651.954.356.557.5
Montenegro:61.460.060.662.7
Macedonia66.961.664.965.065.1
Source: Eurostat, CSO Balance of Payments

 

  • Imports into Ireland were 89.7% of GDP in 2012 and fell to 87.3% in 2013 and then increased to 95.2% in 2014.
  • In 2015 imports into Ireland dropped back to 91.5% of GDP before rising again in 2016 to 97.6%.
  • Three EU countries - Italy, Greece and Spain - had imports as a % of GDP of less than 30% in 2016.
  • Imports into Ireland were 142.2% of Modified GNI (GNI*) in 2016.
  • Ireland's economy is very open with very high levels of import and export trade in both goods and services (see Table 2.10 for data on exports).
2.12 EU: Harmonised Index of Consumer Prices, 2013-2017
2015=100
Country20132014201520162017% change 2013 to 2017
Bulgaria102.7101.1100.098.799.9-2.8
Cyprus101.8101.6100.098.899.5-2.3
Greece102.5101.1100.0100.0101.2-1.4
Ireland99.7100.0100.099.8100.10.4
Slovakia100.5100.4100.099.5100.90.4
Croatia100.0100.3100.099.4100.70.6
Poland100.6100.7100.099.8101.40.8
Spain100.8100.6100.099.7101.70.9
Romania99.0100.4100.098.9100.01.0
Slovenia100.4100.8100.099.9101.41.0
Italy99.799.9100.099.9101.31.6
Denmark99.499.8100.0100.0101.11.7
Netherlands99.599.8100.0100.1101.41.9
France99.399.9100.0100.3101.52.2
Eurozone 1999.5100.0100.0100.2101.82.3
Finland99.0100.2100.0100.4101.22.3
EU 2899.5100.0100.0100.3102.02.5
Portugal99.799.5100.0100.6102.22.6
Luxembourg99.399.9100.0100.0102.22.9
Hungary99.999.9100.0100.5102.82.9
Germany99.199.9100.0100.4102.13.0
Czech Republic99.399.8100.0100.7103.13.8
Latvia99.199.8100.0100.1103.03.9
Sweden99.199.3100.0101.1103.04.0
Lithuania100.4100.7100.0100.7104.44.0
Malta98.198.8100.0100.9102.24.2
United Kingdom98.5100.0100.0100.7103.45.0
Estonia99.599.9100.0100.8104.55.0
Belgium98.999.4100.0101.8104.05.2
       
Switzerland100.8100.9100.099.5100.1-0.7
Iceland98.899.7100.0100.899.10.4
Serbia96.398.5100.0101.3104.78.7
Norway96.298.0100.0103.9105.810.0
Turkey85.292.8100.0107.7119.640.4
Source: Eurostat HICP

 

  • Ireland experienced the joint fourth smallest increase in consumer prices in the EU between 2013 and 2017 as measured by the Harmonised Index of Consumer Prices. In Bulgaria, Cyprus and Greece consumer prices decreased over this period while prices rose by about 5% in Belgium, Estonia and the United Kingdom.
  • In 2009 and 2010 the rate of change in consumer prices in Ireland decreased and was well below the rate in the EU and the Eurozone, (see graph).
  • Between 2011 and 2017 the rate of change in consumer prices in Ireland was lower than in the EU and in the Eurozone.
EU 28Eurozone 19Ireland
200889.8291.5199.5
200990.791.897.8
201092.5993.2896.2
201195.4695.8297.4
201297.9998.2299.2
201399.4699.5499.7
2014100.0199.97100
2015100100100
2016100.25100.2499.8
2017101.97101.78100.1
2.13 EU: Comparative price levels of final consumption by private households including indirect taxes, 2012-2016
EU 28=100
Country20122013201420152016
Bulgaria50.149.447.446.747.7
Romania51.353.252.851.852.3
Poland55.755.755.854.253.6
Hungary60.659.457.957.659.6
Lithuania63.462.962.160.362.9
Czech Republic71.268.262.862.865.7
Croatia68.868.065.763.766.0
Slovakia69.668.667.766.468.0
Latvia71.570.570.768.971.2
Estonia73.174.674.472.875.3
Malta78.881.480.678.982.0
Slovenia82.883.082.780.883.8
Portugal84.282.982.981.384.0
Greece93.189.885.282.784.1
Cyprus93.893.391.086.787.8
Spain96.094.692.489.291.5
EU 28100.0100.0100.0100.0100.0
Italy101.3102.2102.5100.2100.5
Germany101.5103.2101.8100.4103.3
Austria104.5105.5105.0102.5106.0
France108.3107.4106.7105.3107.9
Belgium107.9108.7106.8104.6109.0
Netherlands107.8108.9109.5107.2111.0
Finland121.0122.6121.5118.3121.1
United Kingdom118.6116.5123.0133.8121.6
Ireland117.9120.6122.9120.7123.7
Luxembourg119.0120.4120.8120.9125.1
Sweden125.8130.5124.5121.2125.8
Denmark138.0138.2137.9134.4140.6
      
