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Economy - Finance

2.1 Ireland: Gross Domestic Product and Gross National Income, 2006-2015
 
 €b€b€b%
YearGross Domestic ProductGross National IncomeNet National IncomeGNI as % of GDPGNI at constant 2014 prices per capita
2006185.1162.3134.487.737,968
2007197.3170.6142.286.537,427
2008187.7162.5135.686.635,119
2009169.7141.8116.683.632,127
2010167.1139.9114.883.733,141
2011173.1140.7115.481.331,691
2012175.8143.6116.681.731,485
2013180.2153.1124.785.032,831
2014193.2164.5133.685.235,684
2015255.8203.9142.379.742,104
Source: CSO National Accounts
  • 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
200637968.2959673037
200737426.984779926
200835118.7264498004
200932127.3216570345
201033141.3014841486
201131690.9659227524
201231485.1485148515
201332830.5501730857
201435683.7903505727
201542104.0255425638
2.2 EU: GDP, GNI and NNI at current market prices, 20151,2
 
 €m€m€m%
CountryGDPGNINNIGNI as % of GDP
EU 2814,707,76914,601,19512,148,52699.3
Germany3,032,8203,098,8342,563,108102.2
United Kingdom2,577,2802,526,4712,188,80798.0
France2,181,0642,216,4841,826,611101.6
Italy1,642,4441,633,3281,337,92199.4
Spain1,075,6391,074,859885,05299.9
Netherlands676,531674,079562,22899.6
Sweden447,010453,857380,575101.5
Poland429,794413,909364,66796.3
Belgium410,351410,500331,035100.0
Austria339,896338,041276,63899.5
Denmark271,786280,894235,513103.4
Ireland255,815203,886142,32879.7
Finland209,149210,926171,112100.8
Portugal179,540175,261144,45597.6
Greece175,697176,300141,907100.3
Czech Republic166,964155,990120,01893.4
Romania159,964157,310121,45298.3
Hungary109,674104,53085,77795.3
Slovakia78,68677,40361,29898.4
Luxembourg51,21633,33526,85965.1
Bulgaria45,28742,78136,62794.5
Croatia43,84741,88935,42595.5
Slovenia38,57037,68529,69097.7
Lithuania37,33135,82430,81596.0
Latvia24,34924,29018,63799.8
Estonia20,25219,83316,57297.9
Cyprus17,63717,57515,18199.6
Malta9,2508,6747,53893.8
     
Switzerland604,510618,347489,901102.3
Norway348,332365,893304,243105.0
Serbia33,49132,84328,29598.1
Iceland15,13012,74110,73784.2
Macedonia9,061:::
Montenegro3,625:::
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.
  • 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
Germany3032820
United Kingdom2577280.1
France2181064
Italy1642443.8
Spain1075639
Netherlands676531
Sweden447009.5
Poland429794.2
Belgium410351
Austria339896
Denmark271786.1
Ireland255815
Finland209149
Portugal179539.9
Greece175697.4
Czech Republic166964.1
Romania159963.7
Hungary109674.2
Slovakia78685.6
Luxembourg51216.2
Bulgaria45286.5
Croatia43846.9
Slovenia38570
Lithuania37330.5
Latvia24348.5
Estonia20251.7
Cyprus17637.2
Malta9250.3
Switzerland604509.5
Norway348332.1
Serbia33491
Iceland15130.2
Macedonia9060.7
Montenegro3624.7
2.3 EU: GDP growth rates, 2011-2015
 
%
Country20112012201320142015
Ireland (GDP)-0.0-1.11.18.526.3
Ireland (GNI)-4.0-0.44.49.118.7
Malta1.42.74.68.47.4
Czech Republic2.0-0.8-0.52.74.5
Sweden2.7-0.31.22.64.1
Poland5.01.61.43.33.9
Romania1.10.63.53.13.9
Slovakia2.81.71.52.63.8
Bulgaria1.90.00.91.33.6
Luxembourg2.00.04.24.73.5
Spain-1.0-2.9-1.71.43.2
Hungary1.7-1.62.14.03.1
Latvia6.24.02.92.12.7
Slovenia0.6-2.7-1.13.12.3
EU281.7-0.50.21.62.2
United Kingdom1.51.31.93.12.2
Eurozone 191.5-0.9-0.31.22.0
Netherlands1.7-1.1-0.21.42.0
Lithuania6.03.83.53.51.8
Germany3.70.50.51.61.7
Cyprus0.3-3.2-6.0-1.51.7
Denmark1.30.20.91.71.6
Croatia-0.3-2.2-1.1-0.51.6
Portugal-1.8-4.0-1.10.91.6
Belgium1.80.1-0.11.71.5
Estonia7.64.31.42.81.4
France2.10.20.60.61.3
Austria2.80.70.10.61.0
Italy0.6-2.8-1.70.10.7
Finland2.6-1.4-0.8-0.70.2
Greece-9.1-7.3-3.20.4-0.2
      
