Ireland has recorded a 12% increase in brand value over the past year to bring its total to $604 billion.
This is according to the latest report by Brand Finance, which ranks the 100 most valuable and strongest nation brands every year.
The figures produced by Brand Finance said that Ireland was the fastest-growing nation brand in Western Europe in 2019, with all the other players in the region recording a slight rise or even a decline. Although ranked 26th globally for absolute brand value, Ireland is second on the ranking for brand value per capita, coming behind only Luxembourg.
During the year, the UK’s nation brand value and the combined brand value of the other EU member states have only grown 19% and 32% respectively.
The current outlook for growth in the Irish economy looks positive, bolstered by the strength of Irish start-ups & home-grown brands, and the very significant influx of investment in the last four years. However, a potential no-deal Brexit is likely to cause challenges for the Irish economy moving forward.
Overall, the US is the world’s most valuable brand at $27.7 trillion, while China continues to grow at a strong rate – recording a 40% increase in brand value to $19.5 trillion – to reach second position.
Behind the US, China, and third-placed Germany, Japan’s brand value has increased 26% to $4.5 trillion, pushing the UK into 5th rank with a value of $3.85 trillion.
The report also shows that globally, the average year-on-year nation brand value growth among the developing economies stands at 13.9%, compared to as little as 0.4% for the developed economies
This means that, on average, the nation brands of developing economies have been growing at a pace 31.3 times faster than the developed ones.