Macedonia47.547.546.445.246.3
Serbia49.552.650.548.749.7
Albania47.348.248.146.849.9
Montenegro55.655.854.552.753.8
Turkey65.063.958.559.259.6
Norway160.1156.1146.4137.0140.5
Iceland110.3113.8120.3127.9150.3
Switzerland152.7147.3146.5160.3161.2
Source: Eurostat

 

  • Ireland had the fourth highest prices levels in the EU in 2016, after Denmark, Sweden and Luxembourg.
  • Bulgaria and Romania had the lowest prices in the EU in 2016, with prices at about half of the EU average.
  • Between 2007 and 2009 price levels for final consumption by private households in Ireland were about 25% above the EU average, (see graph).
  • However, price levels in Ireland fell in 2010 to 18% above the EU average and then increased over the following six years to 23.7% more than the EU average by 2016.
EU28Ireland
2007100121
2008100126.5
2009100124.1
2010100118
2011100118.9
2012100117.9
2013100120.6
2014100122.9
2015100120.7
2016100123.7
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.14 EU: Employment rates by sex, 2016
% of population aged 15-64
CountryPersonsMalesFemalesGender differential
Sweden76.277.574.82.7
Denmark74.977.772.05.7
Netherlands74.879.670.19.5
Germany74.778.470.87.6
United Kingdom73.578.368.89.5
Estonia72.175.768.67.1
Czech Republic72.079.364.414.9
Austria71.575.467.77.7
Lithuania69.470.068.81.2
Finland69.170.567.62.9
Latvia68.770.067.62.4
EU 2866.671.861.310.5
Hungary66.573.060.212.8
Ireland66.471.661.310.3
Malta65.878.352.725.6
Slovenia65.868.962.66.3
Luxembourg65.670.560.410.1
Portugal65.268.362.45.9
Slovakia64.971.458.313.1
Poland64.571.058.112.9
France64.267.660.96.7
Cyprus63.768.659.39.3
Bulgaria63.466.760.06.7
Belgium62.366.558.18.4
Romania61.669.753.316.4
Spain59.564.854.310.5
Italy57.266.548.118.4
Croatia56.961.452.49.0
Greece52.061.043.317.7
     
Iceland86.689.483.65.8
Switzerland79.683.775.48.3
Norway74.375.772.82.9
Turkey50.670.031.238.8
Macedonia49.158.639.219.4
Source: Eurostat LFS

 

