Economy Measuring Ireland's Progress 2015 - Central Statistics Office

Ireland: Gross Domestic Product and Gross National Income, 2006-2015

2.1 Ireland: Gross Domestic Product and Gross National Income, 2006-2015

	€b	€b	€b	%	€
Year	Gross Domestic Product	Gross National Income	Net National Income	GNI as % of GDP	GNI at constant 2014 prices per capita
2006	185.1	162.3	134.4	87.7	37,968
2007	197.3	170.6	142.2	86.5	37,427
2008	187.7	162.5	135.6	86.6	35,119
2009	169.7	141.8	116.6	83.6	32,127
2010	167.1	139.9	114.8	83.7	33,141
2011	173.1	140.7	115.4	81.3	31,691
2012	175.8	143.6	116.6	81.7	31,485
2013	180.2	153.1	124.7	85.0	32,831
2014	193.2	164.5	133.6	85.2	35,684
2015	255.8	203.9	142.3	79.7	42,104
Source: CSO National Accounts

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.1 (XLS 23KB)

Gross Domestic Product (GDP) at current market prices in Ireland was €197.3 billion in 2007 and then fell to €167.1 billion in 2010. There was a rise to €173.1 billion in 2011 followed by small increases to €175.8 billion in 2012 and to €180.2 billion in 2013.
In 2014 GDP at current market prices rose to €193.2 billion followed by a very large increase to €255.8 billion in 2015.
This unprecedented increase in GDP in 2015 is due to the globalisation activities of a very small number of companies.
Gross National Income (GNI) was 79.7% of GDP in 2015 and has been consistently less than 90% in recent years. This gap reflects the importance of foreign direct investment to the Irish economy.
GNI per capita, at constant 2014 prices, fell from €37,968 in 2006 to €31,485 in 2012 before increasing to €35,684 in 2014.
In 2015 GNI per capita, at constant 2014 prices, rose strongly to €42,104.
Net National Income (NNI) rose from €134.4 billion in 2006 to €142.2 billion in 2007 before dropping down to €114.8 billion in 2010. NNI then rose over the next five years to €142.3 billion in 2015. See Appendix 1 for explanations of National Accounts aggregates.

	GNI at constant 2014 prices per capita
2006	37968.2959673037
2007	37426.984779926
2008	35118.7264498004
2009	32127.3216570345
2010	33141.3014841486
2011	31690.9659227524
2012	31485.1485148515
2013	32830.5501730857
2014	35683.7903505727
2015	42104.0255425638

EU: GDP, GNI and NNI at current market prices, 2015

2.2 EU: GDP, GNI and NNI at current market prices, 2015^1,2

	€m	€m	€m	%
Country	GDP	GNI	NNI	GNI as % of GDP
EU 28	14,707,769	14,601,195	12,148,526	99.3
Germany	3,032,820	3,098,834	2,563,108	102.2
United Kingdom	2,577,280	2,526,471	2,188,807	98.0
France	2,181,064	2,216,484	1,826,611	101.6
Italy	1,642,444	1,633,328	1,337,921	99.4
Spain	1,075,639	1,074,859	885,052	99.9
Netherlands	676,531	674,079	562,228	99.6
Sweden	447,010	453,857	380,575	101.5
Poland	429,794	413,909	364,667	96.3
Belgium	410,351	410,500	331,035	100.0
Austria	339,896	338,041	276,638	99.5
Denmark	271,786	280,894	235,513	103.4
Ireland	255,815	203,886	142,328	79.7
Finland	209,149	210,926	171,112	100.8
Portugal	179,540	175,261	144,455	97.6
Greece	175,697	176,300	141,907	100.3
Czech Republic	166,964	155,990	120,018	93.4
Romania	159,964	157,310	121,452	98.3
Hungary	109,674	104,530	85,777	95.3
Slovakia	78,686	77,403	61,298	98.4
Luxembourg	51,216	33,335	26,859	65.1
Bulgaria	45,287	42,781	36,627	94.5
Croatia	43,847	41,889	35,425	95.5
Slovenia	38,570	37,685	29,690	97.7
Lithuania	37,331	35,824	30,815	96.0
Latvia	24,349	24,290	18,637	99.8
Estonia	20,252	19,833	16,572	97.9
Cyprus	17,637	17,575	15,181	99.6
Malta	9,250	8,674	7,538	93.8

Switzerland	604,510	618,347	489,901	102.3
Norway	348,332	365,893	304,243	105.0
Serbia	33,491	32,843	28,295	98.1
Iceland	15,130	12,741	10,737	84.2
Macedonia	9,061	:	:	:
Montenegro	3,625	:	:	:
Source: Eurostat, CSO National Accounts
¹ 2014 data used for Iceland, Croatia, Bulgaria and 2013 used for Serbia for GNI.
² 2014 data used for Iceland, Croatia, Bulgaria, Romania and 2013 used for Serbia for NNI.

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.2 (XLS 13KB)

GDP for the five largest economies in the EU (Germany, the United Kingdom, France, Italy and Spain) accounted for 72% of the total GDP in the EU in 2015. Ireland had the twelfth largest economy in the EU in 2015, using GDP as a measure, and accounted for 1.7% of EU GDP.
The relationship between GDP and GNI in Ireland in unusual among EU countries, with Luxembourg the only other country where the difference between the two measures is over 7% of GDP.
The GNI/GDP ratio was 79.7 for Ireland while the average for the EU was 99.3. The gap between GNI and GDP in Ireland reflects the importance of foreign direct investment to the Irish economy.