Iceland2.01.24.41.94.2
Macedonia2.3-0.52.93.63.8
Montenegro:-2.73.51.83.4
Albania2.51.41.01.82.8
Norway1.02.71.01.91.6
Switzerland1.81.01.82.00.8
Serbia1.4-1.02.6-1.80.8
Source: Eurostat, CSO National Accounts
  • 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.
IrelandEU
20065.865734121173493.3
20073.796877881559113.1
2008-4.373386565775860.4
2009-4.56520194761548-4.4
20102.033337341601822.1
2011-0.0404063078736181.7
2012-1.10320124861047-0.5
20131.099044580563490.2
20148.462622621273631.6
201526.27562642369022.2
2.4 EU: GDP per capita in Purchasing Power Standards, 2011-2015
 
EU = 100
Country20112012201320142015
Luxembourg263259261267264
Ireland (GDP)131132133137177
Ireland (GNI)107108113117141
Netherlands133133134131128
Austria128131131130128
Denmark128127128127127
Germany123124124125124
Sweden126127125124124
Belgium120121120120119
Finland117115113111109
United Kingdom105107107109108
Eurozone 19108107107107106
France108107109107106
EU 28100100100100100
Italy104102999796
Spain9391909090
Malta8384868688
Czech Republic8383848687
Slovenia8382818383
Cyprus9691848182
Portugal7775777777
Slovakia7576777777
Estonia7174757675
Lithuania6670737575
Poland6567676869
Greece7572727068
Hungary6665676868
Latvia5760626464
Croatia6060595958
Romania5254555557
Bulgaria4546464647
      
Switzerland161164164163162
Norway179186184175160
Iceland114115117118123
Turkey5353535352
Montenegro4239414142
Macedonia3434353636
Serbia3737383736
Albania2930293030
Source: Eurostat
  • 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.
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.5 EU: General Government consolidated gross debt, 2011-2015
 
% of GDP
Country20112012201320142015
Estonia6.19.710.210.710.1
Luxembourg18.821.823.522.722.1
Bulgaria15.216.717.027.026.0
Latvia42.841.339.040.736.3
Romania34.237.337.839.437.9
Czech Republic39.844.544.942.240.3
Denmark46.445.244.744.840.4
Lithuania37.239.838.740.542.7
Sweden37.537.840.445.243.9
Poland54.153.755.750.251.1
Slovakia43.752.254.753.652.5
Finland48.553.956.560.263.6
Malta70.067.668.467.064.0
Netherlands61.666.467.767.965.1
Germany78.779.977.574.971.2
Hungary80.778.276.675.774.7
Ireland (% of GDP)109.6119.5119.5105.278.6
Slovenia46.653.971.080.983.1
EU 2881.183.885.786.785.0
Austria82.682.081.384.485.5
Croatia65.270.782.286.686.7
United Kingdom81.685.186.288.189.1
Eurozone 1986.189.591.392.090.4
France85.289.592.395.396.2
Ireland (% of GNI)134.8146.2140.6123.698.7
Spain69.585.795.4100.499.8
Belgium102.3104.1105.4106.5105.8
Cyprus65.279.3102.2107.1107.5
Portugal111.4126.2129.0130.6129.0
Italy116.5123.3129.0131.9132.3
Ireland (% of NNI)164.4180.1172.7152.2141.3
Greece172.1159.6177.4179.7177.4
Source: Eurostat, CSO National Accounts
  • 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)
200623.609512539108726.919522383645732.5009484278414
200723.897452012995927.636576787807733.1561181434599
200842.413699403794648.981663795225258.6880073134229
200961.676212699759673.812596526117689.7566288203615
201086.2993944615974103.069347969014125.584048064783
2011109.612873403825134.791567489218164.402211591791
2012119.477223846968146.236933555257180.092453623101
2013119.471280568673140.623897793628172.72202166065
2014105.246945537378123.592602499878152.170333166164
201578.624787444051498.6502261067459141.317239053454
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.6 EU: Public balance 2011-2015
 