  • The employment rate in Ireland was 66.4% in 2016, just below the EU average of 66.6%. The highest employment rate in the EU was in Sweden at 76.2% followed by Denmark, the Netherlands and Germany at about 75%.
  • The employment rate in Ireland fell sharply from 71.7% in 2007 to 59.8% by 2012. However, the employment rate has increased each year over the last five years to stand at 67.4% in 2017, just over four percentage points less than the rate in 2007, (see graph.)
  • The male employment rate fell from 80.4% in 2007 to 63.4% in 2012, before increasing each year for the last five years to 72.6% in 2017.
  • The employment rate for females followed a similar pattern to the male rate, falling from 62.8% in 2007 to 56.3% by 2012 and then rising to 62.3% by 2017.
  • Male employment rates are higher than female rates in all EU countries, with the smallest difference in Lithuania at 1.2 percentage points while the largest gap is in Malta at 25.6.
  • The male employment rate in Ireland in 2007 was 17.6 percentage points higher than the female rate but by 2017 this gender gap had decreased to 10.3 percentage points, (see graph).
malesfemalespersons
200780.462.871.7
20087862.570.3
200968.659.364
201065.357.461.4
20116456.860.4
201263.456.359.8
201365.857.161.4
201467.757.562.5
201570.25964.6
201671.661.366.4
201772.662.367.4
2.15 EU: GDP in PPS per hour worked, 2012-20161
     EU28=100
Country20122013201420152016
Ireland139.0134.3137.5177.5178.3
Luxembourg176.2177.5183.9180.6176.7
Belgium137.4136.4137.0136.7136.5
Denmark131.9132.1132.5132.0131.4
Netherlands129.8131.0128.5127.6127.1
Germany125.5125.4126.9126.1126.8
France123.2125.2125.2125.1124.4
Austria117.1117.0117.4119.1118.1
Sweden117.8115.7114.3114.8114.7
Finland108.9108.0107.3107.3108.1
Italy104.2103.3102.4102.2101.4
EU 28100.0100.0100.0100.0100.0
United Kingdom101.199.799.799.999.2
Spain99.499.899.497.497.9
Slovenia80.079.180.079.380.5
Slovakia75.577.178.077.276.8
Cyprus79.378.577.576.976.6
Malta73.172.975.476.074.7
Czech Republic70.370.972.774.574.0
Portugal68.069.968.967.867.9
Greece68.668.968.765.464.0
Hungary68.268.466.465.763.3
Croatia61.762.761.162.163.2
Estonia63.864.264.762.862.8
Lithuania64.565.766.264.062.2
Poland59.659.359.058.859.9
Romania50.450.851.854.357.0
Latvia53.352.954.455.056.0
Bulgaria43.442.643.143.645.3
      
Norway177.7175.9168.3155.8146.8
Switzerland126.1126.7127.1125.4:
Source: Eurostat
1 Break in series in 2012 for Romania.

 

  • Labour productivity per hour worked in Ireland was between 34% and 39% higher than the EU 28 average between 2012 and 2014. However, the index increased sharply to 177.5 in 2015 and rose slightly in 2016 to 178.3.
  • The increase in labour productivity per hour worked in Ireland in 2015 is linked to the strong rise in GDP in Ireland in 2015, (see table 2.1).
  • Ireland had the highest labour productivity among EU states in 2016 and Bulgaria had the lowest.
  • The thirteen EU member states that joined since 2004, along with Greece, Portugal, Spain and the United Kingdom, had productivity rates below the EU average in 2016.
2.16 EU: Unemployment rates by sex, 2016
% of labour force
CountryPersonsMalesFemalesGender differential
Czech Republic4.03.44.7-1.3
Germany4.14.53.80.7
Malta4.74.45.2-0.8
United Kingdom4.85.04.70.3
Hungary5.15.15.10.0
Romania5.96.65.01.6
Netherlands6.05.66.5-0.9
Austria6.06.55.60.9
Denmark6.25.86.6-0.8
Poland6.26.16.2-0.1
Luxembourg6.36.06.6-0.6
Estonia6.87.46.11.3
Sweden7.07.46.60.8
Bulgaria7.68.17.01.1
Belgium7.88.17.60.5
Lithuania7.99.16.72.4
Slovenia8.07.58.6-1.1
EU 288.68.48.8-0.4
Finland8.89.08.60.4
Ireland9.19.88.31.5
Latvia9.610.98.42.5
Slovakia9.78.810.8-2.0
France10.110.39.90.4
Portugal11.211.111.3-0.2
Italy11.710.912.8-1.9
Cyprus13.012.713.4-0.7
Croatia13.112.513.8-1.3
Spain19.618.121.4-3.3
Greece23.619.928.1-8.2
     