	GDP
Germany	3032820
United Kingdom	2577280.1
France	2181064
Italy	1642443.8
Spain	1075639
Netherlands	676531
Sweden	447009.5
Poland	429794.2
Belgium	410351
Austria	339896
Denmark	271786.1
Ireland	255815
Finland	209149
Portugal	179539.9
Greece	175697.4
Czech Republic	166964.1
Romania	159963.7
Hungary	109674.2
Slovakia	78685.6
Luxembourg	51216.2
Bulgaria	45286.5
Croatia	43846.9
Slovenia	38570
Lithuania	37330.5
Latvia	24348.5
Estonia	20251.7
Cyprus	17637.2
Malta	9250.3
Switzerland	604509.5
Norway	348332.1
Serbia	33491
Iceland	15130.2
Macedonia	9060.7
Montenegro	3624.7

EU: GDP growth rates, 2011-2015

2.3 EU: GDP growth rates, 2011-2015

%
Country	2011	2012	2013	2014	2015
Ireland (GDP)	-0.0	-1.1	1.1	8.5	26.3
Ireland (GNI)	-4.0	-0.4	4.4	9.1	18.7
Malta	1.4	2.7	4.6	8.4	7.4
Czech Republic	2.0	-0.8	-0.5	2.7	4.5
Sweden	2.7	-0.3	1.2	2.6	4.1
Poland	5.0	1.6	1.4	3.3	3.9
Romania	1.1	0.6	3.5	3.1	3.9
Slovakia	2.8	1.7	1.5	2.6	3.8
Bulgaria	1.9	0.0	0.9	1.3	3.6
Luxembourg	2.0	0.0	4.2	4.7	3.5
Spain	-1.0	-2.9	-1.7	1.4	3.2
Hungary	1.7	-1.6	2.1	4.0	3.1
Latvia	6.2	4.0	2.9	2.1	2.7
Slovenia	0.6	-2.7	-1.1	3.1	2.3
EU28	1.7	-0.5	0.2	1.6	2.2
United Kingdom	1.5	1.3	1.9	3.1	2.2
Eurozone 19	1.5	-0.9	-0.3	1.2	2.0
Netherlands	1.7	-1.1	-0.2	1.4	2.0
Lithuania	6.0	3.8	3.5	3.5	1.8
Germany	3.7	0.5	0.5	1.6	1.7
Cyprus	0.3	-3.2	-6.0	-1.5	1.7
Denmark	1.3	0.2	0.9	1.7	1.6
Croatia	-0.3	-2.2	-1.1	-0.5	1.6
Portugal	-1.8	-4.0	-1.1	0.9	1.6
Belgium	1.8	0.1	-0.1	1.7	1.5
Estonia	7.6	4.3	1.4	2.8	1.4
France	2.1	0.2	0.6	0.6	1.3
Austria	2.8	0.7	0.1	0.6	1.0
Italy	0.6	-2.8	-1.7	0.1	0.7
Finland	2.6	-1.4	-0.8	-0.7	0.2
Greece	-9.1	-7.3	-3.2	0.4	-0.2

Iceland	2.0	1.2	4.4	1.9	4.2
Macedonia	2.3	-0.5	2.9	3.6	3.8
Montenegro	:	-2.7	3.5	1.8	3.4
Albania	2.5	1.4	1.0	1.8	2.8
Norway	1.0	2.7	1.0	1.9	1.6
Switzerland	1.8	1.0	1.8	2.0	0.8
Serbia	1.4	-1.0	2.6	-1.8	0.8
Source: Eurostat, CSO National Accounts

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.3 (XLS 13KB)

The GDP growth rate in Ireland was 5.9% in 2006 and then dropped to 3.8% in 2007 before it became negative and dropped sharply to -4.4% in 2008. (See chart for data for years 2006 to 2010.)
The GDP growth rate decreased again in 2009 to -4.6% before rising to 2% in 2010. There was zero growth in 2011 followed by a negative growth rate of -1.1% in 2012.
The growth rate rose to 1.1% in 2013 and increased strongly in 2014 to 8.5%. In 2015 the GDP growth rate in Ireland increased significantly to 26.3%.
This unprecedented increase in GDP in 2015 is due to the globalisation activities of a very small number of companies.
The average GDP growth rate in the EU in 2015 was 2.2% and only Greece had a negative growth rate.

	Ireland	EU
2006	5.86573412117349	3.3
2007	3.79687788155911	3.1
2008	-4.37338656577586	0.4
2009	-4.56520194761548	-4.4
2010	2.03333734160182	2.1
2011	-0.040406307873618	1.7
2012	-1.10320124861047	-0.5
2013	1.09904458056349	0.2
2014	8.46262262127363	1.6
2015	26.2756264236902	2.2

