Measuring Ireland's Progress 2023

Ireland: Gross Domestic Product, Gross National Income and Modified Gross National Income

• Gross Domestic Product (GDP) at current market prices increased from €183.2bn in 2013 to €520.9bn in 2022, before falling to €510.0bn in 2023 (see Table 2.1).
• Gross National Income (GNI) increased between 2013 and 2023, from €154.4bn to €388.4bn. However, as a percentage of GDP, GNI has decreased in the same time period, from 84.3% in 2013 to 76.2% by 2023.
• Modified Gross National Income (GNI*) at current prices rose from €138.3bn in 2013 to €290.9bn in 2023, but fell from 75.5% to 57.0% of GDP in that time period. GNI* is an indicator designed to exclude globalisation effects that have a disproportionate impact on the measurement of the Irish economy (see Background Notes).
• GNI* at current prices per capita rose from €29,966 in 2013 to €55,084 in 2023 despite experiencing a small decline to €39,442 in 2020 (see Figure 2.1).

By country: GDP and GNI at current market prices

• Ireland had the ninth highest Gross Domestic Product (GDP) in the EU27 in 2023 at €510.0bn (see Table 2.2) and the tenth highest Gross National Income (GNI) at €388.4bn. 
• Seven countries in the EU27 had a GNI greater than their GDP in 2023, including Sweden (103.8%) Germany (103.5%), Denmark (102.8%), France (101.9%), Belgium (101.4%), Finland (100.3%) and Austria (just over 100.0%).
• Ireland had the second lowest ratio of GNI to GDP at 76.2%, among EU27 countries that data was available for in 2023, after Luxembourg (65.1%). This can be attributed to the importance of foreign direct investment into the Irish economy and the concentration of large multinationals. 
• Five countries in the EU27 had a GDP and GNI of greater than one trillion euros in 2023 – Germany, France, Italy, Spain and the Netherlands - while candidate country Türkiye's GDP and GNI also exceeded one trillion for the first time.
• Germany had both the highest GDP and GNI in the EU27 in 2023 at €4.2 trillion and €4.3 trillion respectively. Malta had the lowest GDP at €20.5bn and GNI at €17.9bn.

By country: Real GDP growth rates

• In 2023, Ireland had the lowest annual GDP growth rate in the EU27 at -5.5%, while Malta had the highest at 6.7% (see Figure 2.3 and Table 2.3).
• Overall the EU27 saw GDP growth of 0.4% in 2023, although nine countries saw a drop in GDP - Ireland, Estonia, Finland, Luxembourg, Austria, Hungary, Germany, Sweden and Czechia.
• Ireland's GDP growth rate (at constant 2022 prices) was positive every year between 2013 and 2022 before experiencing a negative rate in 2023 of -5.5% (see Figure 2.4). GDP growth peaked in 2015 at 24.6% which was attributed to the globalisation activities of a small number of companies.

By country: GDP per capita in Purchasing Power Standards

• Ireland had the second highest GDP per capita in Purchasing Power Standards (PPS) in 2023, at 213 or 113% higher than the EU27 average. This measurement adjusts for price differences between countries to give an indication of relative economic prosperity.
• GDP per capita in PPS in Ireland increased from 134 in 2013 to 238 by 2022, after which it reduced to 213 in 2023. There was a particularly sharp increase from 141 in 2014 to 186 in 2015 due to the globalisation activities of a small number of multinational companies.
• Modified Gross National Income (GNI*) is an indicator which excludes certain globalisation effects to give a more accurate measurement of the size of the domestic Irish economy. Ireland’s GNI* per capita in PPS was 122 in 2023, or 22% above the EU27 average.
• Luxembourg had the highest GDP per capita in PPS in the EU27 in 2023 at 237, while Bulgaria had the lowest GDP per capita at 64.
• Seventeen countries had a GDP per capita in PPS below the EU27 average in 2023. These included 12 countries that joined the EU27 in 2004 or later, in addition to France, Italy, Spain, Portugal and Greece.  

