Since 1994, Ireland has been the fastest-growing country in the European Union with an average real growth rate of eight percent a year. More than half of the growth occurred due to an increase in capital and labour inputs. Employment growth was the highest in the EU. The unemployment rate has fallen by nearly ten percentage points during this period.
With employment conditions being that favourable, Ireland now sees net immigration. Ireland is the only EU country that has consistently seen double-digit growth in private investment since 1994. Productivity has thus risen faster than in most EU countries. Ireland is now among the most productive countries in the EU. Last year, GDP per worker was 15 percent above the EU average.