Back to Top

 Skip navigation

Headline Indicators

Headline Indicators

Online ISSN: 2009-874X
CSO statistical publication, , 11am

External Imbalances - Indicator 1: Current Account Balance

Current Account Balance (%GDP, 3 yr avg)Upper MIP ThresholdLower MIP Threshold
2012-2.16-4
2013-1.26-4
2014-0.36-4
20152.36-4
20160.46-4
20170.26-4
20180.46-4
2019-4.86-4
2020-7.36-4
2021-4.26-4

Source publication: International Accounts Q2 2022

Get the dataPxStat BPQ15 (Current Account), PxStat NA005 (Gross Domestic Product)

The current account balance is mainly driven by exports less imports, although it also includes net income and current transfers in and out of Ireland, as shown in the CSO note on Trends in Net Factor Income. As part of the Macroeconomic Imbalance Procedure (MIP), the current account balance is expressed as a percentage of GDP and presented as a three-year average. A positive current account balance usually indicates that exports are greater than imports, and vice versa. From 2012 to 2014, Ireland ran a current account deficit (measured as a three-year average). The value of this indicator increased year on year from 2012 to 2015. A current account surplus was recorded in 2015 as a result of the relocation of companies to Ireland and their associated contract manufacturing exports. The modest current account surpluses from 2016 to 2018 were followed by a current account deficit in 2019, the first in five years. In 2020, the deficit further increased to 7.3% of GDP (measured as a three-year average) and in 2021 the deficit decreased to 4.2% of GDP, breaching the MIP threshold for the third consecutive year. The deficit across the three years was mainly due to large R&D related IP imports.

Supplementary analysis:

Current Account Balance (%GDP, 3 yr avg)Modifed Current Account Balance (CA*) (%GDP, 3 yr avg)Upper MIP ThresholdLower MIP Threshold
2012-2.1-2.56-4
2013-1.2-1.86-4
2014-0.3-1.26-4
20152.30.36-4
20160.416-4
20170.22.16-4
20180.42.46-4
2019-4.83.46-4
2020-7.33.56-4
2021-4.24.66-4
Show Table: Table 2.1 Modified Current Account Balance CA*, 2012-2021 (% of GDP, 3 year average)

Source publication: International Accounts Q1 2022 Final

A new measure of Irish domestic economic activity was requested by the CSO’s Economic Statistics Review Group (ESRG) due to the recent difficulty of interpreting gross domestic product (GDP). This was mainly caused by the impact on GDP of mobile international assets and global firms redomiciling their headquarters to Ireland. The development of a modified current balance, CA*, has been the CSO’s response concerning the balance of payments (BOP) data. CA* is the current account balance (CA) adjusted as follows:

CA* = CA less (depreciation on R&D service imports and trade in IP + aircraft leasing depreciation + redomiciled incomes + R&D related IP exports) adding back (net aircraft related to leasing + R&D related IP imports + R&D service imports)

Because it is borne by foreign investors, the depreciation of foreign-owned capital (such as trade in IP and aircraft leasing) is excluded from, and thus does not affect, CA*. The retained earnings of redomiciled firms are predominantly owned by foreign investors and are not taken into account by CA* either. Finally, some firms borrow money abroad to finance their investment by purchasing IP from their parent company. In the long-term, this debt is repaid from the profit on the IP or the aircraft being leased. This borrowing is not a liability of residents of Ireland and the purchase of this IP is excluded when deriving CA*.

As part of the Macroeconomic Imbalance Procedure (MIP), both CA and CA* are expressed as a three-year average as a percentage of GDP. Figure 2.2 shows that from 2012 to 2015, CA* was lower than CA. This difference is mainly due to the increase of redomiciled incomes. Values for both the CA and CA* were positive from 2015 to 2018, with CA* showing a consistent upward trend. While this upward trend for CA* continued until 2021, values of CA decreased significantly in 2019 reaching a large deficit (as a three year average) in 2020. In 2021, CA underwent a change in direction showing a significant rebound.  

In 2019, CA* stood at 3.4% compared to a value of -4.8% for CA. The main driver of this difference was a large decrease in the current account balance from €16bn in 2018 to -€70.8bn in 2019, mainly due to large R&D related IP imports, significantly widening the gap between CA and CA*. In 2020, while the current account balance increased to -€25.5bn, CA* underwent a slight decrease from €15.1bn to €13.1bn. In 2021, there was a significant increase in both CA and CA* to €60.7bn and €26bn, respectively. 

More information on the modified current account balance can be found here.

Indicator 2: International Investment Position

Net IIP (% GDP)MIP Threshold
2012-137.4-35
2013-133.600917431193-35
2014-164.475316425849-35
2015-198.306764992533-35
2016-172.605052528577-35
2017-166.860780647172-35
2018-183.311749344061-35
2019-193.420894016063-35
2020-176.972449012434-35
2021-145.482695767835-35
Show Table: Table 2.2 Net International Investment Position, 2012-2021 (% of GDP)

Source publication: International Accounts Q2 2022

Get the data: PxStat BPQ26 (IIP), PxStat NA005 (GDP)

The net IIP is calculated as the value of financial assets of residents of an economy that are claims on non-residents, and gold bullion held as reserve assets, less the liabilities of residents of an economy to non-residents.

Ireland's net IIP as a percentage of GDP has breached the MIP threshold of -35% every year from 2012 to 2021.

Supplementary analysis:

General GovernmentCentral BankMonetary Financial InstitutionsNon-Financial CorporationsOther SectorsNet IIPMIP Threshold
2013-60.6325714094663-28.5264518717471-6.66618373101227-65.931861494054328.1564488626865-133.600619643593-35
2014-67.8842555809006-8.76797293487454-1.3004587743804-97.867596176025811.344798421201-164.47548504498-35
2015-50.57115478218540.9620649793137024.59357507909467-164.85382696519811.5626521051351-198.30668958384-35
2016-46.37256897540762.183157232471648.83736422345997-159.4171092318822.1639125848893-172.605244166467-35
2017-41.47795394323673.7694407968753713.4791763919627-149.8349358382347.20337986922485-166.860892723408-35
2018-38.19110862104337.3697842519540412.8913054792717-161.628259411997-3.75347104224645-183.311749344061-35
2019-38.249814272297812.500805988141518.8124640809633-185.558935254622-0.925414558248413-193.420894016063-35
2020-34.837657202458612.817665676686323.6169506932793-185.1031876224036.53377944246205-176.972449012434-35
2021-30.415936195160819.170953678143421.30617497639-168.99974071617113.4558524889632-145.482695767835-35
Show Table: Table 2.3 Breakdown of Net International Investment Position, 2013-2021 (% of GDP)

Get the data: PxStat BPQ22 (IIP), PxStat NA005 (GDP)

Figure 2.4 and Table 2.3 above show the contribution of various sectors to the net IIP as a percentage of GDP. Non-financial corporations (NFCs) contributed the most to the net IIP in every year, with their contribution more than doubling between 2013 and 2015, mainly due to the non-resident financing of domestic intellectual property. Further information on this is contained in the CSO's National Balance Sheet publication. The portion of the net IIP attributable to general government has notably reduced in the past eight years, from its most significant value of -67.9% of GDP in 2014 to -30.4% of GDP in 2021. This reduction is mainly due to the significant increase in GDP over the period, which was largely driven by NFCs.