EU: GDP per capita in Purchasing Power Standards, 2011-2015

2.4 EU: GDP per capita in Purchasing Power Standards, 2011-2015

EU = 100
Country	2011	2012	2013	2014	2015
Luxembourg	263	259	261	267	264
Ireland (GDP)	131	132	133	137	177
Ireland (GNI)	107	108	113	117	141
Netherlands	133	133	134	131	128
Austria	128	131	131	130	128
Denmark	128	127	128	127	127
Germany	123	124	124	125	124
Sweden	126	127	125	124	124
Belgium	120	121	120	120	119
Finland	117	115	113	111	109
United Kingdom	105	107	107	109	108
Eurozone 19	108	107	107	107	106
France	108	107	109	107	106
EU 28	100	100	100	100	100
Italy	104	102	99	97	96
Spain	93	91	90	90	90
Malta	83	84	86	86	88
Czech Republic	83	83	84	86	87
Slovenia	83	82	81	83	83
Cyprus	96	91	84	81	82
Portugal	77	75	77	77	77
Slovakia	75	76	77	77	77
Estonia	71	74	75	76	75
Lithuania	66	70	73	75	75
Poland	65	67	67	68	69
Greece	75	72	72	70	68
Hungary	66	65	67	68	68
Latvia	57	60	62	64	64
Croatia	60	60	59	59	58
Romania	52	54	55	55	57
Bulgaria	45	46	46	46	47

Switzerland	161	164	164	163	162
Norway	179	186	184	175	160
Iceland	114	115	117	118	123
Turkey	53	53	53	53	52
Montenegro	42	39	41	41	42
Macedonia	34	34	35	36	36
Serbia	37	37	38	37	36
Albania	29	30	29	30	30
Source: Eurostat

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.4 (XLS 13KB)

GDP per capita in PPS in Ireland rose from 131 in 2011 to 137 in 2014 before increasing sharply to 177 in 2015. This unprecedented increase in GDP in 2015 is due to the globalisation activities of a very small number of companies.
Ireland had the second highest GDP per capita, expressed in terms of purchasing power standards (PPS), in the EU in 2015, with Ireland 77% above the EU average.
GNI per capita in Ireland was 41% above the EU average in 2015.
In 2015 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.

EU: General Government consolidated gross debt, 2011-2015

2.5 EU: General Government consolidated gross debt, 2011-2015

% of GDP
Country	2011	2012	2013	2014	2015
Estonia	6.1	9.7	10.2	10.7	10.1
Luxembourg	18.8	21.8	23.5	22.7	22.1
Bulgaria	15.2	16.7	17.0	27.0	26.0
Latvia	42.8	41.3	39.0	40.7	36.3
Romania	34.2	37.3	37.8	39.4	37.9
Czech Republic	39.8	44.5	44.9	42.2	40.3
Denmark	46.4	45.2	44.7	44.8	40.4
Lithuania	37.2	39.8	38.7	40.5	42.7
Sweden	37.5	37.8	40.4	45.2	43.9
Poland	54.1	53.7	55.7	50.2	51.1
Slovakia	43.7	52.2	54.7	53.6	52.5
Finland	48.5	53.9	56.5	60.2	63.6
Malta	70.0	67.6	68.4	67.0	64.0
Netherlands	61.6	66.4	67.7	67.9	65.1
Germany	78.7	79.9	77.5	74.9	71.2
Hungary	80.7	78.2	76.6	75.7	74.7
Ireland (% of GDP)	109.6	119.5	119.5	105.2	78.6
Slovenia	46.6	53.9	71.0	80.9	83.1
EU 28	81.1	83.8	85.7	86.7	85.0
Austria	82.6	82.0	81.3	84.4	85.5
Croatia	65.2	70.7	82.2	86.6	86.7
United Kingdom	81.6	85.1	86.2	88.1	89.1
Eurozone 19	86.1	89.5	91.3	92.0	90.4
France	85.2	89.5	92.3	95.3	96.2
Ireland (% of GNI)	134.8	146.2	140.6	123.6	98.7
Spain	69.5	85.7	95.4	100.4	99.8
Belgium	102.3	104.1	105.4	106.5	105.8
Cyprus	65.2	79.3	102.2	107.1	107.5
Portugal	111.4	126.2	129.0	130.6	129.0
Italy	116.5	123.3	129.0	131.9	132.3
Ireland (% of NNI)	164.4	180.1	172.7	152.2	141.3
Greece	172.1	159.6	177.4	179.7	177.4
Source: Eurostat, CSO National Accounts

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.5 (XLS 14KB)

General government consolidated gross debt as a percentage of GDP in Ireland was about 24% in 2006 and 2007 before rising to 42.4% in 2008. The debt to GDP ratio increased over the next five years to stand at 119.5% in 2012. (See chart for data for years 2006 to 2010.)
In 2014 however the debt to GDP ratio fell to 105.2% before dropping sharply to 78.6% in 2015. The sharp fall in the debt to GDP ratio in 2015 is due to the unprecedented increase in GDP in Ireland in 2015.
The debt to GNI ratio in Ireland followed a similar pattern and rose steeply from 26.9% in 2006 to 146.2% in 2012 before falling to 98.7% in 2015.
Ireland had the twelfth highest debt to GDP ratio in the EU in 2015. However, when the debt is calculated as a % of NNI, the ratio is 141.3% and is the second highest in the EU.
The Eurozone debt to GDP ratio was 90.4% in 2015 while the figure for the EU was 85%.