% of GDP
Country20112012201320142015
Luxembourg0.50.30.81.71.2
Germany-1.0-0.1-0.10.30.7
Estonia1.2-0.3-0.20.80.4
Sweden-0.1-0.9-1.4-1.60.0
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-2.1-3.5-1.11.5-2.1
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:13.810.88.75.7
Source: Eurostat, CSO National Accounts
  • 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
20062.809343946050223.203208753835353.86735399790233
20070.2731977312930510.3159437280187570.3790436005625883
2008-6.97917277168904-8.05993108540487-9.657109576013153
2009-13.8122849196248-16.530207826461-20.10084725414193
2010-32.1180680213494-38.3593459680416-46.73864774260963
2011-12.6203270353036-15.5192872013131-18.92852190793123
2012-7.97364498105306-9.759528667832-12.01897100318183
2013-5.65621028916425-6.65765306788938-8.177296430004013
2014-3.72592669289708-4.37539516560479-5.387097015651553
2015-1.87088325547759-2.34739020825363-3.362655275139123
This map is © Ordnance Survey Ireland. All rights reserved. License number 01/05/001.
2.7 Ireland: General Government total expenditure, 2006-2015
 
%
Year€m% of GDP% of GNI% of NNI
200662,61033.838.646.6
200770,72735.841.549.7
200878,49941.848.357.9
200979,95247.156.468.6
2010109,08465.378.095.0
201179,55746.056.568.9
201273,50641.851.263.0
201371,71539.846.857.5
201473,00037.844.454.6
201575,32029.436.952.9
Source: CSO National Accounts
  • 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
200633.832087798077438.575283723337446.5733859989735
200735.848712321268441.45779601406849.7376933895921
200841.824420444676548.301132168348557.8726196356559
200947.112619620044356.383241302952768.5624121016705
201065.271295564969777.955006717548594.9836736470896
201145.968105390882356.527237976140668.9449875207987
201241.823230196752351.190517643617763.0417070472303
201339.795459716218446.841321471959957.5330926594465
201437.792503623938744.380137152862254.6419455526696
201529.443152278013436.942212805195152.9200157382946
2.8 EU: Gross fixed capital formation, 2011-2015
 
% of GDP
Country20112012201320142015
Ireland (% of NNI)25.829.426.329.638.1
Ireland (% of GNI)21.223.921.424.126.6
Czech Republic26.525.925.125.126.3
Malta18.018.217.017.224.9
Romania27.127.324.724.324.8
Estonia26.228.627.624.423.7
Sweden22.722.622.323.123.6
Belgium22.622.622.222.923.0
Slovakia24.021.220.720.423.0
Latvia22.225.423.222.622.6
Austria22.522.723.122.722.6
Hungary19.819.420.921.821.7
France22.422.522.121.821.5
Ireland (% of GDP)17.219.518.220.521.2
Bulgaria20.921.321.121.121.0
Finland22.222.321.220.620.4
Poland20.719.818.819.720.1
Germany20.320.119.720.019.9
Eurozone 1920.820.219.619.619.7
Spain21.519.818.819.119.7
EU 2820.219.719.319.419.5
Croatia20.319.619.819.419.5
Slovenia20.219.320.019.619.5
Netherlands20.318.917.918.019.4
Lithuania18.517.418.418.519.3
Denmark18.218.819.119.219.2
Luxembourg19.520.619.519.519.0
United Kingdom15.715.916.116.616.9
Italy19.718.417.216.616.6
Portugal18.415.814.815.015.3
Cyprus18.915.114.111.713.3
Greece15.312.612.211.611.5
      
Switzerland23.423.723.523.823.9
Norway21.322.223.423.523.4
Macedonia23.523.423.723.423.1
Montenegro19.519.820.219.020.3
Iceland15.416.015.717.219.0
Serbia18.421.217.216.717.7
Albania29.426.526.124.6:
Source: Eurostat, CSO National Accounts
  • 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 GNIIreland % of NNIEU
20063135.346142471627742.674722724331121.9
200728.733.190557444314239.819332630098522.5
200824.828.640398720157534.315860248744922.5
200921.125.251968603888530.706568792234120.5
201017.621.020084040819825.611758457050820.1
201117.221.150936827221625.797316971713820.2
201219.523.867479612515929.3930736970319.7
201318.221.42234458073726.312104292017619.3
201420.524.073367054131629.639737419253419.4
201521.226.599560538732438.10408352537819.5
2.9 EU: Current account balance, 2011-2015
 
