Ireland: GDP and GNI, 2003-2012
- Gross Domestic Product in Ireland (at current market prices) peaked at €189.7 billion in 2007 and then fell by 5% in 2008, 10% in 2009 and 2.6% in 2010. In 2011 GDP increased by 2.8% followed by a rise of 0.8% in 2012.
- Gross National Income per capita (at constant 2011 prices) was €29,265 in 2012, less than the the 2003 value of €30,990. It increased each year between 2003 and 2007, decreased each year between 2008 and 2011 and rose by 1.5% in 2012.
EU: GDP and GNI at current market prices, 2012
EU: GDP at current market prices 2012
- GDP for the five largest economies in the EU (Germany, France, United Kingdom, Italy and Spain) accounted for 71.3% of total GDP within the EU in 2012. Ireland had the 15th largest economy in the EU in 2012, using GDP as a measure.
- The relationship between GDP and GNI in Ireland is exceptional among EU countries, with Luxembourg the only other country where the difference between the two measures is over 7% of GDP. The gap reflects the importance of foreign direct investment to the Irish economy.
- In 2012 Luxembourg had a GNI/GDP ratio of 71.3 compared with 81.7 for Ireland, while the average for EU countries was 100.1.
EU: GDP growth rates, 2008-2012
Ireland: GDP growth rates 2003-2012
- The GDP growth rate in Ireland was -2.2% in 2008 and decreased sharply to -6.4% in 2009. It then rose in 2010 but remained negative at -1.1%. In 2011 the GDP growth rate became positive and increased to 2.2% before falling to 0.2% in 2012.
- The GDP growth rate in Ireland in 2012 was the 14th highest in the EU and above the EU average of -0.4% while the GNI growth rate was the sixth highest.
- The highest GDP growth rate in 2012 was in Latvia at 5.6% followed by Lithuania at 3.7%.
- The GDP growth rate was negative in twelve countries in 2012 with the lowest growth rate in Greece at -6.4%.
- The GDP growth rate in Ireland was positive between 2003 and 2007, reaching 6.1% in 2005. (See chart for GDP growth rate in Ireland from 2003 to 2012.)
EU: GDP per capita in Purchasing Power Standards, 2008-2012
- Although GDP in Ireland has dropped in recent years, GDP per capita in Ireland expressed in terms of purchasing power standards remains high. Using this measure Ireland was 29% above the EU average in 2012 which was the third highest figure in the EU, behind Luxembourg and Austria.
- GNI per capita in Ireland was 5% above the EU average in 2012.
- In 2012 all twelve of the EU Member States who joined in 2004 and 2007, as well as Italy, Spain, Greece and Portugal were below the EU average.
EU: General Government consolidated gross debt, 2008-2012
Ireland, EU and Eurozone: General Government consolidated gross debt, 2003-2012
EU: General Government consolidated gross debt 2012
- General government consolidated gross debt as a percenage of GDP in Ireland declined from 31% to 24.9% over the 2003-2007 period but increased steeply in 2008 to 44.2%. The debt to GDP ratio has continued to increase very strongly each year since 2008 to stand at 117.4% in 2012. (See chart for 2003 to 2007 data.)
- The debt to GNI ratio in Ireland followed a similar pattern and rose steeply from 28.7% in 2007 to 143.8% in 2012.
- Ireland had the fourth highest debt to GDP ratio in the EU in 2012, behind Greece, Italy and Portugal.
- The Eurozone 17 figure over the period 2003 to 2008 remained close to 70% before rising over the last four years to stand at 90.6% in 2012.
EU: Public balance 2008-2012
Ireland and Eurozone: Public balance 2003-2012
- The public balance in Ireland was -7.4% of GDP in 2008 and deteriorated in 2009 to -13.7% of GDP. There was a very sharp fall to -30.6% in 2010.
- The public balance deficit decreased sharply in 2011 but remained negative at -13.1% of GDP and it was reduced again in 2012 to -8.2%.
