Ireland's green economy recorded strong growth in 2023, with gross output rising to €12.1 billion, according to figures published by the Central Statistics Office.

Business Plus reported that the Business in Ireland 2023 – Green Economy release shows output increased by 10% compared with 2022, driven mainly by higher activity in the energy sector. The Green Economy, also referred to as the Environment Goods and Services Sector, covers activities classified by their environmental purpose across multiple industries.

In value-added terms, the sector contributed €5 billion in Gross Value Added to the Irish economy in 2023. The sector also supported 48,400 full-time equivalent jobs, representing a 13% increase on the previous year.

Renewable energy remained a central component of the sector's expansion. Output from renewable energy rose by 7%, increasing from €2.9 billion in 2022 to €3.1 billion in 2023. A higher proportion of energy was generated from renewable sources during the year, with onshore wind turbines accounting for much of this production.

Investment in energy efficiency measures saw significant growth. Output linked to energy savings, including building insulation, climbed by 17%, rising from €1.4 billion in 2022 to €1.7 billion in 2023. The CSO noted that increased government grants for energy-saving measures contributed to this rise.

Industry continued to dominate Ireland's green economy. In 2023, the sector generated €10.2 billion in green output, up €0.6 billion on 2022, and accounted for 84% of total green economy output. Within industry, construction played a major role, contributing €3.1 billion, or 31% of the total, highlighting its importance in delivering environmentally focused infrastructure projects.

Access the full CSO green economy data and analysis in the complete article.