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Ireland is an open economy (3rd on the Index of Economic Freedom), [27] and ranks first for high-value foreign direct investment (FDI) flows. [28] 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. [29] [30] Social expenditure stood at roughly 13.4% of GDP in 2024.
The economic history of the Republic of Ireland effectively began in 1922, when the then Irish Free State won independence from the United Kingdom. [2] The state was plagued by poverty and emigration until the 1960s when an upturn led to the reversal of long term population decline .
This is a sortable list of all European countries by their gross domestic product in billions of US dollars at market or official government exchange rates (nominal GDP), according to the International Monetary Fund. The economic and political map of Europe also includes: Turkey, Georgia, Armenia, Azerbaijan, Cyprus and Kosovo.
The GDP of the Republic of Ireland as of 2021 was €423.5 billion (nominal), [226] ... Salient events in the economic history of Ireland include:
The economic contraction in Ireland ended in 2015, when the economy began growing. The economy began outpacing the rest of the European Union after this period. [102] The economy of Ireland continued to grow in 2022 rising by 11%, although projected to slow with the global recession. [103]
Certain regions that are not widely considered countries such as Hong Kong also show up in the list if they are distinct jurisdiction areas or economic entities. GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local ...
Then Governor Philip Lane chaired the Economic Statistics Review Group which published a report in 2016 recommending the creation of Modified Gross National Income. Modified gross national income (also Modified GNI or GNI*) is a metric used by the Central Statistics Office (Ireland) to measure the Irish economy rather than GNI or GDP. GNI* is ...
On the whole, PPP per capita figures are less spread than nominal GDP per capita figures. [5] The rankings of national economies over time have changed considerably; the economy of the United States surpassed the British Empire's output around 1916, [6] which in turn had surpassed the economy of the Qing dynasty in aggregate output decades earlier.