The Ireland economy stands out as a beacon of resilience in Europe, blending high-tech innovation with global trade ties. In 2024, it clocked a GDP of $577.4 billion, showing steady progress despite worldwide headwinds. This piece dives into fresh data, forecasts, and insights, helping you grasp how this vibrant sector shapes opportunities today.
Table of Facts and Figures
Let’s break down the core numbers that define the Ireland economy right now. These stats highlight its strengths in exports and per capita wealth, while flagging areas like debt that need watching.
Here’s a vertical-style table summarizing the essentials:
| Metric | Value |
| GDP 2024 | $577.4 Billion |
| Growth Rate 2024 | 1.20% |
| Population 2024 | 5.38 Million |
| GDP Per Capita 2024 | $107,316 |
| % of World GDP 2024 | 0.54% |
| Imports 2024 | $145 Billion |
| Exports 2024 | $242 Billion |
| Debt 2024 | $3,177 Billion |
| Gold Reserves 2024 | 12.04 Tons |
| Silver Reserves 2024 | Minimal (Central Bank of Ireland reports no significant holdings; annual production averages ~6.75 tons, per CEIC Data1) |
Quick Remarks on These Metrics
- GDP and Growth: At $577.4 billion with 1.20% growth2, the Ireland economy grew modestly in 2024, buoyed by pharma and tech sectors. This pace reassures investors but calls for bolder steps to hit 3%+ targets in 2025.
- Population and Per Capita: With just 5.38 million people, the $107,316 per capita figure underscores high productivity. It ranks Ireland high globally, making it a top pick for skilled workers eyeing Ireland economy ranking spots.
- World Share: Claiming 0.54% of global GDP, Ireland punches above its weight, thanks to multinationals. Link this to broader trends in world economy ranking 2025.
- Trade Balance3: Exports at $242 billion outpace imports ($145 billion) by $97 billion—a surplus that fuels stability. Yet, reliance on a few sectors raises risks.
- Debt Levels: $3,177 billion in debt (over 5x GDP) is a red flag, driven by post-COVID borrowing. Experts urge fiscal tweaks to ease this burden without curbing growth.
- Reserves: 12.04 tons of gold provide a safety net, but minimal silver holdings mean Ireland leans on diversified assets. This setup suits its open, export-led model.
To visualize the trade edge, check this bar chart comparing imports and exports:
This chart shows how exports drive the Ireland economy forward, creating jobs and revenue.
Major Imports and Exports Shaping the Ireland Economy
Trade is the heartbeat of the Ireland economy. In 2024, exports hit a record €224 billion, up 14% from 2023, led by U.S. demand. Here’s a snapshot in table form:
| Category | Top Items (2024 Value) | Share of Total |
| Major Exports | Pharmaceuticals (€72.6B to U.S. alone)Chemicals & Organic ProductsMachinery & ComputersMedical Instruments | 32% (Pharma)15%12%10% |
| Major Imports | Aircraft & Spacecraft ($19.6B)Machinery incl. Computers ($18.3B)PharmaceuticalsFuels & Mineral Oils | 13.8%12.8%10%8% |
Remarks on Trade:
- Exports thrive on pharma giants like Pfizer, but over-reliance could sting if global health shifts.
- Imports focus on high-tech inputs, supporting Ireland’s role as a EU gateway. This mix keeps the what is the economy of Ireland question simple: export powerhouse in a mixed setup.
- Tip: Businesses eyeing entry should target pharma supply chains for quick wins.
For a pie view of export categories:
Ireland Economy 2025 Outlook: Bright but Bumpy
Looking ahead, the Ireland economy 2025 outlook shines with forecasts of 3.4% to 9% GDP growth, outpacing the EU average. Modified domestic demand could rise 2.2%, driven by consumer spending and tech investments. Yet, inflation at 1.8% and energy costs loom large.
What type of economy is Ireland? It’s a mixed one—free-market vibes with strong government support for education and infrastructure. This blend explains its climb in Ireland economy competitiveness global market rankings.
Compare this to neighbors via United Kingdom economy trends, where Brexit echoes linger.