By country: General government consolidated gross debt

• Ireland’s general government consolidated gross debt as a percentage of GDP fell from 117.5% in 2013 to 43.1% in 2022, before marginally increasing to 43.3% in 2023 (see Figure 2.6).
• In 2023, Ireland had the eighth lowest government debt to GDP ratio in the EU27 at 44.3%. However, as a percentage of modified Gross National Income (GNI*), Ireland had a consolidated gross debt of 75.9% (see Table 2.5). 
• Ireland’s debt to GDP ratio of 43.3% was 37.5 percentage points lower than the EU27 average of 80.8% in 2023, while its debt to GNI* ratio was 4.9% percentage points lower at 75.9%.
• The highest debt to GDP ratio in the EU27 in 2023 was in Greece at 163.9%, while the lowest was in Estonia at 20.2%.

By country: Public balance

• In 2023, Ireland’s public balance, the ratio between government spending and income was 1.5% of GDP and 2.6% of GNI*. A positive balance indicates a surplus, i.e. net lending exceeded net borrowing (see Table 2.6).
• Ireland’s public balance surplus in 2023 compares with an EU27 average deficit of -3.5% of GDP. In 2022, Ireland's public balance was 1.7% of GDP and 3.2% of GNI* compared with an EU27 deficit of -3.2% of GDP.
• In 2013, Ireland’s public balance was -6.3% of GDP, but this improved steadily and by 2015 it had fallen within the 3.0% deficit limit established by the EMU Stability and Growth Pact, only exceeding it again in 2020 when it was -4.9% (see Figure 2.7).
• The only other EU27 countries with a public balance surplus in 2023 were Denmark at 3.3%, Cyprus at 2.0% and Portugal at 1.2%. Italy had the biggest deficit at -7.2% and was one of 10 EU27 countries that exceeded the 3% EMU deficit limit.

Ireland: General government total expenditure

• General government total expenditure in Ireland increased from €72.9bn in 2013 to €76.4bn in 2015. It fell to €75.9bn in 2016 and then grew for the next seven years, most notably in 2020 when it increased by 17.4% to €101.9bn. In 2023 it increased by 8.0% to €115.9bn (see Table 2.7). 
• Government spending as a percentage of GDP in Ireland decreased from 39.8% in 2013 to 23.9% in 2019. It increased to 26.7% in 2020, and then reduced to 20.6% by 2022, before rising again in 2023 to 22.7% (see Figure 2.8).
• Government spending as a percentage of GNI* decreased from 52.7% in 2013 to 42.0% in 2019. It increased to 51.4% in 2020 and then reduced to 39.8% by 2023.

By country: Gross fixed capital formation

• Gross Fixed Capital Formation (GFCF) in Ireland was 23.2% of GDP in 2023 compared with 53.2% in 2019 (see Table 2.8).
• As a percentage of GNI*, Ireland’s investment in capital formation was 40.6% in 2023, down from 93.6% in 2019.
• Greece had the lowest GFCF (as a percentage of GDP) within the EU27 in 2023, at 15.2%, and Estonia had the highest at 27.9%, while the EU27 average was 22.0%.

View Eurostat GFCF data

By country: Current account balance

• In 2023 Ireland had a current account surplus of 8.1% of GDP, the third highest in the EU27 after Netherlands (9.9%) and Denmark (9.8%), see Table 2.9. This indicator is a measurement of a country's trade and income flows with the rest of the world.
• Ireland’s current account surplus was 14.2% of Modified Gross National Income (GNI*) in 2023. 
• Ireland was one of 17 countries in the EU27 that had a current account surplus in 2023. Nine countries had a deficit, and the largest of these was Cyprus (-9.5%), while Italy had a current account balance of 0.0%.

