Ireland's GDP at the end of 2015 increased by 7.8% compared to last year. This is the highest figure among all EU countries for the second year in a row.

The Irish national flag flies over the O'Connell Monument in Dublin (Photo: Reuters/Pixstream)

Ireland's GDP grew by 7.8% in 2015, according to data from the country's Central Statistics Office. Thus, Ireland became the fastest growing economy among the EU countries for the second year in a row.

The key factors influencing GDP growth in 2015 were a drop in unemployment, an increase in retail trade volumes and an expansion in exports against the backdrop of a depreciated euro. Ireland's GDP in the fourth quarter of 2015 increased by 2.7% compared to the previous quarter. “The growth impulse occurred in the fourth quarter. This is far beyond all expectations. "Consumption growth was the most pleasant surprise in 2015," Reuters quoted Dermot O'Leary, chief economist at Goodbody Stockbrokers, as saying. Consumer spending grew by 3% at the end of the year.

The GDP of both the eurozone countries and the European Union over the same period grew by only 0.3% compared to the previous quarter ( data from the Eurostat statistical service). The largest growth was observed in Estonia (1.2%), Poland and Romania (1.1%), Hungary and Slovakia (1%).

Compared to the same period in 2014, Eurozone GDP in the fourth quarter of 2015 grew by 1.5%, and EU GDP by 1.8%. The leaders in this indicator were Slovakia (4%), Romania (3.8%) and Poland (3.6%). Irish GDP grew by as much as 9.2%, which is the best result since 2001.

O'Leary doesn't foresee similar growth in 2016, but he reminds that with the European economy slowing this year, the Irish economy has received many positive impulses that will help it grow faster than other members of the eurozone. The official GDP forecast for this year is 4.3% growth.

As notes Reuters , although the recent weakening of the pound sterling against the euro may negatively impact Irish export growth this year (given the linkage in which the UK and Irish economies are located), the neighboring country's influence on the Irish market contributed to the very positive results in January and February.

From 2008 to 2010, Ireland experienced a severe socio-economic crisis, which led to the collapse of the national banking system, rising unemployment and a federal budget deficit of 32% of GDP in 2010, the highest in the country's history. Then Ireland became the first country in the European Union to officially enter a recession. At the end of 2010, the country's authorities were forced to take out a loan of tens of billions of dollars from the European Union and the IMF.

Ireland's economy showed record growth for EU countries by 8%