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 2023 was at about 13,133 USD per capita. GDP in Ireland, on the other hand, reached USD 103,685 per capita, or 545.63 billion USD for the whole country. Ireland is therefore currently ranked 26 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 2023 was around 6.30%. Within the EU, the average in the same year was 6.30 percent. In the United States, it was most recently 4.12%.
The index for perceived corruption in the public sector is 77, which is above average by global standards.
Back to overview: Ireland
Income and purchasing power
The average monthly income in Ireland is 6,699 US Dollar per capita. In the USA, the figure is 6,692 US Dollar. However, the prices of daily necessities are also around 2.7 percent higher compared to the USA. When income and price levels are set against each other, life in Ireland is more expensive than in the USA. In the end, the higher income does not offset the costs and you get around 2.6 percent less for the typical income in the country.
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 2023
| Indicator | Ireland Total | Ireland per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 545.63 bn USD | 103,684.88 USD | 18.349 tn USD | 35,435.37 USD |
| Gross national product | 423.06 bn USD | 80,393.04 USD | 18.127 tn USD | 35,005.42 USD |
In the Global Innovation Index, Ireland ranked 22nd in 2023 with 50.4 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 129 countries. The top country was Switzerland with 67.6 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 | Company | City | Employees | Revenues | Market value |
|---|---|---|---|---|---|
| #160 | Accenture | Dublin | 721,000 | 63.14 bn US$ | 176.02 bn US$ |
| #171 | Medtronic | Dublin | 95,000 | 30.77 bn US$ | 119.82 bn US$ |
| #304 | CRH | Rathfarnham | 75,800 | 32.85 bn US$ | 36.36 bn US$ |
| #336 | PDD Holdings | Dublin | 12,992 | 19.28 bn US$ | 83.21 bn US$ |
| #362 | Eaton | Dublin | 91,924 | 21.39 bn US$ | 68.18 bn US$ |
| #399 | Johnson Controls International | Cork | 102,000 | 26.09 bn US$ | 42.67 bn US$ |
| #453 | Aon | Dublin | 50,000 | 12.68 bn US$ | 67.07 bn US$ |
| #632 | Trane Technologies | Swords | 39,000 | 16.30 bn US$ | 40.32 bn US$ |
| #735 | AerCap Holdings | Dublin | 641 | 6.87 bn US$ | 13.70 bn US$ |
| #764 | Bank of Ireland | Dublin | 8,696 | 8.12 bn US$ | 10.47 bn US$ |
Development of gross domestic product in billions of USD 1960 - 2023
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 7.1 percent. The inflation rate fell from 0.9 percent previously to -0.3 percent by the end of 2020.
Largest economic sectors
- Pharmaceuticals
- Chemicals
- Computer hardware and software
- Food products
- Beverages and brewing
- Medical devices
Imports and Exports 2023
| Indicator | Ireland Total | Ireland per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 548.83 bn USD | 104,292.42 USD | 9.004 tn USD | 17,388.48 USD |
| Exports | 731.81 bn USD | 139,065.14 USD | 9.712 tn USD | 18,754.39 USD |
Development of imports and exports in billions of USD 2005 - 2023
Exports
Imports
Household debt and deficits 2023
| Indicator | Ireland Total | Ireland per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Government debts | 238.44 bn USD | 45,310.29 USD | 8.019 tn USD | 15,485.26 USD |
| Budget deficit | -9.01 bn USD | -1,711.28 USD | 642.28 bn USD | 1,240.33 USD |
Please note: A negative budget deficit equivalents to a surplus | ||||
According to the European Union's convergence criteria, each member state must adhere to certain limits. For example, the public deficit may not exceed 3% and the debt budget may not exceed 60% of gross domestic product. As GDP most recently amounted to USD 545.63 billion in Ireland, this results in limits of USD 16.37 billion for the budget deficit and USD 327.38 billion for the highest permissible national debt. Both limits were therefore complied with in 2023.
› Debt budget development
› Development of inflation
› Corruption in Ireland
› Cost of living in a global comparison
Unemployment rates in percentages 1991 - 2023
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.
