Real Imports of Goods and Services for Ireland
NMRXDCIRA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,100,869,615.73
Year-over-Year Change
-73.31%
Date Range
1/1/2012 - 1/1/2020
Summary
The Real Imports of Goods and Services for Ireland measures the volume of imports of goods and services by Ireland, adjusted for inflation. It is an important indicator of the country's international trade and economic activity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This series represents the real, inflation-adjusted value of imports of goods and services to Ireland. It is a key measure of the Irish economy's engagement with global trade and the demand for foreign products and services within the country.
Methodology
The data is collected and calculated by the Central Statistics Office of Ireland based on reports of import transactions.
Historical Context
Policymakers and analysts use this trend to assess Ireland's trade balance, competitiveness, and overall economic health.
Key Facts
- Ireland is a major trading economy, with imports accounting for over 50% of GDP.
- Real imports peaked in 2007 before declining during the global financial crisis.
- The services sector accounts for over 60% of Ireland's total imports.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted volume of goods and services imported into Ireland, providing insight into the country's international trade activity.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding Ireland's economic performance, trade balance, and integration with the global economy.
Q: How is this data collected or calculated?
A: The data is collected by the Central Statistics Office of Ireland based on reports of import transactions.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess Ireland's trade competitiveness, monitor the country's balance of payments, and make informed decisions about economic and trade policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of a few months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Imports of Goods and Services for Ireland (NMRXDCIRA), retrieved from FRED.