Macro Monday 49~Ireland – The Fastest Growing Economy in the EU
According to forecasts by the European Commission, the European Union is set to grow by a humble 1.7% in 2024. However, Ireland is the country that is forecasted to experience the highest growth, with an annual growth rate of 5% expected for 2024.
In Q1 2024, Ireland saw a 1.1% increase compared to the previous quarter, showcasing a significantly strong economic performance against its closest peers such as Hungary, Latvia, and Lithuania, which stood at 0.8%.
For the year 2023, the top three European countries for GDP per capita were as follows:
- Luxembourg €143,304
- Ireland €137,638
- Switzerland €89,537
It is important to note that the figures mentioned above change for REAL GDP, which factors in inflation or changes in price levels. Real GDP figures for Luxembourg and Ireland are €76,176 and €67,149, respectively. These figures place Luxembourg 240% above the EU average and Ireland at 112% above the average, highlighting both countries as significantly above the EU average.
Ireland’s Largest Exports
In 2023, Ireland’s largest export was pharmaceuticals, accounting for 34.2% of the country’s total exports. Major export products included blood fractions, medication mixes, hormones, and electro-medical equipment, collectively representing 54.5% of Ireland’s export sales.
The United States emerged as the largest single goods export market for Ireland, with a notable share of the exports. Ireland’s pharmaceutical sector, in particular, positions the country as a global leader in exporting blood fractions and medical instruments.
The Best Performing Stocks in Ireland
In 2023, the best performing stocks in Ireland were led by Ryanair, showing an impressive share price movement of 51%. Other top performers included Cairn Homes with 47%, Kingspan with 43%, Glenveagh Properties with 33%, and Glanbia with 31%. These companies exhibited significant growth and success in the Irish market, as per data from Euronext Dublin.