	Ireland (% of GDP)	Ireland (% of GNI)	Ireland (% of NNI)
2006	23.6095125391087	26.9195223836457	32.5009484278414
2007	23.8974520129959	27.6365767878077	33.1561181434599
2008	42.4136994037946	48.9816637952252	58.6880073134229
2009	61.6762126997596	73.8125965261176	89.7566288203615
2010	86.2993944615974	103.069347969014	125.584048064783
2011	109.612873403825	134.791567489218	164.402211591791
2012	119.477223846968	146.236933555257	180.092453623101
2013	119.471280568673	140.623897793628	172.72202166065
2014	105.246945537378	123.592602499878	152.170333166164
2015	78.6247874440514	98.6502261067459	141.317239053454

EU: Public balance 2011-2015

2.6 EU: Public balance 2011-2015

% of GDP
Country	2011	2012	2013	2014	2015
Luxembourg	0.5	0.3	0.8	1.7	1.2
Germany	-1.0	-0.1	-0.1	0.3	0.7
Estonia	1.2	-0.3	-0.2	0.8	0.4
Sweden	-0.1	-0.9	-1.4	-1.6	0.0
Lithuania	-8.9	-3.1	-2.6	-0.7	-0.2
Czech Republic	-2.7	-3.9	-1.3	-1.9	-0.4
Romania	-5.4	-3.7	-2.1	-0.9	-0.7
Cyprus	-5.7	-5.8	-4.9	-8.9	-1.0
Austria	-2.6	-2.2	-1.3	-2.7	-1.2
Latvia	-3.4	-0.8	-0.9	-1.6	-1.3
Malta	-2.6	-3.5	-2.6	-2.0	-1.5
Netherlands	-4.3	-3.9	-2.4	-2.4	-1.8
Ireland (% of GDP)	-12.6	-8.0	-5.7	-3.7	-1.9
Hungary	-5.5	-2.3	-2.6	-2.3	-2.0
Eurozone 19	-4.2	-3.7	-3.0	-2.6	-2.1
Bulgaria	-2.0	-0.3	-0.4	-5.4	-2.1
Denmark	-2.1	-3.5	-1.1	1.5	-2.1
Ireland (% of GNI)	-15.5	-9.8	-6.7	-4.4	-2.3
EU 28	-4.5	-4.3	-3.3	-3.0	-2.4
Belgium	-4.1	-4.2	-3.0	-3.1	-2.6
Italy	-3.5	-2.9	-2.9	-3.0	-2.6
Poland	-4.9	-3.7	-4.0	-3.3	-2.6
Finland	-1.0	-2.2	-2.6	-3.2	-2.7
Slovenia	-6.7	-4.1	-15.0	-5.0	-2.9
Slovakia	-4.1	-4.3	-2.7	-2.7	-3.0
Croatia	-7.8	-5.3	-5.3	-5.5	-3.2
Ireland (% of NNI)	-18.9	-12.0	-8.2	-5.4	-3.4
France	-5.1	-4.8	-4.0	-4.0	-3.5
Portugal	-7.4	-5.7	-4.8	-7.2	-4.4
United Kingdom	-7.7	-8.3	-5.6	-5.6	-4.4
Spain	-9.6	-10.4	-6.9	-5.9	-5.1
Greece	-10.2	-8.8	-13.0	-3.6	-7.2

Norway	:	13.8	10.8	8.7	5.7
Source: Eurostat, CSO National Accounts

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.6 (XLS 14KB)

The public balance in Ireland was positive at 2.8% of GDP in 2006, (see chart for data for Ireland from 2006 to 2010).
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 to -13.8% in 2009.
The deficit in Ireland deteriorated sharply in 2010 to -32.1% of GDP before improving strongly in 2011 to -12.6%. There were continued improvements in the deficit over the last four years and it stood at -1.9% of GDP in 2015.
However when calculated as a % of NNI, the deficit in Ireland was -3.4% in 2015.
Only four EU countries - Luxembourg, Germany, Estonia and Sweden - had a public balance surplus in 2015.
Six EU member states in 2015 exceeded the 3% deficit limit in the EMU Stability and Growth Pact - Greece, Spain, the United Kingdom, Portugal, France and Croatia.

	Ireland (% of GDP)	Ireland (% of GNI)	Ireland (% of NNI)	3% of GDP deficit limit under EMU Stability and Growth pact
2006	2.80934394605022	3.20320875383535	3.8673539979023	3
2007	0.273197731293051	0.315943728018757	0.379043600562588	3
2008	-6.97917277168904	-8.05993108540487	-9.65710957601315	3
2009	-13.8122849196248	-16.530207826461	-20.1008472541419	3
2010	-32.1180680213494	-38.3593459680416	-46.7386477426096	3
2011	-12.6203270353036	-15.5192872013131	-18.9285219079312	3
2012	-7.97364498105306	-9.759528667832	-12.0189710031818	3
2013	-5.65621028916425	-6.65765306788938	-8.17729643000401	3
2014	-3.72592669289708	-4.37539516560479	-5.38709701565155	3
2015	-1.87088325547759	-2.34739020825363	-3.36265527513912	3

Ireland: General Government total expenditure, 2006-2015

2.7 Ireland: General Government total expenditure, 2006-2015

%
Year	€m	% of GDP	% of GNI	% of NNI
2006	62,610	33.8	38.6	46.6
2007	70,727	35.8	41.5	49.7
2008	78,499	41.8	48.3	57.9
2009	79,952	47.1	56.4	68.6
2010	109,084	65.3	78.0	95.0
2011	79,557	46.0	56.5	68.9
2012	73,506	41.8	51.2	63.0
2013	71,715	39.8	46.8	57.5
2014	73,000	37.8	44.4	54.6
2015	75,320	29.4	36.9	52.9
Source: CSO National Accounts

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.7 (XLS 34KB)

Total expenditure by General Government (central and local government) increased from 33.8% of GDP in 2006 to 65.3% in 2010.
In 2011, total expenditure by General Government dropped to 46% of GDP and decreased for each of the four years since then to stand at 29.4% in 2015.
Total expenditure by General Government in 2015 was 36.9% of GNI and 52.9% of NNI.