Iceland3.02.93.0-0.1
Norway4.75.43.91.5
Switzerland5.04.95.0-0.1
Turkey10.99.613.7-4.1
Macedonia23.724.422.81.6
Source: Eurostat LFS

 

  • The unemployment rate in Ireland in 2016, at 9.1%, was slightly above the EU average of 8.6%. The Czech Republic had the lowest unemployment rate of just 4% in 2016 while Greece had the highest at 23.6%.
  • Thirteen EU countries, including Ireland, had higher male than female unemployment rate in 2016. The male unemployment rate in Ireland was 9.8% while the rate for females was 8.3%.
  • The rate of unemployment in Ireland rose slightly from 5.2% in 2007 to 6.1% in 2008, (see graph). The rate of unemployment then more than doubled in 2009 to 12.9% and increased again over the following three years to peak at 15.9% in 2012. Since then the rate of unemployment has dropped steadily each year to 6.9% in 2017.
IrelandEU 28
20075.27.1
20086.17
200912.98.9
201014.69.5
201115.39.6
201215.910.4
201314.710.8
201412.510.2
201510.49.4
20169.18.6
20176.9
2.17 EU: Long-term unemployment rates by sex, 20161
% of labour force
CountryPersonsMalesFemalesGender differential
Sweden1.31.41.10.3
United Kingdom1.31.51.10.4
Denmark1.41.31.4-0.1
Czech Republic1.71.42.0-0.6
Germany1.71.91.40.5
Malta1.92.01.80.2
Austria1.92.21.70.5
Estonia2.12.41.80.6
Luxembourg2.22.22.10.1
Poland2.22.22.10.1
Finland2.32.52.00.5
Hungary2.42.32.4-0.1
Netherlands2.52.42.7-0.3
Lithuania3.03.42.60.8
Romania3.03.32.50.8
EU 284.03.94.0-0.1
Belgium4.04.23.80.4
Latvia4.04.93.11.8
Slovenia4.34.14.5-0.4
Ireland4.45.43.22.2
Bulgaria4.54.84.10.7
France4.64.84.30.5
Cyprus5.86.45.11.3
Slovakia5.85.56.2-0.7
Portugal6.26.46.00.4
Croatia6.66.86.50.3
Italy6.76.27.4-1.2
Spain9.58.410.8-2.4
Greece17.014.120.5-6.4
     
Iceland0.60.60.60.0
Norway1.21.40.90.5
Switzerland1.81.71.9-0.2
Turkey2.21.73.5-1.8
Macedonia19.119.917.82.1
Source: Eurostat LFS
1 2014 data used for Iceland.

 

  • The long-term unemployment rate for men in Ireland was 5.4% in 2016, higher than the rate for women of 3.2%. The male and female rates of long-term unemployment in the EU were very similar, at 3.9% for men and 4% for women.
  • The long-term unemployment rate in Ireland was 1.5% in 2007 but increased to 3% in 2009 and then more than doubled to 6.5% in 2010. The rate continued to increase over the next two years to reach 9.5% by 2012, (see graph).
  • However, the long-term unemployment rate in Ireland then decreased steadily over the next four years to stand at 3.2% by the second quarter of 2017.
  • The EU long-term unemployment rate followed a similar pattern, but didn't rise to the same levels as in Ireland, with a peak of just 5.1% in 2013.
IrelandEU
20071.53
20081.62.6
200932.9
20106.53.8
20118.44.1
20129.54.6
20138.25.1
20146.95
20155.64.5
20164.44
20173.2
2.18 EU: Population aged 18-59 living in jobless households, 2012-20161,2
 % of target population
Country20122013201420152016
Czech Republic6.56.35.95.95.0
Malta7.27.67.46.55.6
Slovakia8.48.68.47.56.4
Hungary13.012.39.78.37.1
Estonia9.48.78.27.87.5
Germany8.18.08.08.18.0
Portugal10.010.99.69.08.2
Netherlands7.58.69.08.78.4
Poland10.110.49.99.48.6
Denmark10.29.59.89.48.7
Austria8.08.28.68.68.7
Latvia10.59.49.48.78.9
Slovenia8.69.69.69.09.0
United Kingdom11.511.010.19.79.1
Luxembourg6.57.67.38.09.4
Sweden11.110.710.311.49.8
EU 2810.911.211.010.610.1
Croatia12.212.912.211.210.2
Cyprus7.59.29.69.910.2
Finland9.39.710.210.410.5
Lithuania12.511.911.211.010.6
Romania11.011.010.910.610.6
France10.410.611.311.511.5
Ireland15.914.713.512.411.6
Bulgaria13.613.312.912.211.7
Belgium12.712.913.013.112.4
Spain15.115.915.313.912.6
Italy11.813.313.413.112.8
Greece17.619.618.818.117.1
      