 

Competitiveness Indicators - Indicator 3: Real Effective Exchange Rate

REERUpper MIP ThresholdLower MIP Threshold
2012-12.25-5
2013-3.85-5
2014-3.65-5
2015-6.45-5
2016-7.15-5
2017-6.35-5
20182.35-5
2019-1.45-5
2020-1.25-5
2021-2.65-5

Get the data: Eurostat database

The real effective exchange rate (REER) is a country’s exchange rate relative to a basket of exchange rates of other countries weighted according to their respective trade shares. A change in it, therefore, aims to assess a country's price or cost competitiveness relative to its principal competitors in international markets. A positive value indicates real appreciation and a loss of country competitiveness relative to principal trading partners. A negative value indicates improving country competitiveness relative to its principal trading partners. Changes in cost and price competitiveness depend on cost and price trends as well as exchange rate movements. This indicator is expressed as a three-year percentage change, deflated by the consumer price indices relative to a panel of 42 countries. In 2012, the lower MIP threshold of -5% was breached, followed by a recovery period during 2013 and 2014. The indicator again breached the lower threshold each year from 2015 to 2017. Following 2018 the three-year percentage change in REER continued to show a negative pattern for the three consecutive years, breaching neither the upper nor the lower MIP thresholds.

Supplementary analysis:

IrelandEU27GermanyNetherlandsUnited KingdomUnited States
2012-12.2-4.67037037037037-9-63.1-7
2013-3.8-0.874074074074074-1.80.52.1-2.4
2014-3.6-1.03333333333333-0.40.78.94.4
2015-6.4-1.87777777777778-1.5-0.91012.9
2016-7.1-2.18518518518519-2.1-2.30.417.4
2017-6.3-1.67777777777778-2-1.8-10.515.3
20182.33.622222222222225.33.3-12.93
2019-1.41.5703703703703722.4-3.81.6
2020-1.22.062962962962962.43.81.53.2
2021-2.60.2111111111111110.52.23.52.1

Get the data: Eurostat databaseIMF database

The pattern of Ireland’s REER has been similar to other Euro area countries and to the EU-27 average, although Ireland's indicator values tend to lie lower than most of its European counterparts. In contrast, Ireland's REER trend has been very different to those of the United Kingdom and the USA, where other currencies are in circulation. It is important to note that data on the UK and the USA is from a different data source to Eurostat and therefore is not fully comparable. The indicators for the UK and the USA are computed using data from the IMF database.

REER (3 yr % change)Upper MIP ThresholdLower MIP Threshold
Hungary-4.15-5
Greece-3.15-5
Portugal-2.85-5
Ireland-2.65-5
Cyprus-2.45-5
Italy-1.85-5
Croatia-1.55-5
Malta-1.25-5
Denmark-1.15-5
Finland-0.75-5
Spain-0.55-5
France-0.45-5
Poland-0.45-5
Slovenia-0.45-5
Germany0.55-5
Belgium0.65-5
Luxembourg0.65-5
Romania15-5
Austria1.25-5
Estonia1.95-5
Sweden2.15-5
Netherlands2.25-5
Latvia2.35-5
Slovakia3.15-5
Bulgaria3.85-5
Lithuania4.45-5
Czechia55-5

Get the data: Eurostat database

Figure 2.7 shows the three-year percentage changes in REER values for the EU-27 in 2021. Ireland, at -2.6%, had the fourth most negative value. Hungary reported the largest decrease, with a value of -4.1%, while Czechia experienced the largest increase at 5%.

Indicator 4: Export Market Share

Export Market Share (5 yr % change)MIP Threshold
2012-18.43-6
2013-10.78-6
2014-14.81-6
201537.63-6
201658.29-6
201770.88-6
201878.38-6
201973.09-6
202051.52-6
202139.92-6

Source publication: International Accounts Q1 2022 Final

Get the data: Eurostat database

The export market share is calculated by dividing the exports of the country by the total exports of the world. For a country to increase its export market share its exports must increase at a faster rate than world exports. As a result, a country’s exports may increase but its export market share may still fall. To capture the structural losses in competitiveness that can accumulate over longer time periods, this indicator is calculated as the percentage change in values compared to five years previously.

Ireland experienced a negative export market share (taken as a five-year percentage change), and breached the MIP threshold, each year from 2012 to 2014. This equates to a decrease in Ireland's exports relative to total world exports. This trend changed in 2015, when the indicator value rose to 37.6%. The change largely relates to the amount of contract manufacturing carried out on behalf of Irish companies. The rise in contract manufacturing has led to the increase in goods exports from Irish companies, and is explained in the Contract Manufacturing Information Notice (PDF 516KB)  published by the CSO. The export market share indicator has shown positive 5-year percentage changes from 2015 onwards, most recently 39.9% in 2021. While remaining positive, the indicator values of 51.5% and 39.9% in 2020 and 2021 were significantly lower than the 2019 value of 73.1%. This is again a reflection of the level change in contract manufacturing seen in 2015, with the 2015 value being the denominator of the 2021 five year percentage change.

Supplementary analysis:

Export Market Share (5 yr % change)MIP Threshold
France-11.4-6
Spain-10.45-6
Italy-6.2-6
Germany-5.91-6
Portugal-5.28-6
Slovakia-2.92-6
Austria-2.72-6
Czechia-1.14-6
Sweden-1.03-6
Malta-0.9-6
Hungary0.03-6
Netherlands1.1-6
Belgium2.38-6
Finland4.88-6
Denmark6.45-6
Croatia7.88-6
Greece9.58-6
Romania10.63-6
Slovenia11.56-6
Bulgaria12.24-6
Luxembourg13.08-6
Latvia13.35-6
Estonia17.83-6
Cyprus24.87-6
Poland24.88-6
Lithuania37.9-6
Ireland39.92-6

Get the data: Eurostat database

Ireland had the highest export market share indicator value in the EU in 2021, at 39.9%. This reflects Ireland's highly globalised economy and is partly driven by high levels of computer services exports.