	% of GDP	% of GNI	% of NNI
2006	33.8320877980774	38.5752837233374	46.5733859989735
2007	35.8487123212684	41.457796014068	49.7376933895921
2008	41.8244204446765	48.3011321683485	57.8726196356559
2009	47.1126196200443	56.3832413029527	68.5624121016705
2010	65.2712955649697	77.9550067175485	94.9836736470896
2011	45.9681053908823	56.5272379761406	68.9449875207987
2012	41.8232301967523	51.1905176436177	63.0417070472303
2013	39.7954597162184	46.8413214719599	57.5330926594465
2014	37.7925036239387	44.3801371528622	54.6419455526696
2015	29.4431522780134	36.9422128051951	52.9200157382946

EU: Gross fixed capital formation, 2011-2015

2.8 EU: Gross fixed capital formation, 2011-2015

% of GDP
Country	2011	2012	2013	2014	2015
Ireland (% of NNI)	25.8	29.4	26.3	29.6	38.1
Ireland (% of GNI)	21.2	23.9	21.4	24.1	26.6
Czech Republic	26.5	25.9	25.1	25.1	26.3
Malta	18.0	18.2	17.0	17.2	24.9
Romania	27.1	27.3	24.7	24.3	24.8
Estonia	26.2	28.6	27.6	24.4	23.7
Sweden	22.7	22.6	22.3	23.1	23.6
Belgium	22.6	22.6	22.2	22.9	23.0
Slovakia	24.0	21.2	20.7	20.4	23.0
Latvia	22.2	25.4	23.2	22.6	22.6
Austria	22.5	22.7	23.1	22.7	22.6
Hungary	19.8	19.4	20.9	21.8	21.7
France	22.4	22.5	22.1	21.8	21.5
Ireland (% of GDP)	17.2	19.5	18.2	20.5	21.2
Bulgaria	20.9	21.3	21.1	21.1	21.0
Finland	22.2	22.3	21.2	20.6	20.4
Poland	20.7	19.8	18.8	19.7	20.1
Germany	20.3	20.1	19.7	20.0	19.9
Eurozone 19	20.8	20.2	19.6	19.6	19.7
Spain	21.5	19.8	18.8	19.1	19.7
EU 28	20.2	19.7	19.3	19.4	19.5
Croatia	20.3	19.6	19.8	19.4	19.5
Slovenia	20.2	19.3	20.0	19.6	19.5
Netherlands	20.3	18.9	17.9	18.0	19.4
Lithuania	18.5	17.4	18.4	18.5	19.3
Denmark	18.2	18.8	19.1	19.2	19.2
Luxembourg	19.5	20.6	19.5	19.5	19.0
United Kingdom	15.7	15.9	16.1	16.6	16.9
Italy	19.7	18.4	17.2	16.6	16.6
Portugal	18.4	15.8	14.8	15.0	15.3
Cyprus	18.9	15.1	14.1	11.7	13.3
Greece	15.3	12.6	12.2	11.6	11.5

Switzerland	23.4	23.7	23.5	23.8	23.9
Norway	21.3	22.2	23.4	23.5	23.4
Macedonia	23.5	23.4	23.7	23.4	23.1
Montenegro	19.5	19.8	20.2	19.0	20.3
Iceland	15.4	16.0	15.7	17.2	19.0
Serbia	18.4	21.2	17.2	16.7	17.7
Albania	29.4	26.5	26.1	24.6	:
Source: Eurostat, CSO National Accounts

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.8 (XLS 24KB)

Gross fixed capital formation in Ireland was 31% of GDP in 2006 and well above the EU average, which was 21.9% in 2006, (see graph).
However the rate of investment dropped sharply in Ireland over the following five years to stand at 17.2% in 2011. This drop in investment is linked to the decline in the construction sector in Ireland over the same time period.
Over the next four years the rate of investment in Ireland has risen steadily, to stand at 21.2% of GDP in 2015.
Ireland had the twelfth highest rate of investment in the EU in 2015 when calculated as a percentage of GDP.
However, when considered as a proportion of NNI, the rate of investment in Ireland in 2015 was the highest in the EU at 38.1%.

