Ireland’s economy is booming, putting it ahead of other EU countries
DUBLIN: Ireland’s economy is booming as more sectors reopen post-pandemic. The country has double-digit growth in 2021, trailing all 26 EU member states. According to Eurostat, the European Statistics Agency, the economy grew at three times the EU average between April and June.
Compared to the first quarter, the economy grew by 6.3%. At the same time, the average growth rate was 2.1% in the 27-member European Union and 2.2% in the 19-member Eurozone.
In the second quarter of this year, Ireland’s gross domestic product (GDP) grew by 21.1% over the same period in 2020. This was also the highest in the EU. The manufacturing, retail and hospitality sectors opened in the second quarter, and yet this growth is a great achievement for the country.
Last year, Ireland was the only EU country to record a positive gross domestic product (GDP) growth (+3.4%) towards multinational pharma and IT exports. GDP is a measure used by the European Union to evaluate a country’s debt and deficit limits.
Government debt last year was just under the EU’s 60% of GDP limit. If Ireland’s economy continues to grow, the deficit could fall below 4% this year. The upper limit of the European Union is 3%.
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