View Eurostat balance of payments data

By country: Exports of goods and services

• Exports of goods and services were 138.2% of GDP in Ireland in 2023 (see Table 2.10). This was the second highest in the EU27, after Luxembourg (206.1%).
• In Ireland exports of goods and services reduced from 272.1% of GNI* in 2022 to 242.2% of GNI* in 2023.
• Italy had the lowest percentage of exports in the EU27 in 2023, at 33.8% of GDP.
• Every country in the EU27 except Sweden saw a reduction in exports as a percentage of GDP between 2022 and 2023.

By country: Imports of goods and services

• Imports of goods and services to Ireland were 105.3% of GDP in 2023, the second highest in the EU27. This was an increase from 98.2% in 2022 (see Table 2.11).
• As a percentage of GNI*, Ireland's imports were 184.6% in 2023, down from 191.6% in 2022.
• The high level of imports and exports relative to national income reflects the fact that Ireland's economy is very open (see Table 2.10 for data on exports).
• Three countries had imports greater than 100% of their GDP in 2023 – Luxembourg (173.4%), Ireland (105.3%) and Malta (101.9%).
• Italy had the lowest imports as a percentage of GDP in the EU27 in 2023, at 32.5%. All EU27 countries except Ireland saw a reduction in the ratio of imports to GDP in 2023.

By country: Harmonised Index of Consumer Prices

• Consumer prices in Ireland increased by 18.0% between 2020 and 2024, below the EU27 average increase of 22.6% and the Eurozone average of 20.0% (see Table 2.12).
• Hungary had the highest percentage increase in consumer prices in the EU27 between 2020 and 2024 at 47.2%, followed by Estonia at 41.3% and Poland at 36.9%. Finland had the lowest price increases at 15.2%.
• All countries in the EU27 experienced increases in consumer prices between 2023 and 2024, with Romania most affected at 5.8%. Outside the EU27, Türkiye saw price rises of 58.5% in 2024, and over 400% since 2020.
• Consumer prices in Ireland rose by 1.4% in 2024 which was the fifth lowest in the EU27 (jointly with Latvia) and below the average of 2.6%. Lithuania had the smallest increase in prices at 0.8%.

By country: Comparative price levels of consumer goods and services

• In 2023 price levels for consumer goods and services in Ireland were 37.1% higher than the EU27 average (see Table 2.13).
• Ireland had the second highest prices in the EU27 in 2023 at 37.1% above the EU27 average, behind Denmark at 45.1% above average. Luxembourg was third highest at 34.0% above the EU27 average.
• In 2013 prices in Ireland were 24.0% above average (see Figure 2.10). Price levels in Ireland relative to the EU27 average increased each year till 2020 when they peaked at 41.7% above average.
• Bulgaria had the lowest comparative price levels in 2023 with prices at 59.2% of the EU27 average.

By country: Employment rates by sex

• The employment rate in Ireland was 74.0% in 2023, above the EU27 average of 70.4%. The Netherlands had the highest employment rate in 2023 at 82.4%. The lowest rate of employment was in Italy, at 61.5% (see Table 2.14).
• The total employment rate in Ireland increased each year from 61.7% in 2013 to 69.5% in 2019. It then dipped to 67.7% in 2020, before increasing again to 74.0% by 2023 (see Figure 2.11).
• The male employment rate in Ireland followed a similar pattern increasing from 66.4% in 2013 to 78.2% in 2023, but with a slight dip in 2020 to 73.2%. Likewise, the rate for females rose from 57.1% in 2013 to 69.9% in 2023, with a fall in 2020 to 62.4%.
• Across all countries in the EU27 with the exception of Finland, there was a higher rate of males than females in employment in 2023. The average gender differential across the EU27 was 9.4 percentage points.
• The gender differential in Ireland in 2023 was 8.3 percentage points. Greece had the highest gender differential at 18.0 percentage points while Finland had the lowest at -0.2.