current account balance as % of GDP
Country20112012201320142015
Ireland-1.6-2.62.11.710.2
Netherlands8.710.39.88.88.6
Germany6.17.06.87.38.5
Denmark5.75.77.17.77.1
Sweden6.15.96.05.45.8
Luxembourg6.26.15.75.55.5
Slovenia0.22.64.86.25.2
Croatia-0.8-0.11.00.85.1
Hungary0.81.83.92.04.2
Eurozone 190.41.32.22.53.2
Malta-2.41.33.63.42.6
Austria1.61.52.01.92.5
Italy-3.1-0.40.91.82.2
Estonia1.3-2.4-0.11.02.1
Spain-3.2-0.21.51.01.4
Bulgaria0.3-0.91.30.91.4
EU 28-0.30.61.11.01.1
Czech Republic-2.1-1.6-0.50.20.9
Portugal-6.0-1.91.50.10.5
Finland-1.8-1.9-1.6-0.90.1
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-5.00.92.00.1-1.3
Lithuania-3.9-1.21.53.6-1.7
Cyprus-4.0-5.6-4.5-4.5-3.6
United Kingdom-1.7-3.3-4.5-5.1-5.4
France-1.0-1.2-0.8-0.9c
      
Norway:12.410.211.98.8
Iceland-5.4-4.15.73.34.2
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
  • 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.
2.10 EU: Exports of goods and services, 2012-2015
 
exports as % of GDP
Country2012201320142015
Ireland (% of NNI)160.9153.4164.5222.9
Luxembourg173.7181.8191.5199.3
Ireland (% of GNI)130.7124.9133.6155.6
Malta165.9156.0141.5133.6
Ireland (% of GDP)106.8106.1113.8124.0
Slovakia91.193.591.493.2
Hungary86.886.088.790.7
Czech Republic76.376.982.583.0
Netherlands81.982.082.682.5
Belgium81.881.982.680.8
Estonia86.084.583.179.3
Slovenia73.275.276.477.9
Lithuania81.684.080.975.9
Bulgaria60.864.564.964.0
Cyprus53.558.762.261.2
Latvia60.960.159.659.0
Denmark54.654.854.555.2
Austria53.553.453.253.1
Croatia41.743.146.550.1
Poland44.446.347.549.5
Germany46.045.445.646.8
Sweden45.843.744.745.2
Portugal38.240.340.941.5
Romania37.239.741.241.1
Finland39.738.937.836.9
Spain30.732.332.733.2
France29.729.830.131.1
Italy28.628.929.330.1
Greece28.630.432.530.0
United Kingdom29.829.828.127.2
     
Switzerland66.471.364.162.0
Iceland57.155.553.353.7
Macedonia44.543.347.448.7
Serbia36.240.743.446.6
Montenegro:41.340.142.5
Norway40.439.038.737.1
Source: Eurostat, CSO Balance of Payments
  • 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).
2.11 EU: Imports of goods and services, 2012-2015
 
imports as % of GDP
Country2012201320142015
Italy27.626.626.527.0
United Kingdom32.032.030.129.3
Greece32.433.234.730.2
Spain29.229.030.230.7
France31.130.931.231.8
Finland40.839.538.336.8
Germany39.939.539.139.1
Portugal38.138.439.839.7
Sweden40.638.740.340.4
Romania42.340.541.641.7
Poland45.044.446.146.5
Croatia41.242.644.447.2
Denmark48.648.247.647.8
Austria51.150.650.049.7
Latvia65.563.861.560.1
Cyprus55.056.960.160.9
Bulgaria64.165.265.563.0
Slovenia69.368.468.768.8
Netherlands72.371.371.771.7
Estonia84.482.579.575.1
Lithuania80.882.779.076.5
Czech Republic71.471.176.276.8
Belgium82.681.882.278.5
Hungary80.079.081.781.8
Slovakia87.088.987.590.4
Ireland (% of GDP)89.687.395.992.2
Ireland (% of GNI)109.7102.8112.6115.7
Malta160.7148.9133.9130.8
Luxembourg144.3152.0158.3164.6
Ireland (% of NNI)135.1126.2138.6165.8
     