- In 2012 Ireland had the third largest public balance deficit in the EU, after Spain and Greece. All EU countries, with the exception of Germany, had a public balance deficit in 2012.
- Sixteen EU member states exceeded the 3% of GDP deficit limit under the EMU Stability and Growth Pact.
- The public balance in Ireland was positive between 2003 and 2007 and reached 2.9% of GDP in 2006. (See chart for data for Ireland from 2003 to 2012.)
Ireland: Central and Local Government current expenditure, 2003-2012
Ireland: Central and Local Government current expenditure, 2003-2012
- Current expenditure by central and local government as a percentage of GDP increased each year between 2003 and 2010, rising from 27% in 2003 to 39.3% in 2010.
- However there was a small decline in 2011 when current expenditure by central and local government fell to 38.1% of GDP and a further small drop in 2012 to 37.7%.
- Current expenditue by central and local government was nearly half (46.2%) of GNI in 2012.
EU: Gross fixed capital formation, 2008-2012
Ireland and EU: Gross fixed capital formation, 2003-2012
- Between 2003 and 2006, gross fixed capital formation in Ireland rose from 22.5% of GDP to 27.2%, well above the EU average, which was 20.6% in 2006, (see graph).
- However in 2007 the rate of investment declined in Ireland and has decreased each year since then to just 10% in 2012, well below the EU average of 18%. This drop in investment over the last six years is linked to the decline in the construction sector in Ireland over the same time period.
- Ireland had the lowest rate of investment in 2012 in the EU at 10% of GDP followed by Cyprus, Greece and the United Kingdom. Nine countries had rates of investment above 20%.
EU: Current account balance, 2008-2012
- The deficit in the current account in Ireland's balance of international payments decreased from 5.6% of GDP in 2008 to 2.3% in 2009. In 2010 the current account balance changed from a deficit to a surplus of 1.1% of GDP and rose to a 4.4% surplus in 2012.
- Sixteen member states had current account deficits in 2012, with the largest in Cyprus (6.5%), Romania (4%) and the United Kingdom (3.8%).
EU: Exports of goods and services, 2008-2012
- Exports as a % of GDP in Ireland have risen from 82.7% of GDP in 2008 to 107.6% in 2012.
- Exports in Ireland are the second highest in the EU, after Luxembourg.
- Greece has the lowest exports as a % of GDP, at just 25.4%.
- 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.)
EU: Imports of goods and services, 2008-2012
- Imports as a % of GDP in Ireland have risen from 73.7% of GDP in 2008 to 83.4% in 2012.
- Greece has the lowest imports as a % of GDP, at 27.9% while Luxembourg, at 113.6%, had the highest.
- 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.)
EU: Harmonised Index of Consumer Prices, 2008-2012
EU: Harmonised Index of Consumer Prices, 2003-2012
- Between 2003 and 2008 the rate of change in consumer prices in Ireland, as measured by the Harmonised Index of Consumer Prices, was broadly similar to the averages for the EU and the Eurozone, (see graph).
- However 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. In 2011 and 2012 consumer prices in Ireland increased but the rate continued to be lower than in the EU and the Eurozone.
- Ireland was the only EU country to experience a decrease in consumer prices between 2008 and 2012.
EU: Comparative price levels of final consumption by private households, 2008-2012
Ireland and EU: Comparative price levels of final consumption by private households, 2003-2012
- Ireland had the fifth highest price levels among EU countries in 2012, after Denmark, Sweden, Finland and Luxembourg.
- Bulgaria was the cheapest country in the EU in 2012, with prices at about half of the EU average.
- Between 2003 and 2009 price levels for final consumption by private households in Ireland were about 25% above the EU average, with a spike in 2008 when our price levels were about 30% above the EU average. (See graph.)
- However price levels for final consumption by private households in Ireland decreased between 2008 and 2012 to stand at 15.2% above the EU average in 2012.