IrelandChinaGermanyNetherlandsUnited KingdomMIP Threshold
2012-18.4331.5603359453974-16.84-12.91-21.3059730830053-6
2013-10.7831.5603359453974-13.19-11.55-11.0862768988872-6
2014-14.8133.2503371631133-9.69-11.53-8.62674368119773-6
201537.6331.276984773751-3.3-6.883.37973065684723-6
201658.2928.93046262895371.94-3.141.5229485044844-6
201770.8819.0233739656595.651.26-0.341276200757561-6
201878.3811.49663113389813.21.5-0.688722639056239-6
201973.095.65839019623898-1.22-0.27-0.375142559023117-6
202051.523.396494546403080.866.8-7.31159621546853-6
202139.929.84197268210648-5.911.1-16.2428475719353-6

Get the data: Eurostat databaseWorld Bank database

Figure 2.10 shows Ireland’s change in export market share relative to three of its largest European trading partners and China. From 2012 to 2014 Ireland and the other EU countries show negative export market share indicator values, breaching the MIP threshold of -6%. Conversely, China showed strong positive changes in export market share from 2012-2016, although these changes have declined significantly since 2016 to stand at 3.4% in 2020. In 2021, while Ireland and its largest European trading partners experienced a downward trend of the change in export market share, China showed a significant increase. Note that the country comparison data is sourced from Eurostat, with the exception of the data for China and the UK which is sourced from the World Development Indicators compiled by the World Bank.

Indicator 5: Nominal Unit Labour Cost

Nominal Unit Labour Costs (3 yr % change)MIP Threshold
2012-10.02721320915789
2013-1.372248789787239
2014-3.136244924128829
2015-18.56372746221359
2016-15.58947713411089
2017-13.93917690770399
2018-1.250176995514999
2019-3.916073833108379
2020-6.288046918714589
2021-7.880872510230729

Source publication: Annual National Accounts 2021

Get the data: PxStat NA001 (Employee Compensation/Total Labour Costs), Eurostat database (Total Employment, Number of Employees), Eurostat database (GDP at Market Prices)

The nominal unit labour cost is an index computed using the ratio of labour costs (compensation per employee) to labour productivity (GDP per person employed, including self-employed). A rise in an economy’s nominal unit labour cost index corresponds to an increase in labour costs relative to labour productivity, resulting in lower competitiveness. This Macroeconomic Scoreboard indicator is presented as a three-year percentage change.

Ireland has not breached the MIP threshold for this indicator at any point during the period 2012-2021. The indicator value has been consistently negative, which would indicate increasing competitiveness for Ireland, however it should be noted that large negative values of this indicator from 2015 to 2017 were substantially affected by the level-shift in GDP in 2015. In 2021, the three-year change in Ireland’s nominal unit labour cost was -7.9%. 

Note: when calculating labour productivity in the Productivity in Ireland publication we use hours worked rather than employment as a measure of labour.

Supplementary analysis:

Nominal Unit Labour Costs (3 yr % change)Labour Productivity (3 yr % change)Labour Costs (3 yr % change)MIP Threshold
2012-10.02721320915787.13018302498028-3.611988838295519
2013-1.372248789787231.424237543601610.03244467135861469
2014-3.136244924128824.426220586840611.151158544226259
2015-18.563727462213524.96751681287031.76888757543329
2016-15.589477134110825.09795736580335.59583990702189
2017-13.939176907703925.284993371447.821296506589879
2018-1.2501769955149910.06040628897638.684456408381229
2019-3.9160738331083714.616376172662310.12791425690779
2020-6.2880469187145818.130160752670810.702080819399
2021-7.8808725102307219.87165044178410.42471849455769

Get the data: PxStat N2001 (Employee Compensation/Total Labour Costs), Eurostat database (Total Employment, Number of Employees), Eurostat database (GDP at Market Prices)

Breaking nominal unit labour cost into its two components shows the interrelationship between labour costs and productivity. Since 2012, the three-year percentage changes in labour costs have been consistently lower than those in labour productivity. In 2012 and again from 2015 to 2017, labour productivity increased at a significantly faster rate than labour costs, resulting in sharp declines in nominal unit labour costs and increasing overall economic competitiveness. It should be noted that labour productivity increases from 2015 to 2017 were mainly due to the large increase in GDP in 2015. The gap between labour productivity growth and labour cost growth was narrower from 2013 to 2014 and again from 2018 to 2020. This resulted in smaller decreases in nominal unit labour costs and more moderate growth in overall economic competitiveness during these periods. In 2021, the labour productivity rose again faster than labour costs. 

For more information on Labour Productivity, please see Auxiliary Indicator A8 Labour Productivity in the Auxiliary Indicators chapter.

Internal Indicators - Indicator 6: Deflated House Price Index

Deflated House Price Index (annual % change)MIP Threshold
2012-14.51516984311286
20130.01964048759980416
201415.4797660385996
201510.94782676903886
20166.859996665904136
20179.193402772043726
20188.288842449507576
20190.5584800741421016
2020-0.4615466817360996
20214.259334088506946

Source publication: Residential Property Price Index, September 2022

Get the data: PXStat HPA13 (Residential Property Price Index), PxStat NA005 (Consumption at Current Market Prices by Item and Year), PxStat NA006 (Consumption at Constant Market Prices by Item and Year)

The deflated house price index is the ratio between the residential property price index and the national accounts deflator for private final consumption expenditure for households. This year-on-year percentage change indicator measures inflation in the housing market relative to inflation in the final consumption expenditure of households. The national accounts deflator for private final consumption expenditure is obtained by dividing final consumption expenditure of households at current market prices (79a) by final consumption expenditure of households at constant market prices (92a). The deflated house price index is then calculated by dividing the house price index by this deflator. These series are chain linked to 2015 for comparability across countries.

Figure 2.13 shows that Ireland experienced decreases in the deflated house price index in 2012, following the financial crisis. A turning point was seen in 2013, with neither an increase nor a decrease in deflated house prices over the year. From 2014 to 2018, Ireland saw large increases in the deflated house price index and breached the MIP threshold of 6% in each of these years. These increases show that there was higher inflation in the Irish housing market relative to the final consumption of households. In 2019 and 2020, the deflated price index showed almost no year-on-year change, with changes of 0.6% and -0.5% respectively. This was a result of similar levels of inflation being seen for house prices as those of final consumption expenditure of households in general, approximately 2% for both in 2019, and amounts close to zero for both in 2020. In 2021, Ireland shows a relevant increase in the deflated house price index with respect to the previous two years, albeit without breaching the MIP threshold.

