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Measuring Ireland's Progress 2014

Economy - Finance

2.1 Ireland: GDP and GNI, 2005-2014
 
 €b€b%€
YearGDPGNIGNI as % of GDPGNI at constant 2013 prices per capita
2005170.0147.686.834,163
2006184.9163.088.135,829
2007197.1171.286.935,978
2008187.5163.387.134,463
2009169.4142.484.131,463
2010166.2141.084.931,980
2011173.9143.382.431,575
2012174.8144.782.831,993
2013179.4153.285.433,347
2014189.0163.986.735,537
  Source: CSO National Accounts
  • Gross Domestic Product (GDP) at current market prices in Ireland peaked at €197.1 billion in 2007 and then fell to €166.2 billion in 2010. There was a rise to €173.9 billion in 2011 followed by a small increase to €174.8 billion in 2012. GDP continued to increase in 2013 to €179.4 billion followed by a rise to €189 billion in 2014.
  • Gross National Income (GNI) was 86.7% of GDP in 2014 and has been consistently less than 90% over the recent past. This gap reflects the importance of foreign direct investment to the Irish economy.
  • GNI per capita, at constant 2013 prices, rose from €34,163 in 2005 to peak at €35,978 in 2007 before decreasing to €31,575 in 2011.
  • Over the last three years, GNI per capita increased to stand at €35,537 in 2014, just below the peak level of 2007.
GNI at constant 2012 prices per capita
200534162.5139097199
200635828.6281272886
200735977.6498011792
200834462.5537892132
200931463.1402479375
201031980.1088961096
201131575.1163959868
201231992.6287782963
201333346.7592693388
201435537.3568205484
2.2 EU: GDP and GNI at current market prices, 20141
    
 €m€m%
CountryGDPGNIGNI as % of GDP
EU 2813,944,01513,918,26399.8
Germany2,915,6502,982,444102.3
United Kingdom2,253,3112,212,24098.2
France2,132,4492,174,475102.0
Italy1,613,8591,613,410100.0
Spain1,041,1601,036,93799.6
Netherlands662,770671,126101.3
Sweden430,635445,577103.5
Belgium400,643406,681101.5
Poland394,602381,63696.7
Austria329,296327,20299.4
Denmark257,753265,177102.9
Finland205,178204,95299.9
Ireland189,046163,91786.7
Greece180,389182,382101.1
Portugal173,446171,11998.7
Czech Republic154,739142,60092.2
Romania133,511131,95498.8
Hungary104,23999,63095.6
Slovakia75,56173,11896.8
Luxembourg48,89832,72766.9
Croatia43,08541,88997.2
Bulgaria41,91240,31996.2
Slovenia37,30337,24599.8
Lithuania36,44436,00498.8
Latvia23,58123,654100.3
Estonia19,96319,50497.7
Cyprus18,06517,56697.2
Malta7,5347,17095.2
    
Switzerland515,680525,354101.9
Norway377,009385,555102.3
Source: Eurostat, CSO National Accounts
1 2013 data used for Bulgaria, Cyprus, Greece, Malta, Poland and Switzerland and 2012 data used for Romania.
 
  • GDP for the five largest economies in the EU (Germany, the United Kingdom, France, Italy and Spain) accounted for 71% of total GDP within the EU in 2014. Ireland had the thirteenth largest economy in the EU in 2014, using GDP as a measure, and accounted for 1.4% of EU GDP.
  • The relationship between GDP and GNI in Ireland is unusual among EU countries, with Luxembourg the only other country where the difference between the two measures is over 8% of GDP.
  • The GNI/GDP ratio was 86.7 for Ireland while the average for the EU was 99.8. The gap between GNI and GDP in Ireland reflects the importance of foreign direct investment to the Irish economy.
GDP
Germany2915650
United Kingdom2253310.9
France2132449
Italy1613859.1
Spain1041160
Netherlands662770
Sweden430634.6
Belgium400643
Poland394601.8
Austria329295.6
Denmark257753.1
Finland205178
Ireland189046
Greece180389
Portugal173446.2
Czech Republic154738.7
Romania133511.4
Hungary104239.1
Slovakia75560.5
Luxembourg48897.5
Croatia43084.8
Bulgaria41911.8
Slovenia37303.2
Lithuania36444.4
Latvia23580.9
Estonia19962.7
Cyprus18064.6
Malta7533.6
Switzerland515680.3
Norway377008.6
2.3 EU: GDP growth rates, 2010-2014
    
