190
Ireland: Demand, output and prices 2017
2018
GDP at market prices Private consumption Government consumption Gross fixed capital formation Final domestic demand Stockbuilding1 Total domestic demand Exports of goods and services2 Imports of goods and services Net exports1
298.6 94.0 36.6 97.0 227.6 5.6 233.2 359.1 293.8 65.3
2020
2021
2022
Percentage changes, volume (2018 prices)
Current prices EUR billion
Ireland
2019
9.3 2.6 5.7 -5.6 0.0 -0.9 1.2 11.2 3.1 10.4
5.9 3.2 5.8 75.2 30.0 0.5 31.6 10.6 32.1 -16.9
-3.2 -13.2 12.3 -35.8 -22.1 1.4 -20.2 1.8 -10.4 13.9
0.1 1.5 0.1 -24.0 -9.3 -0.2 -9.1 4.2 -1.7 7.1
4.3 4.3 -4.7 5.3 2.7 0.0 2.6 3.8 2.6 2.5
4.7 0.3 0.7 0.3 5.7 6.9 0.1 75.0 62.9 6.0
4.5 2.7 0.9 0.9 4.9 7.5 0.5 69.4 57.3 -11.4
-11.5 2.3 -0.4 -0.1 5.3 22.8 -7.4 78.3 66.2 4.0
0.0 -0.1 0.4 0.3 8.0 16.5 -6.4 85.1 73.0 8.1
4.6 0.8 1.0 1.0 7.8 13.1 -4.3 86.6 74.5 10.2
Memorandum items GVA3, excluding sectors dominated by foreign-owned multinational enterprises GDP deflator Harmonised index of consumer prices Harmonised index of core inflation4 Unemployment rate (% of labour force) Household saving ratio, net (% of disposable income) General government financial balance5 (% of GDP) General government gross debt (% of GDP) General government debt, Maastricht definition (% of GDP) Current account balance (% of GDP)
_ _ _ _ _ _ _ _ _ _
1. Contributions to changes in real GDP, actual amount in the first column. 2. So called "contract manufacturing" (exports of goods produced abroad under contract from an Irish-based entity) by multinational enterprises is assumed to remain at the 2020 level in 2021 and 2022. 3. Gross value added. Data for 2018-2022 are OECD 's estimates. 4. Harmonised index of consumer prices excluding food, energy, alcohol and tobacco. 5. Includes the one-off impact of recapitalisations in the banking sector. Source: OECD Economic Outlook 108 database.
StatLink 2 https://doi.org/10.1787/888934218805
Export strength masks a weaker domestic economy The initial lockdown hit the domestic economy hard, but multinational companies largely weathered the storm. In particular, exports of pharmaceutical products and medical technology surged. Ireland’s important position in trade of COVID-19-related medical goods provided a bulwark against the precipitous drop in international trade experienced elsewhere. The domestic economy fared less well. While the official unemployment rate has been creeping up only gradually, this has masked substantial numbers who are not working and not classified as unemployed, accounting for around another 10% of the labour force. In addition, heightened uncertainty about Brexit damped business investment. Nonetheless, there were some signs that the economy was faring better before sanitary restrictions were reintroduced, notably retail sales were rebounding strongly.
OECD ECONOMIC OUTLOOK, VOLUME 2020 ISSUE 2: PRELIMINARY VERSION © OECD 2020