Norway27.528.329.531.5
Iceland51.047.547.046.2
Switzerland56.960.253.251.3
Serbia53.651.954.256.4
Montenegro:61.460.061.1
Macedonia66.961.664.965.0
Source: Eurostat, CSO Balance of Payments
  • 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).
2.12 EU: Harmonised Index of Consumer Prices, 2011-2015
 
2005=100
Country20112012201320142015% change 2011 to 2015
Greece102.4103.4102.5101.1100.0-2.3
Bulgaria99.9102.3102.7101.1100.00.1
Cyprus98.4101.5101.8101.6100.01.6
Sweden97.898.799.199.3100.02.3
Ireland97.499.299.7100.0100.02.7
Spain96.999.3100.8100.6100.03.2
Latvia96.999.199.199.8100.03.2
Denmark96.698.999.499.8100.03.5
Portugal96.599.299.799.5100.03.6
Poland96.399.8100.6100.7100.03.8
Lithuania96.299.3100.4100.7100.03.9
France96.298.399.399.9100.04.0
Slovenia95.898.5100.4100.8100.04.4
Germany95.597.599.199.9100.04.7
EU 2895.598.099.5100.0100.04.8
Slovakia95.499.0100.5100.4100.04.8
Italy95.398.499.799.9100.04.9
Belgium95.297.798.999.4100.05.1
Luxembourg94.997.699.399.9100.05.4
Czech Republic94.698.099.399.8100.05.7
Croatia94.697.8100.0100.3100.05.7
Netherlands94.397.099.599.8100.06.0
Malta94.197.198.198.8100.06.3
Finland93.996.899.0100.2100.06.6
United Kingdom93.496.198.5100.0100.07.1
Austria93.495.897.899.2100.07.1
Hungary93.098.299.999.9100.07.6
Romania92.896.099.0100.4100.07.7
Estonia92.496.399.599.9100.08.2
       
Switzerland101.5100.8100.8100.9100.0-1.5
Norway94.094.396.298.0100.06.4
Iceland89.594.898.899.7100.011.8
Turkey72.879.385.292.8100.037.4
Source: Eurostat HICP
  • 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 28Eurozone 19Ireland
200684.6586.6793.7
200786.6588.5596.4
200889.8291.5199.5
200990.791.897.8
201092.5993.2896.2
201195.4695.8297.4
201297.9998.2299.2
201399.4799.5499.7
2014100.0199.97100
2015100100100
2.13 EU: Comparative price levels of final consumption by private households including indirect taxes, 2011-2015
 
EU 28=100
Country20112012201320142015
Bulgaria50.250.249.247.946.7
Romania55.251.953.753.151.9
Poland58.656.356.155.854.8
Hungary61.861.159.857.557.2
Lithuania64.863.963.362.862.7
Czech Republic73.771.768.663.763.3
Croatia72.669.068.566.165.4
Slovakia70.870.168.967.866.6
Latvia72.671.770.570.169.2
Estonia76.073.975.775.675.2
Slovenia85.483.883.881.779.9
Malta79.679.081.680.980.5
Portugal85.082.582.081.880.9
Greece95.292.188.585.483.4
Cyprus93.593.592.990.187.4
Spain97.095.694.292.390.2
Germany102.2100.9102.7101.599.8
EU 28100.0100.0100.0100.0100.0
Italy103.1102.7103.3102.9100.9
Austria105.9105.2106.1105.8105.2
France109.9109.0108.0107.7105.4
Belgium110.3109.5109.9108.7107.1
Netherlands108.4108.2110.0109.8109.1
Luxembourg120.6118.4120.4120.4119.2
Finland122.2121.3123.0122.3119.7
Sweden125.9126.8132.3125.6121.3
Ireland119.2118.7121.2122.3122.5
United Kingdom109.1116.8115.0121.5131.3
Denmark141.4138.6139.0139.1136.8
      
Macedonia48.848.047.546.545.6
Albania51.748.248.547.847.0
Serbia55.349.952.750.549.0
Montenegro56.156.056.855.555.4
Turkey62.165.264.159.860.9
Iceland107.3110.7111.7118.0125.0
Norway156.6160.4156.2146.5137.2
Switzerland160.3153.5148.2148.9163.3
Source: Eurostat HICP
  • 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.
EU28Ireland
2006100124.6
2007100124.2
2008100129.8
2009100125.6
2010100118.1
2011100119.2
2012100118.7
2013100121.2
2014100122.3
2015100122.5
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