	Ireland % of GDP:	Ireland % of GNI	Ireland % of NNI	EU
2006	31	35.3461424716277	42.6747227243311	21.9
2007	28.7	33.1905574443142	39.8193326300985	22.5
2008	24.8	28.6403987201575	34.3158602487449	22.5
2009	21.1	25.2519686038885	30.7065687922341	20.5
2010	17.6	21.0200840408198	25.6117584570508	20.1
2011	17.2	21.1509368272216	25.7973169717138	20.2
2012	19.5	23.8674796125159	29.39307369703	19.7
2013	18.2	21.422344580737	26.3121042920176	19.3
2014	20.5	24.0733670541316	29.6397374192534	19.4
2015	21.2	26.5995605387324	38.104083525378	19.5

EU: Current account balance, 2011-2015

2.9 EU: Current account balance, 2011-2015

current account balance as % of GDP
Country	2011	2012	2013	2014	2015
Ireland	-1.6	-2.6	2.1	1.7	10.2
Netherlands	8.7	10.3	9.8	8.8	8.6
Germany	6.1	7.0	6.8	7.3	8.5
Denmark	5.7	5.7	7.1	7.7	7.1
Sweden	6.1	5.9	6.0	5.4	5.8
Luxembourg	6.2	6.1	5.7	5.5	5.5
Slovenia	0.2	2.6	4.8	6.2	5.2
Croatia	-0.8	-0.1	1.0	0.8	5.1
Hungary	0.8	1.8	3.9	2.0	4.2
Eurozone 19	0.4	1.3	2.2	2.5	3.2
Malta	-2.4	1.3	3.6	3.4	2.6
Austria	1.6	1.5	2.0	1.9	2.5
Italy	-3.1	-0.4	0.9	1.8	2.2
Estonia	1.3	-2.4	-0.1	1.0	2.1
Spain	-3.2	-0.2	1.5	1.0	1.4
Bulgaria	0.3	-0.9	1.3	0.9	1.4
EU 28	-0.3	0.6	1.1	1.0	1.1
Czech Republic	-2.1	-1.6	-0.5	0.2	0.9
Portugal	-6.0	-1.9	1.5	0.1	0.5
Finland	-1.8	-1.9	-1.6	-0.9	0.1
Belgium	-1.1	-0.1	-0.2	-0.2	-0.0
Greece	-10.0	-3.8	-2.0	-2.1	-0.1
Poland	-5.2	-3.7	-1.3	-2.0	-0.2
Romania	-4.9	-4.8	-1.1	-0.5	-1.1
Latvia	-2.8	-3.3	-2.4	-2.0	-1.2
Slovakia	-5.0	0.9	2.0	0.1	-1.3
Lithuania	-3.9	-1.2	1.5	3.6	-1.7
Cyprus	-4.0	-5.6	-4.5	-4.5	-3.6
United Kingdom	-1.7	-3.3	-4.5	-5.1	-5.4
France	-1.0	-1.2	-0.8	-0.9	c

Norway	:	12.4	10.2	11.9	8.8
Iceland	-5.4	-4.1	5.7	3.3	4.2
Macedonia	-2.5	-3.2	-1.6	-0.8	-1.4
Serbia	-10.9	-11.6	-6.1	-5.9	-4.8
Montenegro	:	:	-14.5	-15.1	:
Source: Eurostat, CSO Balance of Payments
"c" indicates that the current account balance data is confidential

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.9 (XLS 27KB)

There was a deficit in the Balance of Payments current account of -1.6% in Ireland in 2011, which decreased to a deficit of -2.6% in 2012.
However the deficit changed to a surplus of 2.1% of GDP in 2012 before falling slightly to 1.7% in 2014 and then increasing significantly to 10.2% in 2015.
There was a very substantial increase in both GDP and the current account balance in Ireland in 2015, due to the globalisation activities of a very small number of companies.
Eight member states had current account deficits in 2015, with the largest in the United Kingdom at -5.4% of GDP. The current account balance in France was confidential in 2015.

EU: Exports of goods and services, 2012-2015

2.10 EU: Exports of goods and services, 2012-2015

exports as % of GDP
Country	2012	2013	2014	2015
Ireland (% of NNI)	160.9	153.4	164.5	222.9
Luxembourg	173.7	181.8	191.5	199.3
Ireland (% of GNI)	130.7	124.9	133.6	155.6
Malta	165.9	156.0	141.5	133.6
Ireland (% of GDP)	106.8	106.1	113.8	124.0
Slovakia	91.1	93.5	91.4	93.2
Hungary	86.8	86.0	88.7	90.7
Czech Republic	76.3	76.9	82.5	83.0
Netherlands	81.9	82.0	82.6	82.5
Belgium	81.8	81.9	82.6	80.8
Estonia	86.0	84.5	83.1	79.3
Slovenia	73.2	75.2	76.4	77.9
Lithuania	81.6	84.0	80.9	75.9
Bulgaria	60.8	64.5	64.9	64.0
Cyprus	53.5	58.7	62.2	61.2
Latvia	60.9	60.1	59.6	59.0
Denmark	54.6	54.8	54.5	55.2
Austria	53.5	53.4	53.2	53.1
Croatia	41.7	43.1	46.5	50.1
Poland	44.4	46.3	47.5	49.5
Germany	46.0	45.4	45.6	46.8
Sweden	45.8	43.7	44.7	45.2
Portugal	38.2	40.3	40.9	41.5
Romania	37.2	39.7	41.2	41.1
Finland	39.7	38.9	37.8	36.9
Spain	30.7	32.3	32.7	33.2
France	29.7	29.8	30.1	31.1
Italy	28.6	28.9	29.3	30.1
Greece	28.6	30.4	32.5	30.0
United Kingdom	29.8	29.8	28.1	27.2

