A decade ago, when the country was still reeling from the financial crash, many thought the country would become the poster child for the recovery.
It has, and Ireland’s recovery has been far from perfect.
But now, as the economy recovers, is it still the poster boy for the economy?
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In this special report, we will analyse the economic growth story from the first decade of the 21st century and ask whether Ireland’s economic performance was just a fluke or a sign of things to come.
We will look at how Ireland has managed to get out of its financial crisis and look at what it means for the future.
We also look at the economic impact of the recession in the past five years and whether the economy can cope with a repeat of the problems in the near future.
Ireland’s economy in 2010 is now more than twice as large as it was in 2000.
The national accounts have been revised upward by €1.6bn in real terms, which is equivalent to a 2.6% increase in GDP.
The increase is largely driven by a 0.7% increase for the public sector and a 2% rise in the private sector.
This reflects both the impact of a large number of job losses in the public and private sectors, and is reflected in a rise in employment from 6.5 million in 2010 to 8.3 million in 2020.
But what has happened since 2010?
The recession has taken its toll.
In the five years since the recession began, the average growth rate of Ireland’s GDP has slowed from 6% to 4.4%.
Ireland’s unemployment rate has been rising for the past six years, and now stands at 17%.
The economy has seen its exports fall by 4.2% in real-terms since 2010, a decline of more than 15%.
Ireland imports more goods and services from the rest of the world than any other OECD country.
But the biggest driver of Ireland, its trade deficit, has actually fallen from €21.4bn in 2010-11 to €12.7bn in 2020-21.
This has seen the economy absorb a net loss of more in GDP from exports than it has created in jobs.
The latest figures from the OECD show that the public debt has fallen by €14.4 billion in real, rather than nominal terms, and that Ireland has been able to avoid a further downgrade in its credit rating.
Overall, the Irish economy is still recovering from the economic downturn.
But as the country prepares for a second round of budget cuts, it could be that this time the economy is not so strong after all.