Of Ireland’s GDP in 2015 has increased by 7.8%, according to data of the Central statistical office of the country. Thus, Ireland became the fastest growing economy among the EU countries for the second year in a row.
Key factors influencing the GDP growth in 2015 were the fall in the unemployment rate, the increase in retail trade and the expansion of exports on the background of a depreciating Euro. Of Ireland’s GDP in the fourth quarter of 2015 increased compared with the previous quarter at 2.7% “growth occurred in the fourth quarter. This is far above all expectations. Consumption growth was the most pleasant surprise in 2015”, — quotes Reuters the words of the chief economist of Goodbody Stockbrokers Dermot O’leary. Consumer spending for the year increased by 3%.
GDP and Eurozone countries and the European Union over the same period rose on the previous quarter at only 0.3% (the data of the statistical service Eurostat). The largest increases were in Estonia (1,2%), Poland and Romania (1,1%), Hungary and Slovakia (1%).
Compared with the same period of 2014, Eurozone GDP in the fourth quarter of 2015 grew by 1.5% to EU GDP by 1.8%. Leaders for this indicator were Slovakia (4%), Romania (3.8 per cent) and Poland (to 3.6%). Irish GDP grew by 9.2%, which is the best result since 2001.
Similar growth in 2016 O’leary is not anticipating, but, he recalls, amid the slowdown of the European economy this year, the Irish economy has received a lot of positive impulses, which will develop faster than other Eurozone members. The official forecast for GDP for this year — a growth of 4.3%.
According to Reuters, although the recent weakening of the pound against the Euro could adversely affect the growth of Irish exports in that year (including a bunch in which there are economy of great Britain and Ireland), the influence of the neighboring country on the Irish market contributed to very positive results in January and February.
In 2008-2010, Ireland has experienced a severe socio-economic crisis, which led to the collapse of the national banking system, rising unemployment and the Federal budget deficit at 32% of GDP in 2010 — the highest in the country’s history. Then Ireland became the first country in the European Union, which officially went into recession. In late 2010, the authorities were forced to take EU and IMF credit in the amount of tens of billions of dollars.