     %
Country20102011201220132014
Ireland (% of GNI)2.1-0.81.64.47.0
Ireland (% of GDP)0.42.60.21.45.2
Luxembourg5.72.6-0.84.34.1
Hungary0.71.8-1.71.93.7
Malta3.51.92.84.13.7
Poland3.75.01.61.33.3
Lithuania1.66.03.83.53.0
Romania-0.81.10.63.53.0
Slovenia1.20.6-2.7-1.13.0
Estonia2.57.65.21.62.9
United Kingdom1.52.01.22.22.9
Slovakia5.12.81.51.42.5
Latvia-3.86.24.03.02.4
Sweden6.02.7-0.31.22.3
Czech Republic2.32.0-0.9-0.52.0
Germany4.13.70.40.31.6
Bulgaria0.11.60.21.31.5
EU 282.11.8-0.50.21.4
Spain0.0-1.0-2.6-1.71.4
Belgium2.71.80.20.01.3
Denmark1.61.2-0.1-0.21.3
Netherlands1.41.7-1.1-0.51.0
Eurozone 192.11.6-0.9-0.30.9
Portugal1.9-1.8-4.0-1.10.9
Greece-5.5-9.1-7.3-3.20.7
Austria1.92.80.80.30.4
France2.02.10.20.70.2
Italy1.70.6-2.8-1.7-0.3
Croatia-1.7-0.3-2.2-1.1-0.4
Finland3.02.6-1.4-0.8-0.7
Cyprus1.40.4-2.4-5.9-2.5
      
Macedonia3.42.3-0.52.93.5
Norway0.61.02.71.02.2
Iceland-3.62.01.24.42.0
Switzerland3.01.81.11.81.9
Source: Eurostat, CSO National Accounts
  • The GDP growth rate was positive in Ireland between 2005 and 2007 and averaged about 6% (see graph).
  • In 2008 the GDP growth rate in Ireland fell to -2.2% before decreasing sharply to -5.6% in 2009 and then returning to a positive figure in 2010 when it stood at 0.4%.
  • The growth rate in Ireland then increased to 2.6% in 2011 before falling to 0.2% in 2012, rising again in 2013 to 1.4% and increasing strongly in 2014 to 5.2%.
  • The GDP growth rate in Ireland in 2014 was the highest in the EU.
  • The average GDP growth rate in the EU in 2014 was 1.4% and four countries had negative rates of growth - Cyprus, Finland, Croatia and Italy.
IrelandEU
20056.334495802906822.1
20066.309266395274393.3
20075.542803899734113.1
2008-2.162374574738380.5
2009-5.63848341962355-4.4
20100.3988268426791372.1
20112.587884102748761.8
20120.151152324179277-0.5
20131.434627776835680.2
20145.199277785207971.4
2.4 EU: GDP per capita in Purchasing Power Standards, 2010-2014
      
EU = 100
Country20102011201220132014
Luxembourg254263259265266
Ireland (% of GDP)130132132132134
Netherlands135134133133131
Austria126128131131130
Denmark126126126127125
Germany119122122122124
Sweden126127127125123
Belgium119119121120119
Ireland (% of GNI)110109109113116
Finland115117116113110
United Kingdom108106107108109
Eurozone 19108108107107107
France108108107109107
EU 28100100100100100
Italy1041031019896
Spain9794929191
Czech Republic8183828385
Malta8684848584
Slovenia8383818183
Cyprus10396918482
Portugal8178777778
Slovakia7373757677
Estonia6369747576
Lithuania6065707375
Greece8777747473
Hungary6565656768
Poland6264676768
Latvia5256606264
Croatia5960605959
Romania5051545455
Bulgaria4545464647
      