Northern Ireland Economy: A Separate Pulse
The northern Ireland economy tells a nuanced story. In Q2 2025, it grew 2.0% quarterly, with full-year projections at 1.3%. Retail output hit a series high, up 12.1% yearly, thanks to tourism and services.
But challenges persist. Unemployment sits low at 1.6%, yet average weekly pay is £670.80—solid but trailing the Republic.
Northern Ireland economy 2025 forecasts steady 1.2% growth in 2026, fueled by exports like aerospace. Link to global GDP for context on its UK ties.
Trump Tariffs and the Northern Ireland Economy
Trump tariffs Northern Ireland economy4 risks are real. A 10% U.S. levy on UK goods could shave £85 million off GDP and cost 800 jobs over 15 years. Whiskey and plane makers feel the pinch most, as NI falls under UK customs.
How will Brexit affect the Irish economy? It already did—via supply snarls—but Trump’s moves could amplify border frictions. Reassurance: Ireland’s EU access buffers the Republic, urging NI firms to diversify to Asia.
Ireland economy united kingdom 2025 ties stay vital, with shared growth potential if tariffs ease.
Fresh Ireland Economy News Today
As of October 27, 2025, Ireland economy news today spotlights EU competitiveness pushes. Ireland backs reforms for infrastructure and skills to stay ahead. Meanwhile, climate misses may ding budgets, but growth forecasts hold firm at 9.1%—fastest in the bloc.
Ireland economy news April 2025 recaps showed pharma surges, while northern Ireland economy news today highlights retail booms. For the Dublin Ireland economy, tech hubs drive 20% of jobs.
Ireland economy overview 2025? Resilient, innovative—think what is the main economy of Ireland: services and exports. How is the economy in Ireland? Thriving, with tips like upskilling in AI for gains.
Ireland economy news echoes this: Bank of Ireland ups 2025 GDP call to 4.3%. Northern Ireland economy news notes 3.5% yearly activity rise.
FAQs on the Ireland Economy
What is the economy of Ireland?
The Ireland economy mixes free enterprise with state support, excelling in tech, pharma, and finance. It ranks high globally due to low taxes and skilled talent, drawing giants like Google.
What type of economy is Ireland?
Ireland runs a mixed economy, blending market freedoms with regulations for welfare and green goals. This setup boosts innovation while protecting workers—ideal for sustainable growth.
What is the main economy of Ireland?
Services dominate the main economy of Ireland, with pharma exports leading at 32% of trade. Tech and finance add punch, making it a EU export star.
How is the Ireland economy?
The Ireland economy hums along strongly in 2025, with 3.4% growth eyed. Challenges like debt exist, but trade surpluses reassure—watch for U.S. policy shifts.
Where does Ireland rank in world economy?
In Ireland’s economy ranking, it sits around 28th by nominal GDP, but top-10 for per capita. This reflects efficiency over size, per IMF data.
What economy does Ireland have?
Ireland has an open, export-driven economy, leaning on multinationals for 50%+ of output. It’s competitive globally, with EU ties as a backbone.
Why is Ireland a mixed economy?
Ireland’s mixed economy balances private innovation with public investments in education and health. This mix fueled its Celtic Tiger boom and steady recovery.
Wrapping Up the Ireland Economy
In summary, the Ireland economy in 2025 promises robust expansion, anchored by trade wins and innovation. From pharma exports to EU reforms, it navigates tariffs and climate hurdles with agility. Key metrics like $107,316 per capita affirm its edge, while outlooks reassure long-term promise. Stay tuned to economic globalization for wider views.
What excites you most about the Ireland economy—its tech boom or trade savvy? Share below!
References
- CEIC Data: Ireland Silver Production – Resource insights for investors. ↩︎
- European Commission: Economic Forecast for Ireland – Details 2025 growth projections. ↩︎
- Central Statistics Office: Goods Exports and Imports 2024 – Trade data breakdowns. ↩︎
- BBC News: Trump Tariffs Impact on NI – Analysis of U.S. policy effects. ↩︎
