The main economic performance of a country can be seen from its gross domestic product. In other words, the total quantity of all goods and services sold within Ireland minus intermediate consumption. Worldwide gross domestic product in 2022 was at about 12,703 USD per capita. GDP in Ireland, on the other hand, reached USD 103,983 per capita, or 533.14 billion USD for the whole country. Ireland is therefore currently ranked 27 of the major economies. Taking purchasing power parity into account, this puts Ireland very high up in the list of the world's richest countries, in 3th place.
Inflation in Ireland in 2022 was around 7.81%. Within the EU, the average in the same year was 8.83 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 77, which is above average by global standards.
Back to overview: Ireland
Impact of the COVID-19 pandemic
Overall, the gross domestic product in Ireland in 2020 increased from 398.93 billion US dollars to 428.61 billion US dollars. Certainly, there have been shifts in numerous sectors of the economy, but a 7.4 percent increase has been rather unusual this year. While most countries have suffered significant losses, Ireland has certainly held its own. The tourism sector alone slumped by around 72 percent. The unemployment rate rose from 5.0 to 5.6 percent. The country's gross debt increased by 7.9 percent. The inflation rate fell from 0.9 percent previously to -0.3 percent by the end of 2020.
Income and purchasing power
The average monthly income in Ireland is 6,644 per capita. In the USA, the figure is 6,398 . However, the prices of daily necessities are also around 10.6 percent higher compared to the USA. If you compare income and price levels, Ireland is more expensive to live in than the United States. In the end, the higher incomes do not offset the costs and one receives about 6.1 percent less for the typical national income.
However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
The income tax payable in Ireland on all income is very high compared to other OECD countries. A married couple with 2 children and normal average income pays on average 19.4% income tax. The total tax burden including social security contributions but excluding employer contributions is 19.7%. The top tax rate is 48.0 percent. Please also read our country comparison of income tax.
Economic performance 2022
| Indicator | Ireland Total | Ireland per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 533.14 bn USD | 103,983.29 USD | 16.746 tn USD | 32,558.54 USD |
| Gross national product | 408.77 bn USD | 79,725.57 USD | 17.950 tn USD | 34,898.47 USD |
In the Global Innovation Index, Ireland ranked 23rd in 2022 with 48.5 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 22 originate from Ireland. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2023 were:
Rank 160: Accenture
Rank 171: Medtronic
Rank 304: CRH
Rank 336: PDD Holdings
Rank 362: Eaton
Rank 399: Johnson Controls International
Rank 453: Aon
Rank 632: Trane Technologies
Rank 735: AerCap Holdings
Rank 764: Bank of Ireland
Development of gross domestic product in billions of USD 1960 - 2022
Largest industries
- Pharmaceuticals
- Chemicals
- Computer hardware and software
- Food products
- Beverages and brewing
- Medical devices
Imports and Exports 2022
| Indicator | Ireland Total | Ireland per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 516.08 bn USD | 100,656.68 USD | 9.114 tn USD | 17,719.26 USD |
| Exports | 729.13 bn USD | 142,210.03 USD | 9.446 tn USD | 18,365.45 USD |
Development of imports and exports in billions of USD 2005 - 2022
Exports
Imports
Household debt and deficits 2022
| Indicator | Ireland Total | Ireland per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Government debts | 240.93 bn USD | 46,989.91 USD | 7.568 tn USD | 14,713.16 USD |
| Budget deficit | -8.46 bn USD | -1,649.60 USD | 560.78 bn USD | 1,090.29 USD |
Please note: A negative budget deficit equivalents to a surplus | ||||
› Debt budget development
› Development of inflation
› Corruption in Ireland
› Cost of living in a global comparison
Unemployment rates in percentages 1991 - 2022
The unemployment rates according to the ILOSTAT estimates used here do not always correspond to the official government figures. Instead, they are based on a harmonized procedure to compensate for different unemployment criteria and make them comparable across countries. Further information and an international comparison can be found here.
Largest airports and airlines in IrelandThe 14 biggest airports in Ireland and 6 airlines with further information and data
Comparison of income tax by countryThis is how much income tax and social security contributions you pay in these 39 countries
List of the 13 current Pariah States13 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