Norway177182187185178
Switzerland154158163164162
Iceland116115115118119
Turkey4951535353
Macedonia3534343637
Source: Eurostat
  • Ireland had the second highest GDP per capita, expressed in terms of purchasing power standards, in the EU in 2014, with Ireland 34% above the EU average.
  • GNI per capita in Ireland was 16% above the EU average in 2014.
  • In 2014 all thirteen of the EU Member States who joined since 2004, as well as Greece, Portugal, Spain and Italy were below the EU average GDP per capita.
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.5 EU: General Government consolidated gross debt, 2010-2014
      
     % of GDP
Country20102011201220132014
Estonia6.65.99.59.910.4
Luxembourg19.619.222.123.423.0
Bulgaria15.515.317.618.027.0
Romania29.934.237.438.039.9
Latvia47.542.841.439.140.6
Lithuania36.237.239.838.840.7
Czech Republic38.239.944.745.242.7
Sweden37.636.937.239.844.9
Denmark42.946.445.645.045.1
Poland53.354.454.055.950.4
Slovakia40.843.351.954.653.5
Finland47.148.552.955.659.3
Netherlands59.061.766.467.968.2
Malta67.669.867.669.668.3
Germany81.078.479.777.474.9
Hungary80.680.878.376.876.2
Slovenia38.246.453.770.880.8
Austria82.482.281.680.884.2
Croatia57.063.769.280.885.1
EU 2878.481.083.885.586.8
United Kingdom76.681.885.386.288.2
Eurozone83.886.089.391.192.1
France81.785.289.692.395.6
Spain60.169.585.493.799.3
Belgium99.6102.2104.1105.1106.7
Ireland (% of GDP)86.8109.3120.2120.0107.5
Cyprus56.365.879.3102.5108.2
Ireland (% of GNI)102.3132.7145.2140.6124.0
Portugal96.2111.4126.2129.0130.2
Italy115.3116.4123.2128.8132.3
Greece146.2172.0159.4177.0178.6
      
Norway:27.529.229.326.6
  Source: Eurostat, CSO National Accounts
  • General government consolidated gross debt as a percentage of GDP in Ireland was about 25% between 2005 and 2007 before rising to 42.4% in 2008. The debt to GDP ratio increased over each of the next five years to stand at 120.2% in 2012. In 2014 however the debt to GDP ratio fell to 107.5%. (See graph for data from 2005 to 2014.)
  • The debt to GNI ratio in Ireland followed a similar pattern and rose steeply from 30.1% in 2005 to 145.2% in 2012 before falling to 124% in 2014.
  • Ireland had the fifth highest debt to GDP ratio in the EU in 2014, behind Greece, Italy, Portugal and Cyprus.
  • The Eurozone debt to GDP ratio was 92.1% in 2014 while the figure for the EU was 86.8%.
Show Graph - Ireland: General Government consolidated gross debt, 2005-2014
Show Map - EU: General Government consolidated gross debt, 2014
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.6 EU: Public balance 2010-2014
   
