Ireland has become one of Europe's fastest-growing economies, largely driven by its attraction of multinational corporations (MNCs) in the technology and pharmaceutical sectors. While this has led to rapid increases in gross domestic product (GDP), it has also introduced significant volatility, occasionally causing Ireland's growth trends to diverge sharply from the rest of the Eurozone.
Table 1 – A comparison of Ireland and Eurozone average annual % real GDP growth rates – 2017–2023
| Year | Ireland (%) | Eurozone Average (%) |
|---|---|---|
| 2017 | 9.2 | 2.6 |
| 2018 | 8.5 | 1.8 |
| 2019 | 4.9 | 1.6 |
| 2020 | 5.9 | -6.1 |
| 2021 | 13.6 | 5.3 |
| 2022 | 9.4 | 3.4 |
| 2023 | -3.2 | 0.5 |
Using Table 1, compare the annual real GDP growth rate of Ireland with that of the Eurozone average between 2017 and 2023.