Deflated House Price Index (annual % change)Excluding DublinDublinMIP Threshold
2012-14.5151698431128-16.0843639226963-12.65396039182316
20130.0196404875998041-8.114686746359368.341140590863396
201415.4797660385996.8667470799053623.23511898076526
201510.947826769038812.57941245681889.362857815195426
20166.859996665904139.345112867436794.474285112432786
20179.1934027720437210.56446717598257.842072902412776
20188.2888424495075710.00783814755846.683030686676386
20190.5584800741421012.93064082876824-1.760949153758496
2020-0.4615466817360990.339695683942007-1.313119264191556
20214.259334088506945.072165112185233.314323602173226

Get the data: PxStat HPA13 (Residential Property Price Index), PxStat NA005 (Consumption at Current Market Prices by Item and Year), PxStat NA006 (Consumption at Constant Market Prices by Item and Year)

Figure 2.14 shows a comparison of the year-on-year percentage change in the deflated house price index between Dublin and the rest of the country. In 2012, Dublin experienced smaller decreases in the deflated house price index compared to the rest of the country. This trend continued into 2013 and 2014 as house prices began to recover post-recession, with Dublin experiencing faster growth in the deflated house price index compared to the rest of Ireland. From 2014 to 2018, the deflated house price index both for properties within and outside Dublin increased, with prices outside Dublin increasing at a faster rate than prices in Dublin from 2015. In 2020 the annual percentage change in the deflated house price index for Dublin was negative (-1.3%), while the corresponding figure for properties outside Dublin remained positive (0.3%). In 2021, the annual percentage change in the deflated house price index both for properties within and outside Dublin experienced a significant increase to 3.3% and 5.1%, respectively. 

Indicator 7: Private Sector Credit Flow

Private Sector Credit Flow (% GDP)MIP Threshold
2012-0.49908463797587414
2013-0.69883101379178814
20142.5495047165480314
2015-2.1511232055373114
2016-14.725983269317314
20170.25007254944383114
2018-8.7530362467205714
2019-9.5576859823100714
2020-3.5633392147032414
20212.5974508766318614

Source publication: Institutional Sector Accounts Non-Financial and Financial 2021

Get the data: PxStat IFI04

Private sector credit flow represents the net amount of liabilities (loans and debt securities) which non-financial corporations (NFCs, S.11), households (S.14) and non-profit institutions serving households (NPISH, S.15) have incurred during the year. Transactions between units within each sector are eliminated to produce a consolidated presentation. The indicator is expressed as a percentage of GDP.

Figure 2.15 shows the indicator has been below the MIP threshold since 2012. In 2021, private sector credit flow was 2.6% of GDP, below the MIP threshold of 14%.

Supplementary analysis:

Non-Financial CorporationsHouseholdsTotal
20126.44057482644405-7.317037322579-0.876462496134952
20132.100474776747-3.35458293747747-1.25410816073047
201410.5530736457343-5.579372369456614.97370127627773
2015-1.44893020239336-4.20798604736839-5.65691624976175
2016-37.0675162911312-2.72282680172762-39.7903430928589
20171.44886989474456-0.7042463693441260.744623525400433
2018-26.9977708099452-1.59235901308063-28.5901298230259
2019-34.61869498633170.526046779992381-34.0926482063393
2020-11.359780674641-1.92563071989-13.285411394531
202112.3941679352226-1.3216764147911.0724915204326
Show Table: Table 2.4 Breakdown of Private Sector Credit Flow, consolidated, 2012-2021 (€ billion)

The breakdown of private sector credit flow in Figure 2.16 shows that flows of non-financial corporations were generally much greater than flows of households. A positive credit flow represents a net incurrence of debt during the year whereas a negative credit flow indicates a net repayment of debt. In 2016, 2018 and 2019 the large negative credit flow values of -€39.8bn, -€28.6bn and -€34.1bn, respectively, were mainly caused by net repayment of non-financial corporate debt related to the funding of intellectual property. The figure for private sector credit flow in 2021 was €11.1bn, driven by the activity of non-financial corporations.

Negative credit flows occurring in the household sector from 2012 to 2021, cumulatively amounting to -€28.2bn, correspond to a net repayment, primarily of mortgage related debt. Credit flows in the household sector were negative for every year except for 2019, when household private sector credit flow was €0.5bn, meaning that the incurrence of debt and the repayment of debt by households were nearly equal that year. In 2021, households displayed the second lowest net repayments compared to other years with a credit flow of -€1.3bn.

Indicator 8: Private Sector Debt, consolidated

Private Sector Debt (% of GDP)MIP Threshold
2012276.4133
2013266.2133
2014276.4133
2015303.8133
2016284.1133
2017249.1133
2018230.7133
2019209.3133
2020187.3133
2021168.1133

Source publication: Institutional Sector Accounts Non Financial and Financial 2021

Get the data: PxStat IFI05

Private sector debt is the stock of liabilities in the form of loans and debt securities held by non-financial corporations (NFCs, S.11), households (S.14) and non-profit institutions serving households (NPISH, S.15). Positions between units within each sector are eliminated to produce a consolidated presentation. This reflects the amount of funds that the sector receives from other sectors. The indicator is expressed as a percentage of GDP, as shown in Figure 2.17. For Ireland, this indicator has exceeded the threshold of 133% every year since 2001 (the first year of availability for this time series) and stood at 168.1% of GDP at the end of 2021.

Supplementary analysis:

NFCs (Foreign Parent)NFCs (Irish Parent)HouseholdsTotal Private Sector DebtMIP Threshold
2012110.63462094874367.522190656832198.2029155396421276.359727145217133
201396.381084453921376.322303342575193.4991735431048266.202561339601133
2014110.74098307101584.748191157253480.9216603175684276.410834545837133
2015165.96368897706981.396343105182756.467507468423303.827539550674133
2016144.69416208657687.110198035997252.3480194798144284.152379602388133
2017115.884451248586.579834277626146.6735879545438249.13787348067133
2018113.43307093897174.430680741355742.8805472067892230.744298887115133
2019107.21777190682363.454924120833638.6433684705849209.316064498242133
202089.921966460461163.018905836954234.3941547704916187.335027067907133
202175.673561798041862.681745339365729.6970172022623168.05232433967133
Show Table: Table 2.5 Breakdown of Private Sector Debt, consolidated, 2012-2021 (% of GDP)

Figure 2.18 shows the residency of an NFC’s ultimate controlling parent as the basis for distinguishing between Irish-controlled and foreign-controlled enterprises. In the period since 2011, several large multinational corporations have relocated their head offices to Ireland (i.e. redomiciled PLCs/corporate inversions), becoming an Irish parent NFC in this analysis.