Switzerland	66.4	71.3	64.1	62.0
Iceland	57.1	55.5	53.3	53.7
Macedonia	44.5	43.3	47.4	48.7
Serbia	36.2	40.7	43.4	46.6
Montenegro	:	41.3	40.1	42.5
Norway	40.4	39.0	38.7	37.1
Source: Eurostat, CSO Balance of Payments

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.10 (XLS 14KB)

Exports from Ireland rose from 106.8% of GDP in 2012 to 113.8% in 2014 and then increased strongly to 124% in 2015.
The strong rise in exports in 2015 is mainly due to the globaisation activities of a very small number of companies.
Ireland had the third highest level of exports as a % of GDP in the EU in 2015, after Luxembourg and Malta.
The United Kingdom had the lowest exports as a % of GDP in 2015 at just 27.2%.
Exports from Ireland were 155.6% of GNI and 222.9% of NNI in 2015.
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, 2012-2015

2.11 EU: Imports of goods and services, 2012-2015

imports as % of GDP
Country	2012	2013	2014	2015
Italy	27.6	26.6	26.5	27.0
United Kingdom	32.0	32.0	30.1	29.3
Greece	32.4	33.2	34.7	30.2
Spain	29.2	29.0	30.2	30.7
France	31.1	30.9	31.2	31.8
Finland	40.8	39.5	38.3	36.8
Germany	39.9	39.5	39.1	39.1
Portugal	38.1	38.4	39.8	39.7
Sweden	40.6	38.7	40.3	40.4
Romania	42.3	40.5	41.6	41.7
Poland	45.0	44.4	46.1	46.5
Croatia	41.2	42.6	44.4	47.2
Denmark	48.6	48.2	47.6	47.8
Austria	51.1	50.6	50.0	49.7
Latvia	65.5	63.8	61.5	60.1
Cyprus	55.0	56.9	60.1	60.9
Bulgaria	64.1	65.2	65.5	63.0
Slovenia	69.3	68.4	68.7	68.8
Netherlands	72.3	71.3	71.7	71.7
Estonia	84.4	82.5	79.5	75.1
Lithuania	80.8	82.7	79.0	76.5
Czech Republic	71.4	71.1	76.2	76.8
Belgium	82.6	81.8	82.2	78.5
Hungary	80.0	79.0	81.7	81.8
Slovakia	87.0	88.9	87.5	90.4
Ireland (% of GDP)	89.6	87.3	95.9	92.2
Ireland (% of GNI)	109.7	102.8	112.6	115.7
Malta	160.7	148.9	133.9	130.8
Luxembourg	144.3	152.0	158.3	164.6
Ireland (% of NNI)	135.1	126.2	138.6	165.8

Norway	27.5	28.3	29.5	31.5
Iceland	51.0	47.5	47.0	46.2
Switzerland	56.9	60.2	53.2	51.3
Serbia	53.6	51.9	54.2	56.4
Montenegro	:	61.4	60.0	61.1
Macedonia	66.9	61.6	64.9	65.0
Source: Eurostat, CSO Balance of Payments

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.11 (XLS 14KB)

Imports into Ireland were 89.6% of GDP in 2012 and fell to 87.3% in 2013.
In 2014 imports into Ireland as a % of GDP rose to 95.9% before falling back to 92.2% in 2015.
Italy had the lowest imports as a % of GDP in 2015 at 27% while Luxembourg had the highest at 164.6%.
Imports into Ireland were 115.7% of GNI and 165.8% of NNI in 2015.
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

2.12 EU: Harmonised Index of Consumer Prices, 2011-2015

2005=100
Country	2011	2012	2013	2014	2015	% change 2011 to 2015
Greece	102.4	103.4	102.5	101.1	100.0	-2.3
Bulgaria	99.9	102.3	102.7	101.1	100.0	0.1
Cyprus	98.4	101.5	101.8	101.6	100.0	1.6
Sweden	97.8	98.7	99.1	99.3	100.0	2.3
Ireland	97.4	99.2	99.7	100.0	100.0	2.7
Spain	96.9	99.3	100.8	100.6	100.0	3.2
Latvia	96.9	99.1	99.1	99.8	100.0	3.2
Denmark	96.6	98.9	99.4	99.8	100.0	3.5
Portugal	96.5	99.2	99.7	99.5	100.0	3.6
Poland	96.3	99.8	100.6	100.7	100.0	3.8
Lithuania	96.2	99.3	100.4	100.7	100.0	3.9
France	96.2	98.3	99.3	99.9	100.0	4.0
Slovenia	95.8	98.5	100.4	100.8	100.0	4.4
Germany	95.5	97.5	99.1	99.9	100.0	4.7
EU 28	95.5	98.0	99.5	100.0	100.0	4.8
Slovakia	95.4	99.0	100.5	100.4	100.0	4.8
Italy	95.3	98.4	99.7	99.9	100.0	4.9
Belgium	95.2	97.7	98.9	99.4	100.0	5.1
Luxembourg	94.9	97.6	99.3	99.9	100.0	5.4
Czech Republic	94.6	98.0	99.3	99.8	100.0	5.7
Croatia	94.6	97.8	100.0	100.3	100.0	5.7
Netherlands	94.3	97.0	99.5	99.8	100.0	6.0
Malta	94.1	97.1	98.1	98.8	100.0	6.3
Finland	93.9	96.8	99.0	100.2	100.0	6.6
United Kingdom	93.4	96.1	98.5	100.0	100.0	7.1
Austria	93.4	95.8	97.8	99.2	100.0	7.1
Hungary	93.0	98.2	99.9	99.9	100.0	7.6
Romania	92.8	96.0	99.0	100.4	100.0	7.7
Estonia	92.4	96.3	99.5	99.9	100.0	8.2

