It came courtesy of an expansion in manufacturing, which is dominated by big US multinationals in the life sciences sector, which have continued to trade strongly despite a slowing global economy.
The strong end to 2022 was driven by higher levels of investment by multinationals in intellectual property, continued growth in exports, higher private consumption (despite downbeat consumer sentiment), and a largely mild winter.
According to Oxford economic historian Kevin O'Rourke, Irish independence coupled with membership of the European Union have been crucial to Irish economic prosperity. Membership of the European single market reduced Irish dependence on the British economy and facilitated a modernization of the Irish economy.
Ireland's real GDP is estimated to have increased by 12.0% in 2022, driven by a rebound in private consumption and the continued solid performance of net exports, related to the activity of multinational companies. Sentiment readings in the first quarter of 2023 reflected an upbeat pace of activity.
Six million tourists visit Ireland each year creating 180,000 jobs and generating €3.9 billion for the economy. The tourism industry is built around the Irish people, Irish culture and the physical beauty of the country.
In 2021 Irish GDP/capita was $100,129 compared to $47,508 for the UK and there is no sign of that divergent trend ending any time soon. Ireland's GDP growth rate was 13.5% in 2021 and is expected to be 7.9% in 2022 while the UK has entered a period of recession or GDP decline expected to last a least a year.
"The high level of GDP per capita in Ireland can be partly explained by the presence of large multinational companies holding intellectual property," according to Eurostat findings.
Per capita, Ireland is now considered one of the wealthiest countries in the world and the most affluent in Europe behind Luxemburg.
Currently, the richest country in the world in terms of GDP per capita is Luxembourg, with a GDP per capita of $135,700. Other wealthy countries include Bermuda, Ireland, and Switzerland, all with GDP per capita above $80,000.
Most people know that Ireland is not really the most prosperous economy in Europe. Yet, if we ignore the small city state of Luxembourg, Ireland has the highest GDP per head, even adjusted for differences in price levels.
Yearly Trade
The most recent exports are led by Vaccines, blood, antisera, toxins and cultures ($36.5B), Packaged Medicaments ($32.8B), Nitrogen Heterocyclic Compounds ($22.4B), Integrated Circuits ($15.3B), and Scented Mixtures ($9.37B).
The Irish economy entered severe recession in 2008, and then entered into an economic depression in 2009. The Economic and Social Research Institute predicted an economic contraction of 14% by 2010. In the first quarter in 2009, GDP was down 8.5% from the same quarter the previous year, and GNP down 12%.
Public debt increased by more than 11 per cent at the end of 2022 to around €44,000 for every person in the country, which is one of the highest per capita debt burdens in the world, figures from the Department of Finance show. The State's debt stood at €226 billion, up from €203 billion just prior to the pandemic.
While Ireland has been considered a tax haven by many for decades now, the global tax system that Ireland depends on to incentivize multinational corporations to move there is receiving an overhaul by a coalition of 130 nations.
Frequently asked questions. 01 What is the average salary in Ireland? The average salary in Ireland in 2023 is around €45,000. Full-time workers in Ireland on average make €3,683 a month, equating to €44,202 a year (pre-tax).
Of the 64 global economies ranked, Ireland landed between first-placed Denmark and Switzerland in third, driven by strong performance in three of the four benchmarked areas. Ireland was the top-ranked nation for economic performance and came third for both government and business efficiency.
Households with a wealth value greater than €756,000 belong to the wealthiest 10% of all households (the top net wealth decile). Households in the bottom 10% of the net wealth distribution have a net wealth value less than €100 (see Table 5.1). The data on this table was updated on 16/05/2023.
Ireland is a first-world country, but with a third-world memory. Though largely white, Anglophone and westernized, Ireland histori- cally was in the paradoxical position of being a colony within Europe.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities. [Explore the top universities in Australia.]
Introduction. Everyone ordinarily resident in Ireland and certain visitors to Ireland are entitled to a range of public health services either free of charge or at reduced cost. You are ordinarily resident if you have been living in Ireland for at least a year or you intend to live here for at least one year.
To date, Ireland has not sought to join as a full NATO member due to its traditional policy of military neutrality, although there is an ongoing debate on whether they will join in the future after Russia's invasion of Ukraine in 2022.
Celtic Tiger is a nickname for Ireland during its boom years—between 1995 and 2007— when its economy was growing rapidly. The Irish economy grew at an average annual rate of 9.4% between 1995 and 2000, and between 1987 and 2007, Ireland's GDP grew by 229%.
The life expectancy for Ireland in 2022 was 82.66 years, a 0.18% increase from 2021. The life expectancy for Ireland in 2021 was 82.51 years, a 0.18% increase from 2020. The life expectancy for Ireland in 2020 was 82.35 years, a 0.18% increase from 2019.