     % of GDP
Country20102011201220132014
Denmark-2.7-2.1-3.6-1.31.5
Luxembourg-0.50.50.20.71.4
Estonia0.21.2-0.3-0.10.7
Germany-4.2-1.0-0.1-0.10.3
Lithuania-6.9-8.9-3.1-2.6-0.7
Romania-6.9-5.4-3.2-2.2-1.4
Latvia-8.5-3.4-0.8-0.9-1.5
Sweden0.0-0.1-0.9-1.4-1.7
Czech Republic-4.4-2.7-4.0-1.3-1.9
Malta-3.2-2.6-3.6-2.6-2.1
Netherlands-5.0-4.3-3.9-2.4-2.4
Hungary-4.5-5.5-2.3-2.5-2.5
Eurozone 19-6.2-4.2-3.7-3.0-2.6
Austria-4.4-2.6-2.2-1.3-2.7
Slovakia-7.5-4.1-4.2-2.6-2.8
EU 28-6.4-4.5-4.3-3.3-3.0
Italy-4.2-3.5-3.0-2.9-3.0
Belgium-4.0-4.1-4.1-2.9-3.1
Poland-7.5-4.9-3.7-4.0-3.3
Finland-2.6-1.0-2.1-2.5-3.3
Greece-11.2-10.2-8.8-12.4-3.6
Ireland (% of GDP)-32.3-12.5-8.0-5.7-3.9
France-6.8-5.1-4.8-4.1-3.9
Ireland (% of GNI)-38.1-15.2-9.7-6.7-4.5
Slovenia-5.6-6.6-4.1-15.0-5.0
Croatia-5.9-7.8-5.3-5.4-5.6
United Kingdom-9.7-7.7-8.3-5.7-5.7
Bulgaria-3.2-2.0-0.6-0.8-5.8
Spain-9.4-9.5-10.4-6.9-5.9
Portugal-11.2-7.4-5.7-4.8-7.2
Cyprus-4.8-5.7-5.8-4.9-8.9
      
Norway:13.413.810.89.1
  Source: Eurostat, CSO National Accounts
  • The public balance in Ireland was positive between 2005 and 2007 and reached 2.8% of GDP in 2006, (see chart for data for Ireland from 2005 to 2014).
  • However the public balance in Ireland decreased to -7% of GDP in 2008, well below the 3% deficit limit in the EMU stability and Growth Pact, and fell again in 2009 to -13.8% of GDP.
  • The deficit in Ireland deteriorated sharply in 2010 to -32.3% of GDP before improving strongly in 2011 to -12.5%. There were continued improvements in the deficit over the last three years which saw the deficit stand at -3.9% in 2014.
  • All EU countries, with the exceptions of Denmark, Luxembourg, Estonia and Germany had a public balance deficit in 2014.
  • Thirteen EU member states exceeded the 3% of GDP deficit limit under the EMU Stability and Growth Pact in 2014.
  • Ireland had the ninth largest public balance deficit in the EU in 2014.
Ireland3% of GDP deficit limit under EMU Stability and Growth pact
20051.3-3
20062.8-3
20070.3-3
2008-7-3
2009-13.8-3
2010-32.3-3
2011-12.5-3
2012-8-3
2013-5.7-3
2014-3.9-3
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.7 Ireland: Total Government current expenditure, 2005-2014
  
%
Year€m% of GDP% of GNI
200546,46827.331.5
200651,19527.731.4
200756,37428.632.9
200861,92233.037.9
200964,10537.845.0
201063,19138.044.8
201163,49636.544.3
201264,69737.044.7
201364,22835.841.9
201464,03133.939.1
Source: CSO National Accounts
  • Total Government current expenditure as a % of GDP increased each year between 2005 and 2010, rising from 27.3% in 2005 to 38% in 2010.
  • However there was a small decline in 2011 when total Government current expenditure fell to 36.5% of GDP followed by a slight rise in 2012 to 37%. After decreases over the last two years, total Government current expenditure stood at 33.9% in 2014.
  • Total Government current expenditure was 39.1% of GNI in 2014.
% of GDP% of GNI
200527.33765546129531.4875047433187
200627.684495709024831.4158776133874
200728.608401757893832.923930500803
200833.016790457858637.9284576748744
200937.835237735492745.009654203967
201038.03089848757544.8172656155805
201136.504541796021644.3188084120304
201237.002487917870144.7105084933173
201335.791984307431741.9338621747788
201433.870592342604439.0630624035335
2.8 EU: Gross fixed capital formation, 2010-2014
      
