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Economic overview
Ireland — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 35% of GNP and about 80% of exports and employs 20% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to about 4% in 1989. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, is a serious problem. A 1989 unemployment rate of 1 |
| 1991 | The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 37% of GDP and about 80% of exports and employs 26% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to 3.3% in 1990. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, is a serious problem. A 1990 unemployment rate of 16.6% |
| 1992 | The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 37% of GDP and about 80% of exports and employs 26% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to 3.8% in 1991. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, remains a serious problem. A 1991 unemployment rate of |
| 1993 | The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 37% of GDP, about 80% of exports, and employs 28% of the labor force. Since 1987, real GDP growth, led by exports, has averaged 4% annually. Over the same period, inflation has fallen sharply and chronic trade deficits have been transformed into annual surpluses. Unemployment, at 22.7% remains a serious problem, however, and job creation is the main focus of gover |
| 1994 | The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 37% of GDP, about 80% of exports, and employs 28% of the labor force. Since 1987, real GDP growth, led by exports, has averaged 4% annually. Over the same period, inflation has fallen sharply and chronic trade deficits have been transformed into annual surpluses. Unemployment remains a serious problem, however, and job creation is the main focus of government poli |
| 1995 | The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 37% of GDP, about 80% of exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Ireland has substantially reduced its external debt since 1987, to 40% of GDP in 1994. Over the same |
| 1996 | The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP, about 80% of exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Ireland has substantially reduced its external debt since 1987, to 40% of GDP in 1994. Over the same |
| 1997 | The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP, about 80% of exports, and employs 26% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Since the 1980s, inflation has fallen sharply and chronic trade deficits have been transformed into a |
| 1998 | The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP, about 80% of exports, and employs 27% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Since the 1980s, inflation has fallen sharply and chronic trade deficits have been transformed into a |
| 1999 | Ireland is a small, modern, trade-dependent economy with growth averaging 9.5% in 1995-98. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 39% of GDP, about 80% of exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government has imple |
| 2000 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-99. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 39% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government |
| 2001 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-2000. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish governmen |
| 2002 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 45% of GDP, about 80% of exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending, construction, and business investment. Over the past decade, the Irish government has implemented a s |
| 2003 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. The global slowdown, especially in the information technology sector, pressed growth down to 2.7% in 2003. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in co |
| 2004 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. The global slowdown, especially in the information technology sector, pressed growth down to 2.1% in 2003. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in co |
| 2005 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 10% above that of the four big European eco |
| 2006 | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 10% above that of the four big European eco |
| 2007 | Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2006. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 40% above that of the four big European economies an |
| 2008 | Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2007. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the exports sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction has most recently fueled economic growth along with strong consumer spending and business investment. Property prices have risen more rapidly in Ireland in the decade up to 2006 than in any other de |
| 2009 | Ireland is a small, modern, trade-dependent economy. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply in 2008 and Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in the property and construction markets. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the export sector, dominated by foreign multinationals, remains a key com |
| 2010 | Ireland is a small, modern, trade-dependent economy. Ireland joined 11 other EU nations in circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since 2008 with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010, and further contraction is expectd in 2011. Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in its domest |
| 2011 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and cons |
| 2012 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic propert |
| 2013 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic propert |
| 2014 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland i |
| 2015 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government intr |
| 2016 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. | GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government in |
| 2017 | Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government intr |
| 2018 | Ireland is a small, modern, trade-dependent economy. It was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry during 2008-11. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Gover |
| 2019 | Ireland is a small, modern, trade-dependent economy. It was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry during 2008-11. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Gover |
| 2020 | Ireland is a small, modern, trade-dependent economy. It was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry during 2008-11. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Gover |
| 2021 | Ireland is a small, modern, trade-dependent economy. It was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry during 2008-11. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Gover |
| 2022 | Ireland is a small, modern, trade-dependent economy. It was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry during 2008-11. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Gover |
| 2023 | strong, export-based EU economy; multinational-business-friendly environment known for resilience, even amid COVID-19 disruptions; real wage growth beyond other OECD members; high livings standards; strong social equity and cohesion; aging labor force |
| 2024 | strong, export-based EU economy; multinational-business-friendly environment known for resilience, even amid COVID-19 disruptions; real wage growth beyond other OECD members; high livings standards; strong social equity and cohesion; aging labor force |
| 2025 | high-income, export-oriented EU economy; large multinational business sector contributes to growth and tax revenues but poses volatility risks; high living standards; strong labor market challenged by skill shortages and aging workforce |