An inflated 2015 GDP growth of 26.3% (GNP growth of 18.7%) was officially partially ascribed to tax inversion practices by multinationals switching domiciles. By mid-2013, the European Commission's economic forecast for Ireland predicted its growth rates would return to a positive 1.1% in 2013 and 2.2% in 2014. The European sovereign-debt crisis caused a new Irish recession to start in Q3 2012, which was still ongoing as of Q2 2013. This growth was mainly driven by improvements in the export sector. Īfter a year with stagnant economic activity in 2010, the Irish real GDP rose by 2.2% in 2011 and 0.2% in 2012. Ireland first experienced a short technical recession from Q2-Q3 2007, followed by a recession from Q1 2008 – Q4 2009. įollowing a period of continuous growth at an annual level from 1984 to 2007, the post-2008 Irish financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. In the global GDP per capita tables, Ireland ranks 2nd of 192 in the IMF table and 4th of 187 in the World Bank ranking. ![]() ![]() Ireland is an open economy (3rd on the Index of Economic Freedom), and ranks first for high-value foreign direct investment (FDI) flows. The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services and agribusiness, including agrifood. All values, unless otherwise stated, are in US dollars.
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