Household debt as a percentage of GDP has fallen every year from 2012 to 2021. In contrast, foreign parent NFCs have showed a less clear trend, with significant year on year fluctuations. Foreign parent NFC debt grew by 50% in 2015, causing the overall increase in private sector debt that year. This notable increase was driven by corporate restructuring, through both imports of individual assets and reclassifications of entire balance sheets in 2015, which meant that the level of capital assets in Ireland increased dramatically compared to 2014.

In 2018, for the first time since the economic crisis, the combined debt of Irish parent non-financial corporations and households fell below the MIP threshold. Debt of Irish parent NFCs has fallen every year since 2017. In 2021, debt levels of Irish parent NFCs and households were 62.7% of GDP and 29.7% of GDP respectively.

Redomiciled PLCsForeign Parent (ROW Debt)Irish Parent (ROW Debt)Foreign Parent (Irish Debt)Irish Parent (Irish Debt)HouseholdsMIP Threshold
201312.989595575566466.596945330896813.088963963166229.784139123024550.243743803842493.4991735431048133
201425.423806615065277.536177087983216.267741014803833.204805983032243.056643527384480.9216603175684133
201528.1566443519561146.56388560067414.853421029152319.399803376394838.386277724074356.467507468423133
201631.9106988593845126.90734602414823.356879151789317.786816062428531.842620024823352.3480194798144133
201724.7175182141502100.34408474515532.693362582994315.540366503344729.168953480481746.6735879545438133
201829.312872732839297.832214631477924.146749325957415.600856307492820.971058682559142.8805472067892133
201921.320248503665591.914147248258224.493246728657215.303624658564717.641428888510938.6433684705849133
202015.106879955261878.82530101530932.396140663096811.096665445152115.515885218595634.3941547704916133
202116.542384761297163.291002609170834.893010157375912.38255918887111.246350420692829.6970172022623133
Show Table: Table 2.6 Breakdown of Private Sector Debt by Location of Counterparty, 2013-2021 (% of GDP)

Figure 2.19 shows a breakdown of private sector debt by location of counterparty i.e. whether the debt is held with an entity resident in Ireland (Irish Debt) or outside of Ireland (Rest of World Debt). The debt of redomiciled PLCs is shown separately from the other non-financial corporations.

Prior to 2017, entities with an Irish parent predominantly borrowed from Irish counterparties, although this trend reversed after 2017. Entities with foreign parents are consistently mostly indebted to non-resident counterparties. In 2015, there was a large increase in foreign parent NFC non-resident (ROW) debt. This was related to corporate restructuring, both for imports of individual assets and for reclassifications of entire balance sheets in 2015. As a percentage of GDP, 2021 saw a reduction in private sector debt for Foreign Parent (ROW Debt), Irish Parent (Irish Debt), and Households.

Indicator 9: General Government Debt

General Government Debt (% GDP)MIP Threshold
2012119.59456766221660
2013119.94004168106260
2014104.25301791526860
201576.689127524945260
201674.252882071020260
201767.593018608759360
201863.02157480459660
201957.011816487013160
202058.401280992178960
202155.379407576656860

Source publication: Government Finance Statistics October 2022

Get the data: PxStat GFQ13 (Government Debt), PxStat NA024 (GDP)

General government gross debt (GG debt) consists of liabilities in the financial instruments of currency and deposits (AF.2), debt securities (AF.3) and loans (AF.4). The scoreboard indicator is the ratio of GG debt to GDP, which is the standard approach to comparing public debt internationally. It should be noted that the MIP threshold is set at the same level as the Stability and Growth Pact Treaty obligations (see Stability and Growth Pact chapter).

The GG Debt level has been strongly influenced by the financial crisis, the most significant factor being the state interventions in the banking sector from 2009 onwards.

The GG debt ratio grew from 2008 to its peak in 2013, of 119.9%, and has decreased every year since except for 2020. In 2014 and 2015, the Irish state repaid approximately €7.8 and €9 billion respectively of the borrowings provided by the IMF, thus reducing both the ratio and level of debt. The decline in the GG debt ratio of almost 28 percentage points in 2015 is primarily due to the exceptional level of growth in GDP that year. The ratio has continued to decrease in subsequent years, again more as a result of GDP increases than any substantial reduction in the monetary value of debt. By the end of 2021, GG debt as a percentage of GDP had reduced to 55.4%, below the MIP threshold for the third consecutive year. The value of GG debt in 2021 stood at €236.1bn, following a €18.3bn increase in debt over the year, emphasising the strong role GDP increases are playing in the annual movements in this indicator value.

Supplementary analysis:

General Government Debt (% GDP)General Government Debt (% GNI*)MIP Threshold
2012119.594567662216165.06027883874860
2013119.940041681062157.34754448294560
2014104.253017915268136.6373750403160
201576.6891275249452124.5685555102660
201674.2528820710202116.48909919586660
201767.5930186087593110.00661350357260
201863.021574804596106.12089186750960
201957.011816487013196.50178422291460
202058.4012809921789108.87267745354960
202155.3794075766568100.93809191932660

Source publication: Annual National Accounts 2021

Get the data: PxStat GFQ13 (Government Debt), PxStat NA024 (GDP, GNI*)

Figure 2.21 shows GG debt both as a percentage of GDP, and as a percentage of GNI* (modified GNI excluding globalisation effects). Presenting debt in the context of GNI* can be more useful for analytical comparisons and, in particular, as a measure of the debt burden. In 2015, there was a significant change in the differential between general government debt as a percentage of GDP and that as a percentage of GNI*, as a result of the substantial jump in GDP during the year. The difference between general government debt as a percentage of GDP and general government debt as a percentage of GNI* stood at 47.9% in 2015. The value of general government debt decreased by less than 1% in 2015, while GDP and GNI* increased by 35% and 9% respectively.

Again, between 2015 and 2019, the reduction in general government debt as a percentage of GDP/GNI* is mainly a result of increases in the values of GDP and GNI*, with the level of general government debt in monetary terms at the end of 2019 higher than it had been in 2015. In 2021, GG debt as a percentage of GNI* decreased by 8% to stand at 100.9% at the end of the year. GG debt as a percentage of GDP decreased by 3%. For further information on GNI* and its calculation see the Annual National Accounts 2021.