% of GDP
Country20102011201220132014
Estonia21.225.727.027.325.8
Czech Republic27.026.626.025.125.0
Sweden22.322.722.622.123.3
Belgium22.323.023.022.323.1
Latvia19.122.125.223.323.0
Austria21.622.522.722.522.4
Romania25.927.127.523.822.0
France22.122.422.522.121.7
Hungary20.419.819.119.921.4
Slovakia22.224.221.320.421.1
Bulgaria22.921.321.521.321.0
Finland21.922.222.321.120.3
Slovenia21.220.219.219.720.1
Germany19.320.220.019.820.0
Eurozone 1920.620.720.119.519.5
Poland19.820.319.418.819.5
EU 2820.120.219.719.219.3
Malta21.417.518.318.119.3
Lithuania16.918.417.318.219.2
Ireland (% of GNI)18.617.618.817.818.9
Spain23.021.419.718.518.9
Denmark18.318.318.318.318.7
Croatia21.320.319.619.318.6
Netherlands19.720.318.917.918.2
Luxembourg18.119.619.918.318.1
United Kingdom16.116.116.216.517.2
Italy19.919.618.317.416.8
Ireland (% of GDP)15.814.515.615.216.4
Portugal20.518.415.814.614.6
Greece17.315.411.711.211.6
Cyprus21.819.115.213.410.8
      
Norway20.621.322.323.623.7
Iceland14.115.516.115.416.6
Switzerland22.823.423.623.4:
Macedonia23.123.523.423.5:
Source: Eurostat, CSO National Accounts
  • Between 2005 and 2006 gross fixed capital formation in Ireland rose from 28.9% of GDP to 29.1%, well above the EU average, which was 22% in 2006, (see graph).
  • However the rate of investment halved in Ireland over the following five years to stand at just 14.5% in 2011. This drop in investment is linked to the decline in the construction sector in Ireland over the same time period.
  • Over the last three years there has been a small increase in gross fixed capital formation to 16.4% in 2014.
  • Ireland had the fourth lowest rate of investment in the EU in 2014, after Cyprus, Greece and Portugal.
  • Fourteen EU member states had rates of investment of 20% of more in 2014.
Show Graph - Ireland and EU: Gross fixed capital formation, 2005-2014
2.9 EU: Current account balance, 2010-2014
      
current account balance as % of GDP
Country20102011201220132014
Netherlands7.49.110.811.010.8
Germany5.66.16.86.57.6
Slovenia-0.10.22.65.67.0
Sweden6.06.96.67.36.8
Denmark5.75.75.67.26.3
Luxembourg6.95.85.74.75.1
Hungary0.30.81.84.03.9
Ireland-0.8-1.2-1.53.13.6
Eurozone 190.10.11.21.82.0
Italy-3.5-3.1-0.50.91.9
Belgium1.8-1.1-0.7-0.21.6
Greece-9.9-9.9-2.40.60.9
Bulgaria-0.90.9-0.31.90.9
Spain-3.9-3.2-0.31.40.8
Austria2.91.61.50.90.8
EU 28-0.4-0.20.61.00.7
Czech Republic-3.7-2.1-1.6-0.50.6
Portugal-10.1-6.0-2.11.40.6
Croatia-1.1-0.8-0.20.90.6
Lithuania-0.3-3.8-1.21.60.1
Estonia1.81.4-2.5-1.10.1
Slovakia-4.7-5.00.91.80.1
Romania-4.6-4.6-4.5-0.8-0.4
France-0.8-1.0-1.5-1.4-0.8
Poland-5.5-5.0-3.4-1.3-1.3
Latvia2.3-2.8-3.2-2.3-3.1
Cyprusccc-3.0-5.1
United Kingdom-2.6-1.7-3.7-4.5-5.9
Malta-4.7c1.53.1c
Finland1.2-1.8-1.9-1.7c
      