Turkey13.813.411.211.411.4
Macedonia18.916.114.915.713.7
Source: Eurostat LFS
1 This indicator is calculated as the share of persons aged 18-59 who are living in households where no one works. Households containing only students aged 18-24 are not included (See Appendix 1).
2 See Appendix 1 for details on breaks in series for this table.

 

  • About one in eight people (11.6%) in Ireland lived in a jobless household in 2016 which was the sixth highest proportion in the EU. The highest rate was in Greece at 17.1%.
  • The EU 28 average proportion of persons aged 18-59 living in jobless households in 2016 was 10.1% and the lowest rate was in the Czech Republic at 5%.
  • The proportion of the population aged 18-59 living in jobless households in Ireland rose from 7.9% in 2007 to 12.7% in 2009 and continued to increase over the following three years to reach 15.9% in 2012. Since then the rate has fallen each year to stand at 11.6% in 2016, (see graph).
IrelandEU
20077.99.3
200899.2
200912.710.1
201014.610.5
201115.610.6
201215.910.9
201314.711.2
201413.511
201512.410.6
201611.610.1
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
Open in Excel:
ESB connections
197013887
197115380
197221572
197324660
197426256
197526892
197624000
197724548
197825444
197926544
198027785
198128917
198226798
198326138
198424944
198523948
198622680
198718450
198815654
198918068
199019539
199119652
199222464
199321391
199426863
199530575
199633725
199738842
199842349
199946512
200049812
200152602
200257695
200368819
200476954
200585957
200688419
200778027
200851724
200926420
201014602
201110480
20128488
20138301
201411016
201512666
201614932
201719271
  • The number of ESB connections to dwellings rose gradually from 13,887 in 1970 to peak at almost 90,000 in 2006.
  • However, the number collapsed over the next seven years to just 8,300 in 2013, below the levels of the early 1970's.
  • In 2014 there was a small increase to 11,016 in the number of ESB connections to dwelling units. Over the next three years the numbers continued to rise and stood at 19,271 by 2017.
2.20 Ireland: Housing loans1, 2007-2016
YearNew HousesOther housesTotal NumberTotal value (€m)Average value of mortgage (€000)
200746,58837,69884,28622,456.8266.4
200824,46729,22453,69114,508.3270.2
20099,83215,34025,1725,830.6231.6
20106,92311,45918,3823,799.4206.7
20113,0338,20411,2272,104.8187.5
20123,22911,08014,3092,483.7173.6
20132,52211,09313,6152,368.4174.0
20143,72716,59920,3263,669.1180.5
20154,37619,53523,9114,450.3186.1
20165,28419,86425,1484,997.8198.7
Source: Department of Housing, Planning and Local Government
1 These data contain an unquantified element of refinancing of existing mortgages.

 

  • The average value a new housing loan in Ireland fell sharply from €270,200 in 2008 to €173,600 in 2012.
  • Between 2012 and 2016 the average value of new housing loan increased steadily and had reached €198,700 in 2016, about three-quarters of the average value in 2008.
  • The total number of housing loans collapsed from 84,286 in 2007 to just 11,227 in 2011 and increased since then to 25,148 in 2016.
average value of mortgage
2007266400
2008270200
2009231600
2010206700
2011187500
2012173600
2013174000
2014180500
2015186100
2016198700

 

 

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