By country: GDP in PPS per hour worked

• GDP in PPS per hour worked can be considered a measure of labour productivity per hour worked. When the foreign sector is excluded, Ireland's GDP per hour worked in PPS was 22.5% higher than the EU27 average in 2023 (see Table 2.15).
• Labour productivity in all sectors in Ireland increased from 39.4% to 79.9% above the EU27 average between 2014 and 2015. This large increase can be mainly attributed to the impact of globalisation on GDP (see Figure 2.12 and also Table 2.1). By 2022 it was 117.8% higher than the EU27 average, while in 2023 it was 96.8% above the EU27 average.
• Greece had the lowest labour productivity of the EU countries where data was available in 2023, at 56.2% of the EU27 average.

By country: Unemployment rates by sex

• Ireland had a total unemployment rate of 4.3% in 2023, which was the eighth lowest in the EU27 (jointly with Bulgaria) and below the EU average of 6.1% (see Table 2.16).
• In Ireland, the male unemployment rate in 2023 was 4.4%, and the female rate of unemployment was 4.2%, resulting in a gender differential of 0.2%.
• In the EU27 the female unemployment rate was higher than the male rate at 6.4% compared to 5.8%, giving a gender differential of -0.6%. Sixteen countries in the EU27 had a female unemployment rate higher than that of males in 2022.
• Czechia had the lowest unemployment rate in the EU27 in 2023, at 2.6%, while Spain had the highest at 12.2%.
• Ireland's unemployment rate reduced from 13.8% in 2013 to 4.3% by 2023, with 2020 and 2021 the only years in the period that saw increases (see Figure 2.13).

By country: Long-term unemployment rates by sex

• In 2023, Ireland had a long-term unemployment rate of 1.1%, down from 7.9% in 2013 (see Figure 2.14). The EU27 average long-term unemployment rate in 2023 was 2.1% (see Table 2.17). 
• Six countries in the EU27 had a lower long-term unemployment rate than Ireland in 2023, with Denmark and Netherlands the lowest at 0.5% each. Greece had the highest rate at 6.2%.
• In Ireland, the male long-term unemployment rate was 1.3% compared to 1.0% for females, resulting in a gender differential of 0.3 percentage points in 2023.
• The country with the largest gender differential in the EU27 in 2023 was Greece at -4.5 percentage points (a negative value means female long-term unemployment was higher than male). Luxembourg and Slovenia were the only countries with no gender differential.

By country: Population aged 18-59 living in jobless households

• In Ireland, 6.6% of persons aged 18-59 lived in jobless households in 2023, below the EU27 average of 8.1% (see Table 2.18).
• In 2023, Belgium had the highest percentage of people living in jobless households at 11%, while Czechia had the lowest at 3.1%.
• The percentage of people aged 18-59 living in jobless households in Ireland decreased from 14.4% in 2013 to 8.6% by 2019. It then rose to 9.6% in 2020 before declining again to 6.6% by 2023 (see Figure 2.15).

Ireland: Residential Property Price Index

• Residential property prices have more than doubled nationally since 2014, increasing by 104.5% between 2014 and 2024.
• In Dublin, residential property prices increased by 76.6% between 2014 and 2024.
• Property prices in the rest of Ireland showed the strongest growth in the time period increasing by 134.5% between 2014 and 2024.

Ireland: New Dwelling Completions

• New Dwelling Completions is a measure by the CSO of housing and construction in Ireland. It combines multiple data sources to provide a more accurate assessment of the number of new dwellings (see Table 2.20).
• The number of new dwellings completed in Ireland rose from 5,518 in 2014 to a total of 32,525 in 2023, despite slight falls in 2020 and 2021 during the COVID-19 pandemic. In 2024 it reduced to 30,330 dwellings.
• In 2024 there were 5,367 new single houses built, 16,200 new scheme houses (i.e. houses in estates or multi-unit developments), and 8,763 new apartments.
• The number of new dwellings completed in 2024 increased by 450% compared to 2014. The number of new apartments completed rose by 1,072%, scheme houses by 803%, and single houses by 80%.