Iceland-6.7-5.4-4.25.83.8
Norway::12.410.09.4
Macedonia:-2.5-2.9-1.8-1.3
Source: Eurostat, CSO Balance of Payments
"c" indicates that the current account balance data is confidential.
  • There was a deficit in the Balance of Payments current account of 0.8% of GDP in Ireland in 2010, which decreased to a deficit of 1.5% in 2012.
  • However the deficit changed to a surplus of 3.1% of GDP in 2013 and increased again in 2014 to 3.6%.
  • Six member states had current account deficits in 2014. Of those EU countries for which data was available, the largest current account deficit was in the United Kingdom at 5.9% of GDP.
  • Six member states had current account surpluses of 5% or more in 2014 - the Netherlands, Germany, Slovenia, Sweden, Denmark and Luxembourg.
2.10 EU: Exports of goods and services, 2012-2014
    
exports as % of GDP
Country201220132014
Luxembourg175.2181.9187.2
Malta163.6154.5146.3
Ireland107.2106.7113.7
Slovakia91.795.192.0
Hungary87.488.990.9
Estonia88.486.184.7
Belgium82.382.884.1
Czech Republic76.777.383.7
Netherlands81.982.682.9
Lithuania81.784.181.8
Slovenia73.274.776.6
Bulgaria64.868.468.2
Cyprus:57.461.8
Latvia60.458.958.0
Denmark54.054.353.7
Austria53.553.152.9
Poland44.846.146.8
Croatia41.743.046.2
Germany46.145.745.9
Sweden45.943.944.4
Romania37.239.741.3
Portugal38.240.440.6
Finland39.738.337.2
Spain30.331.632.1
Greece25.427.630.5
France29.729.730.1
Italy28.528.829.4
United Kingdom30.330.128.3
    
Iceland56.955.753.5
Macedonia44.543.247.5
Norway40.438.738.2
Source: Eurostat, CSO Balance of Payments
  • Exports in Ireland rose from 107.2% of GDP in 2012 to 113.7% in 2014. Ireland had the third highest level of exports as a % of GDP in the EU in 2014, after Luxembourg and Malta.
  • The United Kingdom had the lowest exports as a % of GDP in 2014 at just 28.3%.
  • 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).
Show Map - EU: Exports of goods and services, 2014
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.11 EU: Imports of goods and services, 2012-2014
    
imports as % of GDP
Country201220132014
Italy27.626.526.3
Greece27.727.729.5
Spain28.828.129.6
United Kingdom32.332.130.3
France31.130.931.0
Finland40.839.037.5
Germany40.239.939.4
Portugal38.338.739.4
Sweden40.338.139.7
Romania42.040.241.0
Croatia41.242.544.2
Poland45.044.045.0
Denmark48.648.548.4
Austria51.250.350.5
Latvia64.662.260.9
Cyprus:57.361.9
Slovenia69.267.968.7
Bulgaria67.868.869.1
Netherlands72.371.671.5
Czech Republic71.771.476.8
Lithuania80.882.881.6
Estonia87.484.682.1
Hungary80.681.583.4
Belgium83.083.083.5
Slovakia87.789.787.3
Ireland90.087.495.4
Malta158.6148.9139.6
Luxembourg144.2149.3152.5
    
Norway27.528.529.5
Iceland50.647.547.1
Macedonia66.961.665.1
Source: Eurostat, CSO Balance of Payments
  • Imports in Ireland rose from 90% of GDP in 2012 to 95.4% in 2014, which was the third highest level of imports in the EU in 2014.
  • Italy had the lowest imports as a % of GDP in 2014, at 26.3%, while Luxembourg had the highest at 152.5%.
  • 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).
Show Map - EU: Imports of goods and services, 2014
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.12 EU: Harmonised Index of Consumer Prices, 2010-2014
      
