Ireland Economy - 2023

Economic overview

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

Real GDP (purchasing power parity)

$515.88 billion (2021 est.)

$454.167 billion (2020 est.)

$427.715 billion (2019 est.)

note: data are in 2017 dollars

comparison ranking

Real GDP growth rate

13.59% (2021 est.)

6.18% (2020 est.)

5.44% (2019 est.)

comparison ranking

Real GDP per capita

$102,500 (2021 est.)

$91,100 (2020 est.)

$86,700 (2019 est.)

note: data are in 2017 dollars

comparison ranking

GDP (official exchange rate)

$398.476 billion (2019 est.)

Inflation rate (consumer prices)

2.36% (2021 est.)

-0.33% (2020 est.)

0.94% (2019 est.)

comparison ranking

Credit ratings

Fitch rating: A+ (2017)

Moody's rating: A2 (2017)

Standard & Poors rating: AA- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.2% (2017 est.)

industry: 38.6% (2017 est.)

services: 60.2% (2017 est.)

GDP - composition, by end use

household consumption: 34% (2017 est.)

government consumption: 10.1% (2017 est.)

investment in fixed capital: 23.4% (2017 est.)

investment in inventories: 1.2% (2017 est.)

exports of goods and services: 119.9% (2017 est.)

imports of goods and services: -89.7% (2017 est.)

Agricultural products

milk, barley, beef, wheat, potatoes, pork, oats, poultry, mushrooms/truffles, mutton

Industries

pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices

Industrial production growth rate

20.33% (2021 est.)

comparison ranking

Labor force

2.518 million (2021 est.)

comparison ranking

Labor force - by occupation

agriculture: 5%

industry: 11%

services: 84% (2015 est.)

Unemployment rate

6.63% (2021 est.)

5.62% (2020 est.)

4.95% (2019 est.)

comparison ranking

Youth unemployment rate (ages 15-24)

total: 17.4%

male: 16.1%

female: 18.8% (2021 est.)

comparison ranking

Population below poverty line

13.1% (2018 est.)

Gini Index coefficient - distribution of family income

30.6 (2018 est.)

comparison ranking

Average household expenditures

on food: 9% of household expenditures (2018 est.)

on alcohol and tobacco: 5.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.9%

highest 10%: 27.2% (2000)

Budget

revenues: $99.784 billion (2019 est.)

expenditures: $97.713 billion (2019 est.)

Budget surplus (+) or deficit (-)

-0.3% (of GDP) (2017 est.)

comparison ranking

Public debt

71.58% of GDP (2020 est.)

69.7% of GDP (2019 est.)

75.19% of GDP (2018 est.)

note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

comparison ranking

Taxes and other revenues

16.51% (of GDP) (2020 est.)

comparison ranking

Fiscal year

calendar year

Current account balance

$72.22 billion (2021 est.)

-$27.412 billion (2020 est.)

-$44.934 billion (2019 est.)

comparison ranking

Exports

$677.028 billion (2021 est.) note: data are in current year dollars

$569.061 billion (2020 est.) note: data are in current year dollars

$502.313 billion (2019 est.)

comparison ranking

Exports - partners

United States 28%, Belgium 10%, Germany 10%, UK 9%, China 5%, Netherlands 5% (2019)

Exports - commodities

vaccines and cultures, packaged medicines, nitrogen compounds, integrated circuits, scented mixtures, medical instruments (2021)

Imports

$477.544 billion (2021 est.) note: data are in current year dollars

$486.946 billion (2020 est.) note: data are in current year dollars

$452.979 billion (2019 est.)

comparison ranking

Imports - partners

United Kingdom 31%, United States 16%, Germany 10%, Netherlands 5%, France 5% (2019)

Imports - commodities

aircraft, computers, packaged medicines, refined petroleum, medical cultures/vaccines (2019)

Reserves of foreign exchange and gold

$13.247 billion (31 December 2021 est.)

$7.463 billion (31 December 2020 est.)

$5.733 billion (31 December 2019 est.)

comparison ranking

Debt - external

$2.829 trillion (2019 est.)

$2.759 trillion (2018 est.)

comparison ranking

Exchange rates

euros (EUR) per US dollar -

0.845 (2021 est.)

0.876 (2020 est.)

0.893 (2019 est.)

0.847 (2018 est.)

0.885 (2017 est.)

NOTE: The information regarding Ireland on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Ireland 2023 information contained here. All suggestions for corrections of any errors about Ireland 2023 should be addressed to the CIA or the source cited on each page.