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Economy and Banking Sector of Ireland

National Currency

Euro (EUR)

Ireland joined the Euro Area on 1 January 1999.

GDP

Nominal GDP (2019)
347.2 bln EUR  (+0.08%)
Nominal GDP per Capita (2019)
70,470 EUR  (+0.07%)
Real GDP Growth (2019)
5.5 %  (2018: 6.7 %)

According to Eurostat, nominal GDP of Ireland in 2019 was 347.2 bln EUR.

Ireland outperforms the European Union in terms of real GDP growth with the average annual differential coming to 2.6% over the past 10 years (2009 - 2019). In 2019 real GDP growth was 5.5% which was above the Euro Area average (1.2%) and above the European Union average (1.5%). Real GDP growth in 2020 - 2024 are IMF's estimates.

Real GDP Growth in Ireland.

Chart 1. Real GDP Growth in Ireland. Source: Eurostat, International Monetary Fund.

In 2019, nominal GDP per capita in Ireland was 70,470 EUR.

Ireland has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 78.7% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Ireland; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in Ireland; European Union = 100.

Inflation Rate

CPI, MoM (May 2020)
-0.7 %  (Apr 2020: -0.4 %)
CPI, YoY (May 2020)
-0.9 %  (Apr 2020: -0.3 %)
CPI, Year Average (2019)
0.9 %  (2018: 0.7 %)

According to Eurostat, inflation rate in Ireland in 2019 expressed as annual percentages of average consumer prices was 0.9% which was below the Euro Area average (1.2%) and below the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Ireland.

Chart 3. Inflation Rate in Ireland. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
5.0 %  (2018: 5.8 %)

According to Eurostat, unemployment rate in Ireland in 2019 was 5.0% which was below the Euro Area average (7.6%) and below the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Ireland.

Chart 4. Unemployment Rate in Ireland. Source: Eurostat, International Monetary Fund.

Government Bond Yield

Government Bond Yield (Apr 2020)
0.20 %  (Mar 2020: 0.07 %)

According to Eurostat, government bond yield in Ireland in April 2020 was 0.20%, compared to 0.07% in March 2020.

Government bond yield of Ireland.

Chart 5. Government bond yield of Ireland. Source: Eurostat.

Credit Ratings (as of Jun 2020)

Fitch
A+ (high credit quality), outlook stable
Moody's
A2 (upper medium grade), outlook stable
Scope
A+ (upper medium grade), outlook positive

Ireland has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is A+ (high credit quality), outlook stable; the rating set by Moody's is A2 (upper medium grade), outlook stable. Scope Ratings, European rating agency, rated Ireland as A+ (upper medium grade), outlook positive.