Switzerland	101.5	100.8	100.8	100.9	100.0	-1.5
Norway	94.0	94.3	96.2	98.0	100.0	6.4
Iceland	89.5	94.8	98.8	99.7	100.0	11.8
Turkey	72.8	79.3	85.2	92.8	100.0	37.4
Source: Eurostat HICP

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.12 (XLS 10KB)

Between 2006 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 Eurozone.
Between 2011 and 2014 consumer prices in Ireland increased but the rate of change was lower than in the EU and in the Eurozone.
Ireland experienced the fifth smallest increase in consumer prices in the EU between 2011 and 2015 and Greece was the only EU country in which consumer prices decreased over this time period.

	EU 28	Eurozone 19	Ireland
2006	84.65	86.67	93.7
2007	86.65	88.55	96.4
2008	89.82	91.51	99.5
2009	90.7	91.8	97.8
2010	92.59	93.28	96.2
2011	95.46	95.82	97.4
2012	97.99	98.22	99.2
2013	99.47	99.54	99.7
2014	100.01	99.97	100
2015	100	100	100

EU: Comparative price levels of final consumption by private households including indirect taxes

2.13 EU: Comparative price levels of final consumption by private households including indirect taxes, 2011-2015

EU 28=100
Country	2011	2012	2013	2014	2015
Bulgaria	50.2	50.2	49.2	47.9	46.7
Romania	55.2	51.9	53.7	53.1	51.9
Poland	58.6	56.3	56.1	55.8	54.8
Hungary	61.8	61.1	59.8	57.5	57.2
Lithuania	64.8	63.9	63.3	62.8	62.7
Czech Republic	73.7	71.7	68.6	63.7	63.3
Croatia	72.6	69.0	68.5	66.1	65.4
Slovakia	70.8	70.1	68.9	67.8	66.6
Latvia	72.6	71.7	70.5	70.1	69.2
Estonia	76.0	73.9	75.7	75.6	75.2
Slovenia	85.4	83.8	83.8	81.7	79.9
Malta	79.6	79.0	81.6	80.9	80.5
Portugal	85.0	82.5	82.0	81.8	80.9
Greece	95.2	92.1	88.5	85.4	83.4
Cyprus	93.5	93.5	92.9	90.1	87.4
Spain	97.0	95.6	94.2	92.3	90.2
Germany	102.2	100.9	102.7	101.5	99.8
EU 28	100.0	100.0	100.0	100.0	100.0
Italy	103.1	102.7	103.3	102.9	100.9
Austria	105.9	105.2	106.1	105.8	105.2
France	109.9	109.0	108.0	107.7	105.4
Belgium	110.3	109.5	109.9	108.7	107.1
Netherlands	108.4	108.2	110.0	109.8	109.1
Luxembourg	120.6	118.4	120.4	120.4	119.2
Finland	122.2	121.3	123.0	122.3	119.7
Sweden	125.9	126.8	132.3	125.6	121.3
Ireland	119.2	118.7	121.2	122.3	122.5
United Kingdom	109.1	116.8	115.0	121.5	131.3
Denmark	141.4	138.6	139.0	139.1	136.8

Macedonia	48.8	48.0	47.5	46.5	45.6
Albania	51.7	48.2	48.5	47.8	47.0
Serbia	55.3	49.9	52.7	50.5	49.0
Montenegro	56.1	56.0	56.8	55.5	55.4
Turkey	62.1	65.2	64.1	59.8	60.9
Iceland	107.3	110.7	111.7	118.0	125.0
Norway	156.6	160.4	156.2	146.5	137.2
Switzerland	160.3	153.5	148.2	148.9	163.3
Source: Eurostat HICP

Open in Excel: Measuring Ireland's Progress, 2015 Table 2.13 (XLS 12KB)

Ireland had the third highest price levels among EU countries in 2015, after Denmark and the United Kingdom.
Bulgaria and Romania had the lowest prices in the EU in 2015, with prices at about half of the EU average.
Between 2006 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 since then they have increased slightly to stand at 22.5% more than the EU average in 2015.

	EU28	Ireland
2006	100	124.6
2007	100	124.2
2008	100	129.8
2009	100	125.6
2010	100	118.1
2011	100	119.2
2012	100	118.7
2013	100	121.2
2014	100	122.3
2015	100	122.5

Measuring Ireland's Progress 2015

Economy - Finance

Ireland: Gross Domestic Product and Gross National Income, 2006-2015

EU: GDP, GNI and NNI at current market prices, 2015

EU: GDP growth rates, 2011-2015

EU: GDP per capita in Purchasing Power Standards, 2011-2015

EU: General Government consolidated gross debt, 2011-2015

EU: Public balance 2011-2015

Ireland: General Government total expenditure, 2006-2015

EU: Gross fixed capital formation, 2011-2015

EU: Current account balance, 2011-2015

EU: Exports of goods and services, 2012-2015

EU: Imports of goods and services, 2012-2015

EU: Harmonised Index of Consumer Prices

EU: Comparative price levels of final consumption by private households including indirect taxes

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