Ireland’s national income rose by 4.8% in 2024, marking another year of robust economic expansion, according to new data released by the Central Statistics Office (CSO). The measure, which excludes the impact of multinational corporations, slightly trails the previous year’s 5% growth but reflects continued resilience in the domestic economy.
The CSO figures show that personal spending on goods and services — a key indicator of domestic demand — climbed by 2.9% over the year. This rise in consumer activity was supported by a 3% increase in average wages. Notably, industrial wages saw the strongest gains at 6%, while pay in the public administration sector rose by 4%.
On the trade front, total exports grew by 8.6%, driven primarily by a 10.9% surge in service exports. Imports also increased, though at a more modest pace of 2.7%.
Gross Domestic Product (GDP), which includes the activity of multinational companies operating in Ireland, grew by 2.6% in 2024. The CSO said the increase was largely fuelled by domestic sectors rather than multinational-led activity, indicating a broader base of economic strength.
The statistical office also made a downward revision to its earlier estimate of GDP growth in the first quarter of 2025. The initial figure of 9.7% has been revised to 7.4%. Meanwhile, growth in the domestic economy for the same period was recorded at 2%.
While the revised figures point to some moderation in early 2025, analysts say the broader trends remain positive.
“These numbers confirm that Ireland’s economy continues to perform well, even when the volatility of multinational activity is stripped out,” said a senior economist at a Dublin-based investment firm. “Strong consumer spending, rising wages, and a healthy export sector are all encouraging signs for the year ahead.”
The release comes amid ongoing global uncertainty, including trade tensions and interest rate fluctuations, but Ireland’s economic fundamentals appear solid. The data will likely bolster the government’s position as it prepares for upcoming budget negotiations, with increased attention expected on measures to support cost-of-living pressures and housing.
The CSO’s full economic report provides a detailed breakdown of sectoral performance and will inform future policymaking as Ireland looks to maintain momentum while managing inflation and international headwinds.