Currency and Deposits Debt SecuritiesLoansMIP Threshold
201235.360905257603349.726011934100234.513545929378660
201317.472611678420662.780689229584939.753362357157760
201410.722438167353561.038659524345832.494572750174460
20157.8764615990166447.823989387157120.990431715741860
20167.8891952406506245.845561703151320.517755037841660
20177.2540913411001443.695153528141516.644109577079860
20186.6276624080384341.094690950950815.299221445606860
20196.229237044616737.292720875793713.489858566602760
20206.3655333712409739.54205066034412.493696960593960
20215.8827117196791838.031542426040911.465153430936760

Source publication: Government Finance Statistics October 2022

Get the data: PxStat GFQ13 (Government Debt), PxStat NA024 (GDP)

Figure 2.22 shows a breakdown of general government debt into its constituent debt instruments, each shown as a percentage of GDP. The significant increase in loan liabilities during the years 2012-2013 is predominantly a result of the EU-IMF programme of financial support. The decline in the size of currency and deposits between 2012 and 2015 is mainly related to the liquidation of Irish Bank Resolution Corporation (IBRC). IBRC has been reclassified into the government sector from mid-2011 as a result of the financial crisis. Between 2015 and 2019, all debt instruments experienced a decrease as a percentage of GDP. In 2020, debt securities as a percentage of GDP increased by 2.2%, showing increased reliance on debt securities to fund remedial measures taken in response to COVID-19. In 2021, all debt instruments experienced a decrease as a percentage of GDP and overall general government debt remained below the MIP threshold.

GG Debt (% GDP)MIP Threshold
Estonia17.660
Bulgaria23.960
Luxembourg24.560
Sweden36.360
Denmark36.660
Czechia4260
Latvia43.660
Lithuania43.760
Romania48.960
Netherlands52.460
Poland53.860
Ireland (% of GDP)55.379407576656860
Malta56.360
Slovakia62.260
Germany68.660
Finland72.460
Slovenia74.560
Hungary76.860
Croatia78.460
Austria82.360
Ireland (% of GNI*)100.93809191932660
Cyprus10160
Belgium109.260
France112.860
Spain118.360
Portugal125.560
Italy150.360
Greece194.560

Source Publication: Annual National Accounts 2021

Get the data: PxStat NA024 (IE GDP), PxStat GFQ13 (IE Government Debt), Eurostat database 

Expressed as a percentage of GDP, Ireland’s general government gross debt (55.4% of GDP) is mid-table, or 12th lowest, when compared to other EU member states. In contrast, Ireland's GG Debt as a percentage of GNI* (modified GNI excluding globalisation effects) was 100.9%. If GNI* for Ireland is comparable to GDP for other countries which are less significantly affected by globalisation, then Ireland had the 8th highest level of government debt as a ratio of economic activity in the EU in 2021.

Indicator 10: Unemployment Rate

Unemployment Rate (3 yr avg)MIP Threshold
201215.1510
201314.883333333333310
201413.72510
201511.87510
201610.083333333333310
20178.3666666666666710
20186.9833333333333310
20195.8416666666666710
20205.5416666666666710
20215.6916666666666710

Source publication: Labour Force Survey Q2 2022

Get the data: PxStat QLF02

The unemployment rate is the percentage of people in the labour force who are unemployed. The indicator is derived as a three-year average based on the reference year plus the previous two years.

This indicator exceeded the MIP threshold from 2012 to 2016 (Figure 2.24). Unemployment has exhibited a downward trend since 2012, dropping below the threshold in 2017. The unemployment rate was 5.5% in 2020, the lowest level over the 10-year period. In 2021, the unemployment rate experienced a small increase reaching a value of 5.7%. 

Supplementary analysis:

Unemployed 15-24 years (3 yr avg)Unemployed 25+ years (3 yr avg)Total Unemployed
201289.375248.425337.8
201383.6333333333333247.733333333333331.366666666667
201475.5666666666667230.658333333333306.225
201564.5916666666667202.208333333333266.8
201655.825173.1228.925
201747.725144.766666666667192.491666666667
201842.4333333333333120.908333333333163.341666666667
201938.2583333333333100.583333333333138.841666666667
202039.283333333333393.35132.633333333333
202141.791666666666797.5333333333333139.325

Get the data: PxStat QLF04

Figure 2.25 shows the number of unemployed people, as a three-year average, broken down by age, illustrating the share of those who are younger than 25 and those who are aged 25 and over. The number of unemployed people in both age groups decreased every year from 2013 to 2019. While the number of unemployed people aged over 25 continued to decrease in 2020, to a figure of approximately 93,000, unemployment for those aged between 15 and 24 increased slightly to just over 39,000. In 2021, the number of unemployed people in both age groups increased for the first time over the 10-year period. 

For further information on the unemployment levels for different age groups, please see the Labour Force Survey results and associated PxStat tables. Further information on youth unemployment can also be found in Indicator 14 below.

Industry + ConstructionWholesale & Retail Trade; Repair of Motor Vehicles and MotorcyclesAll Other Services + Agriculture, Forestry and FishingNot Stated/Not ApplicableTotal Unemployed
2012108.53333333333339.208333333333399.390.7666666666667337.8
201396.708333333333338.7166666666667102.04166666666793.9083333333333331.366666666667
201480.641666666666735.799.758333333333390.15306.225
201562.066666666666729.37588.786.6583333333333266.8
201646.27523.3576.383333333333382.9333333333333228.925
201734.691666666666719.033333333333364.208333333333374.5583333333333192.491666666667
201824.77516.183333333333356.491666666666765.8916666666667163.341666666667
201918.891666666666713.950.216666666666755.8166666666667138.841666666667
202016.133333333333313.67551.308333333333351.5083333333333132.633333333333
202116.316666666666715.391666666666759.07548.5333333333333139.325
Show Table: Table 2.7 Number of unemployed people (by former sector of employment, 3 year average) 2012-2021

Figure 2.26 shows a breakdown of the number of unemployed people, as a three-year average, by previous sector of employment. The not stated/not applicable category in this figure includes persons who have never worked previously, and those who have worked previously but not during the past eight years. Unemployment, expressed as a three-year average, reduced across every category for each year in the period 2014 to 2020, with the exception of the All Other Services + Agriculture, Forestry and Fishing category, which experienced a 1.1% increase in 2020. The not stated/not applicable category has had the largest contribution to the three-year average numbers of unemployed people every year from 2016 to 2020. In 2021, excluding the Not Stated/Not Applicable category, unemployment increased across every category. 

Please note that we would urge care in using annual comparisons with 2020 data, due to the effects of the COVID-19 pandemic and the extended lockdown periods imposed as a result of this.