2005=100
Country20102011201220132014
Ireland105.4106.6108.7109.2109.6
Sweden110.8112.3113.4113.9114.1
France108.8111.3113.8114.9115.6
Portugal108.9112.7115.9116.4116.2
Germany108.4111.1113.5115.3116.2
Netherlands107.6110.2113.3116.2116.6
Denmark110.8113.8116.5117.0117.4
Eurozone110.0113.0115.8117.4117.9
Italy110.6113.8117.5119.0119.3
Cyprus112.0115.9119.5120.0119.7
Greece117.7121.4122.6121.6119.9
Belgium111.4115.1118.2119.6120.2
Austria109.5113.4116.3118.8120.5
Spain112.9116.4119.2121.0120.8
EU28111.9115.4118.4120.2120.9
Malta112.4115.2118.9120.1121.0
Finland110.5114.2117.8120.4121.8
Czech Republic113.7116.2120.3121.9122.4
Slovakia112.2116.8121.2122.9122.8
Luxembourg113.1117.3120.7122.8123.6
Slovenia115.6118.0121.4123.7124.1
Croatia115.9118.5122.5125.3125.6
Poland115.6120.1124.5125.5125.6
United Kingdom114.5119.6123.0126.1128.0
Lithuania128.6133.9138.1139.8140.1
Bulgaria136.6141.2144.6145.1142.8
Estonia127.0133.4139.0143.5144.2
Hungary129.7134.8142.4144.9144.9
Latvia137.9143.7147.0147.0148.1
Romania135.2143.0147.9152.6154.7
      
Switzerland104.1104.2103.4103.5103.5
Norway111.8113.1113.6115.8118.0
Iceland152.8159.2168.8175.8177.5
Turkey151.4161.2175.7188.7205.6
Source: Eurostat HICP
  • Between 2005 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.
  • Between 2011 and 2014 consumer prices in Ireland increased but the rate of change was much lower than in the EU and Eurozone.
  • Ireland experienced the third smallest increase in the EU in consumer prices between 2010 and 2014.
Show Graph - Ireland and EU: Harmonised indices of Consumer Prices, 2005-2014
2.13 EU: Comparative price levels of final consumption by private households including indirect taxes, 2010-2014
      
EU 28=100
Country20102011201220132014
Bulgaria50.050.250.249.247.9
Romania57.455.251.953.753.1
Poland60.458.656.356.155.8
Hungary63.061.861.159.857.5
Lithuania63.664.863.963.362.8
Czech Republic74.673.771.768.663.7
Croatia75.272.669.068.566.1
Slovakia70.370.870.168.967.8
Latvia70.072.671.770.570.1
Estonia74.876.073.975.775.6
Malta77.579.679.081.680.9
Slovenia86.185.483.883.881.7
Portugal87.485.082.582.081.8
Greece94.595.292.188.585.4
Cyprus88.793.593.592.990.1
Spain96.697.095.694.292.3
EU 28100.0100.0100.0100.0100.0
Germany103.6102.2100.9102.7101.5
Italy101.2103.1102.7103.3102.9
Austria105.1105.9105.2106.1105.8
France110.1109.9109.0108.0107.7
Belgium110.2110.3109.5109.9108.7
Netherlands107.9108.4108.2110.0109.8
Luxembourg122.4120.6118.4120.4120.4
United Kingdom107.8109.1116.8115.0121.5
Ireland118.1119.2118.7121.2122.3
Finland121.8122.2121.3123.0122.3
Sweden119.7125.9126.8132.3125.6
Denmark140.5141.4138.6139.0139.1
      
Macedonia44.848.848.047.646.5
Turkey69.862.165.264.159.8
Iceland105.2107.3110.7111.7118.0
Norway150.5156.6160.4156.2146.5
Switzerland148.1160.3153.5148.2148.9
Source: Eurostat HICP
  • Ireland and Finland had the joint third highest price levels among EU countries in 2014, after Denmark and Sweden.
  • Bulgaria had the lowest prices in the EU in 2014, with prices at less than half of the EU average.
  • Between 2005 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 in Ireland fell in 2010 to 18.1% above the EU average and have increased since then to stand at 22.3% more then the EU average in 2014.
EU28Ireland
2005100123.6
2006100124.6
2007100124.2
2008100129.8
2009100125.6
2010100118.1
2011100119.2
2012100118.7
2013100121.2
2014100122.3
Show Map - EU: Comparative price levels of final consumption by private households, 2014
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.

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