The Irish economy - Statistics & Facts

In 2022, the gross domestic product of the Republic of Ireland was estimated to be 519 billion U.S dollars. Compared with 2021, the economy grew by approximately nine percent. Quarterly estimates for the third quarter of 2022 put Ireland's GDP at almost 120 billion Euros, a growth rate of 2.3 percent when compared with Q2 2022. Among European countries Ireland had the fastest-growing economy, and was the twelfth-biggest economy in Europe overall, slightly bigger than Norway's economy, but smaller than Belgium's. Ireland's strong economic performance in recent years is partly due to its attractive business climate, with one of the lowest corporation tax rates in Europe, and a well-educated, English speaking population that is also part of the European Union.

Inflation increasing living costs in 2022

Ireland, along with many other countries experienced a significant wave of high inflation throughout 2022. Between October 2020 and October 2022, the consumer price index for Ireland increased from a rate of -1.5 percent, to a peak of 9.2 percent. As in other countries, high inflation was driven by a huge increase in the prices of food and housing costs, such as energy. Even if the upward-pressure on food and energy prices eases somewhat in 2023, there are signs that inflation is becoming more embedded. Core inflation (which excludes food and energy prices) remains elevated going into 2023, with inflation high in many other sectors of the economy. Although wage growth has been consistent in Ireland, persistently high inflation in 2022 likely meant that living standards actually fell in that year.

The Irish labor market

As of the fourth quarter of 2022, there were 2.57 million people employed in the Republic of Ireland, corresponding to an employment rate of 73.2 percent. Although unemployment rose in the immediate aftermath of the COVID-19 pandemic, there has been a clear trend of falling unemployment since 2021. As of February 2023, 116,500 people were unemployed, equating to an unemployment rate of just 4.3 percent. Despite the current tightness of Ireland's labor market, there are some signs that this will change in 2023. After peaking at 34,300 job vacancies in the second quarter of 2022, the number of job vacancies in Ireland has fallen quite significantly, to 27,600 vacancies by the fourth quarter of that year.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by D. Clark, Mar 8, 2023

Key insights

GDP of Ireland 2022
520bn USD
Unemployment rate
3.9%
Inflation rate
7.2%
Get more insights

Editor’s Picks Current statistics on this topic

Average growth in weekly earnings compared with a year earlier in the Republic of Ireland from 1st quarter 2010 to 4th quarter 2022

Key Economic Indicators

Wage growth in Ireland 2010-2022

Largest companies in the Republic of Ireland based on revenue in 2022 (in billion U.S. dollars)

Business Enterprise

Largest companies in the Republic of Ireland based on revenue 2022

Combined corporate income tax rates in Europe in 2021, by country

Government Finances

Corporate income tax rates in Europe in 2021

Recommended statistics

Gross domestic product

5

Gross domestic product

Labor Market

6

Labor Market

Inflation

5

Inflation

Business Enterprise

8

Business Enterprise

EU comparisons

4

EU comparisons

Further reportsGet the best reports to understand your industry

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Client Support Specialist– Contact (United States)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)
Email
asia.support@statista.com

Mon - Fri, 9am - 5pm (SGT)

Contact Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contact (Asia)
Email
support.japan@statista.com

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)
Email
eu.support@statista.com

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Associate Director - LAC– Contact (Latin America)
Email
support@statista.com

Mon - Fri, 9am - 6pm (EST)

Menu