Indicator 11: Total Financial Sector Liabilities

Total Financial Sector Liabilities (y-o-y % change)MIP Threshold
2012-1.116.5
20132.116.5
201419.616.5
20159.516.5
20161.516.5
20174.216.5
20185.216.5
201915.416.5
20207.416.5
202118.816.5

Source publication: Institutional Sector Accounts Non-Financial and Financial 2021

Get the data: PxStat IFI03

This indicator measures the year-on-year change in the sum of all liabilities of the financial sector. Figure 2.27 shows that this indicator breached the MIP threshold of 16.5% in the year 2014 and again in 2021. The generally positive year-on-year growth in total financial sector liabilities over the period 2012-2021 has been heavily influenced by the expansion of the investment funds sector in Ireland. While there was a contraction in this indicator in 2012, the investment funds sector has expanded every year since, as can be seen in Figure 2.28. For more information on the financial sector see The Financial Sector in Ireland's National Accounts 2018.

Supplementary analysis: 

Central BankBanks and Money Market FundsInvestment FundsOther Financial CorporationsTotal Financial Sector
2012-38.537-149.02199.628-51.6119999999999-39.5409999999997
2013-32.837-92.8610000000001162.46237.559999999999974.3239999999996
2014-23.16875.7750000000001453.569207.491713.667
2015-3.04000000000001-28.7270000000001165.448280.557414.237999999999
20164.76424.9370000000001119.29-78.315000000000170.6760000000004
201720.468-20.7260000000001278.917-73.763204.896
2018-6.11961.1849999999999102.401103.776261.242999999999
201913.508146.634581.7275.4479999999999817.31
202026.539135.982262.76626.5780000000002451.865000000001
202163.68739.4940000000001691.254445.5691240.004
Show Table: Table 2.8 Breakdown of Change in Financial Sector Liabilities, 2012-2021 (€ billion)

The investment funds sector has shown continuous growth in balance sheet size since 2012. Figure 2.28 shows the effect of this growth on the financial sector in helping to offset the deleveraging which occurred in the banking sector from 2012 to 2013. The banking sector showed year-on-year growth in its balance sheet during 2014 for the first time in the period shown. Between 2015 and 2017, the banking sector liabilities have fluctuated between contracting and expanding, with small overall changes in size relative to previous years. More substantial levels of growth were seen in the banking sector between 2018 and 2021. An increase of €1,240bn in total financial sector liabilities was seen in 2021, the largest increase in the ten-year period under observation. This was driven by increases in the investment funds and financial intermediaries sectors.

It should be noted that part of the large increase in liabilities of the other financial corporations sector shown in 2014 and 2015 is a result of a newly available data source for this period. Another driver of this change is the growth in balance sheet size of treasury companies. More detail is provided in the CSO’s note on Measuring Shadow Banking in the Irish National Accounts.

Indicator 12: Activity Rate

Activity Rate (3 yr % change)MIP Threshold
2012-1.9-0.2
20130.2-0.2
20140.6-0.2
20150.9-0.2
20160.8-0.2
20170.8-0.2
20180.8-0.2
20190.6-0.2
2020-1.8-0.2
20211.8-0.2

Get the Data: Eurostat database

The activity rate (also known as the participation rate) is the percentage of the population aged 15-64 years in the labour force as a proportion of the total population of the same age. This indicator is measured as a three-year percentage point change. This indicator breached its threshold of -0.2 percentage points during the year 2012. Between 2013 and 2019, the three-year percentage point change in the activity rate was consistently positive, indicating increasing labour force participation. In 2020, the activity rate indicator value was -0.8%, breaching the threshold for the first time in eight years. It is worth noting that the negative indicator value in 2020 is driven by the labour force increasing at a slower rate than the general population. In 2021, the activity rate indicator was positive again, at 1.8%. Further detail on changes in numbers of labour force participants is shown in Figure 2.31 below.

IrelandGermanyGreeceNetherlandsFranceMIP Threshold
2012-1.91-0.10.90.5-0.2
20130.21-0.31.50.8-0.2
20140.60.50.20.91.2-0.2
20150.90.40.40.60.8-0.2
20160.80.30.80.30.5-0.2
20170.80.50.90.70.4-0.2
20180.81.10.40.60.6-0.2
20190.61.30.31.20.3-0.2
2020-1.80.3-2.91.2-0.4-0.2
20211.81.2-0.810.2-0.2

Get the data: Eurostat database

Figure 2.30 shows the change in Ireland’s activity rate compared with selected EU countries. In 2012 and 2020 the change in Ireland’s activity rate breached the MIP threshold of -0.2 percentage points. While Germany and the Netherlands did not breach the MIP threshold at any time during the ten-year period, Greece breached the threshold in 2013, 2020 and 2021 and France breached the threshold in 2020.

15 - 19 years20 - 24 years25 - 34 years35 - 44 years45 - 54 years55 - 64 yearsTotal
2012-25.35-75.7-43.52525.12518.2514.175-87.025
2013-7.30000000000001-39.875-47.67536.47522.6522.475-13.25
2014-3.22499999999999-21.45-50.42541.3525.52525.6517.4250000000001
2015-4.02499999999999-9.80000000000001-52.72539.1533.538.1544.25
201610.075-0.175000000000011-40.82537.3526.634.167.125
20176.7-5.14999999999998-34.940.135.32538.780.775
20188.8252.82499999999999-27.474999999999940.525000000000133.07536.77594.5500000000002
2019-3.899999999999994.15000000000001-23.87535.224999999999945.739.17596.475
2020-5.600000000000010-36.425-0.537.128.57523.1499999999999
202121.115.75-1015.02548.941.35132.125
Show Table: Table 2.9 Active population (by age group, 3 year change), 2012-2021

Figure 2.31 shows the three-year change in the number of labour force participants by age group. The decline in the activity rate in 2012 was due to a large reduction in the number of 15 to 34-year olds in the labour force. For every year, except 2020, the three-year change in the number of labour force participants aged 35-44 was positive, and this, along with the 45-54 age group, was a significant driver of the increasing activity rate indicator. While the increasing trend for 45-54-year olds continued into 2020, those aged 35-44 experienced almost no change over the three year period reflected in the 2020 data point.

IrelandGermanyGreeceNetherlandsSpainFrance
201271.17667.381.574.371.4
201371.876.467.481.974.371.8
201471.876.567.381.574.272
20157276.467.782.174.372.2
201672.676.768.282.274.272.3
201772.67768.282.273.972.4
201872.877.568.182.773.772.8
201973.27868.583.473.872.6
202070.877.365.383.472.272
202174.678.767.383.773.773

Get the data: Eurostat database

Compared to Germany and the Netherlands, two of the country’s largest European trading partners, Ireland has consistently had a relatively low activity rate. Ireland's activity rate has been higher than that of Greece and lower than that of Spain over the entire period 2012-2020. In 2021 Ireland's activity rate was higher than Greece, Spain and France.

