The Irish economy - Statistics & Facts

In 2023, the gross domestic product of the Republic of Ireland was estimated to be 589 .57 billion U.S dollars. Compared with 2022, the economy is expected to have grown by approximately two percent. Quarterly estimates for the third quarter of 2023 put Ireland's GDP at almost 115.2 billion Euros, a decline of 2.5 percent when compared with Q3 2023. Among European countries Ireland was the thirteenth-biggest economy in 2022, slightly bigger than Austria but smaller than Belgium. 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 part of the European Single Market. The high number of multinational corporations in Ireland does, however, inflate the size of the Irish economy substantially. Due to this, a modified Gross National Income indicator is produced which put the value of the Irish economy at 273 billion euros in 2022.

Inflation gradually subsides in 2023

Ireland, along with many other countries has experienced a significant wave of high inflation since 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. Inflation did, however, fall throughout 2023, and by February 2024, had fallen to 3.4 percent. As in many other countries, high inflation was driven by a huge increase in the prices of food and housing costs, such as energy. Even though the upward-pressure on food and energy prices eased somewhat in 2023, there are signs that inflation is becoming more embedded. Core inflation (which excludes food and energy prices) remains elevated going into 2024, with inflation high in many other sectors of the economy. Although wage growth has been consistent in Ireland, persistently high inflation since 2022 likely meant that living standards have fallen recently.

The Irish labor market

As of the fourth quarter of 2023, there were 2.7 million people employed in the Republic of Ireland, corresponding to an employment rate of 74 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 2024, 119,300 people were unemployed, equating to an unemployment rate of just 4.2 percent. Despite the relative tightness of Ireland's labor market, it is unlikely to continue indefinitely, with some signs pointing toward a looser market in 2024. 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 23,100 vacancies by the fourth quarter of 2023.
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 20, 2024

Key insights

GDP of Ireland 2022
533.56bn USD
Unemployment rate
4.9%
Inflation rate
3.9%
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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 3rd quarter 2023

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Wage growth in Ireland 2010-2023

Largest companies in the Republic of Ireland based on revenue as of 2023 (in billion U.S. dollars)

Business Enterprise

Largest companies in the Republic of Ireland based on revenue 2023

Combined corporate income tax rates in Europe in 2023, by country

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Combined central and sub-central corporate income tax rates in Europe in 2023

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