Indicator 13: Long-term Unemployment Rate

Long-tern Unemployment Rate (3 yr percentage point change)MIP Threshold
20125.638682396937440.5
20131.046609287260840.5
2014-2.204194016343350.5
2015-3.868395876164390.5
2016-3.695801131938230.5
2017-3.514119529305230.5
2018-3.205091315031880.5
2019-2.631394767297180.5
2020-1.66467840769160.5
2021-0.318669939855840.5

Source publication: Labour Force Survey Q2 2022

Get the data: PxStat QLF04 (Duration of Unemployment), Eurostat database

The long-term unemployment rate expresses the number of people aged 15 to 74 unemployed for over one year as a percentage of the active population of the same age. The MIP threshold for the three-year percentage point change of the long-term unemployment rate is 0.5%. From 2012 to 2013, Ireland’s long-term unemployment rate indicator increased at rates above the 0.5% threshold. However, since 2014, long-term unemployment as a three-year percentage point change has shown a decrease every year.

Supplementary analysis:

15-24 years25-44 years45 years and over Total
201217.2567.72537.475122.5
2013-7.87513.1517.823.05
2014-15.925-33.31.75-47.475
2015-21.375-47.925-13.725-83
2016-13.825-46.325-19.5-79.6
2017-12.5-40.6-23.35-76.45
2018-11.025-36.85-22.9-70.825
2019-8.525-29.875-20.95-59.375
2020-1.175-18.8-14.325-38.525
2021-0.9-2.025-1.95-4.85
Show Table: Table 2.10 Number of People Long-term Unemployed (by age group, 3 year change), 2012-2021

Figure 2.34 and Table 2.10 show that the majority of the increase in long-term unemployed numbers in 2012 (measured as a three-year change) came from the 25-44 years category. This age category also made the largest contribution to the decline in the numbers unemployed from 2014 to 2020. In 2021, the reduction in the number of long-term unemployed people reached the lowest level since 2014.

2021
Czechia0.8
Netherlands0.8
Malta0.9
Poland0.9
Denmark1
Germany 1.2
Hungary1.3
Estonia1.6
Ireland1.8
Luxembourg1.8
Finland1.8
Slovenia1.9
Sweden1.9
Austria2
Romania2
France2.3
Latvia2.3
Belgium2.6
Bulgaria2.6
Cyprus2.6
Lithuania2.6
Croatia2.8
Portugal2.9
Slovakia3.9
Italy5.4
Spain6.2
Greece9.2

Source publication: Labour Force Survey Q2 2022

Get the data: PxStat QLF04 (Duration of Unemployment), Eurostat databasePxStat QLF06 (Persons in Labour Force)

In 2021, Ireland had the 9th lowest long-term unemployment rate in the EU (Figure 2.35).

IrelandGermanyGreeceFranceNetherlandsSpain
20129.156014255680352.413.12.61.711
20137.917473890484782.316.72.92.313
20146.526943453106642.217.53.12.712.9
20155.28761837951596216.43.12.711.4
20164.221672758546551.715.43.12.39.5
20173.012823923801421.514.32.91.77.7
20182.082527064484081.412.52.51.26.4
20191.590277991249371.211.32.30.95.3
20201.348145516109821.110.51.90.75
20211.763857124628241.29.22.30.86.2

Source publication: Labour Force Survey Q2 2022

Get the data: PxStat QLF04 (Duration of Unemployment), Eurostat databasePxStat QLF06 (Persons in Labour Force)

Since 2012, Ireland’s long-term unemployment rate has been higher than two of its major trading partners (Germany and the Netherlands) but this gap has narrowed in recent years.

Indicator 14: Youth Unemployment

Youth Unemployment Rate (3 yr percentage point change)MIP Threshold
20126.312946392619922
2013-1.398714983271152
2014-6.18563860082262
2015-10.58492089802612
2016-9.929689090993682
2017-9.008591028998012
2018-6.447631847233322
2019-4.293987735480982
20201.44435495079362
20210.7603303770502152

Source publication: Labour Force Survey Q2 2022

Get the data: PxStat QLF18 (ILO Participation, Employment and Unemployment Characteristics by Age Group)

The youth unemployment rate is the unemployment rate of people aged 15-24 as a percentage of the labour force of the same age. This indicator is expressed as a three-year change in percentage points. The MIP threshold for youth unemployment is a 2-percentage point increase over three years. Ireland’s youth unemployment increased at a rate exceeding this threshold in 2012, with an increase of 6.3%. Substantial reduction in youth unemployment can be seen since 2013. In 2021, Ireland's youth unemployment indicator was 0.8%. 

Supplementary analysis:

Unemployed Persons Aged 15-19 yrsUnemployed Persons Aged 20-24 yrs
2012-2.9-3.85
2013-3.35-13.85
2014-6.075-18.1
2015-10.4-22.55
2016-7.25-19.025
2017-6.2-18.15
2018-1.85-14.025
2019-2.1-10.375
20200.2752.8
20213.7253.775

Get the data: PxStat QLF18

Classifying the change in youth unemployment by age, Figure 2.38 shows that the change in youth unemployment is mainly driven by those aged from 20 to 24.

Youth Unemployment Rate
Germany6.9
Czechia8.2
Netherlands9.3
Malta9.4
Denmark10.8
Austria11
Poland11.9
Slovenia12.8
Hungary13.5
Lithuania14.3
Ireland14.5
Latvia14.8
Bulgaria15.8
Estonia16.7
Luxembourg16.9
Cyprus17.1
Finland17.1
Belgium18.2
France18.9
Slovakia20.6
Romania21
Croatia21.9
Portugal23.4
Sweden24.7
Italy29.7
Spain34.8
Greece35.5

Get the data: Eurostat database

Figure 2.39 shows Ireland’s youth unemployment rate compared to its EU neighbours for 2021. Ireland's youth unemployment rate sits mid-table, 11th lowest, in 2021.

IrelandGermanyGreeceNetherlandsSpain
201230.88.655.912.952.9
201326.78.359.214.255.5
201423.48.35313.853.2
201520.27.750.312.548.3
201616.87.548.212.144.4
201714.47.244.510.438.6
201813.86.641.28.934.3
201912.56.237.58.532.5
202015.883810.638.3
202114.56.935.59.334.8

Get the data: Eurostat database

Figure 2.40 shows the youth unemployment rate for the period 2012-2021. This is the number of 15-24 year olds unemployed expressed as percentage of the labour force (also known as active population) of the same age. Since 2012, Ireland’s youth unemployment rate has been relatively high when compared to the Netherlands and Germany, but remains significantly lower than that of Spain and Greece.