Ireland Economy Profile 2008

Economy - overview

Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2007. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the exports sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction has most recently fueled economic growth along with strong consumer spending and business investment. Property prices have risen more rapidly in Ireland in the decade up to 2006 than in any other developed world economy. Per capita GDP is 40% above that of the four big European economies and the second highest in the EU behind Luxembourg, and in 2007 surpassed that of the United States. The Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, invest in infrastructure, increase labor force skills, and promote foreign investment. A slowdown in the property market, more intense global competition, and increased costs, however, have compelled government economists to lower Ireland's growth forecast slightly for 2008. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.

GDP (purchasing power parity)

$187.5 billion (2007 est.)

GDP (official exchange rate)

$253.3 billion (2007 est.)

GDP - real growth rate

5.3% (2007 est.)

GDP - per capita (PPP)

$45,600 (2007 est.)

GDP - composition by sector

agriculture: 5%
industry: 46%
services: 49% (2002 est.)

Population below poverty line

7% (2005 est.)

Household income or consumption by percentage share

lowest 10%: 2.9%
highest 10%: 27.2% (2000)

Inflation rate (consumer prices)

4.7% (2007 est.)

Investment (gross fixed)

25.4% of GDP (2007 est.)

Labor force

2.21 million (2007 est.)

Labor force - by occupation

agriculture: 6%
industry: 27%
services: 67% (2006 est.)

Unemployment rate

5% (2007 est.)

Distribution of family income - Gini index

32 (2005)

Budget

revenues: $93.85 billion
expenditures: $91.07 billion (2007 est.)

Public debt

21.1% of GDP (2007 est.)

Industries

steel, lead, zinc, silver, aluminum, barite, and gypsum mining processing; food products, brewing, textiles, clothing; chemicals, pharmaceuticals; machinery, rail transportation equipment, passenger and commercial vehicles, ship construction and refurbishment; glass and crystal; software, tourism

Industrial production growth rate

5% (2006 est.)

Electricity - production

24.13 billion kWh (2005)

Electricity - consumption

24.09 billion kWh (2005)

Electricity - exports

1 million kWh (2005)

Electricity - imports

2.045 billion kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

192,000 bbl/day (2005 est.)

Oil - imports

204,400 bbl/day (2004)

Oil - exports

23,360 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

546.7 million cu m (2005 est.)

Natural gas - consumption

3.895 billion cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

3.348 billion cu m (2005)

Natural gas - proved reserves

9.505 billion cu m (1 January 2006 est.)

Current Account Balance

-$12.6 billion (2007 est.)

Agriculture - products

turnips, barley, potatoes, sugar beets, wheat; beef, dairy products

Exports

$124.8 billion f.o.b. (2007 est.)

Exports - commodities

machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products

Exports - partners

US 18.7%, UK 17.9%, Belgium 14.4%, Germany 7.8%, France 5.8%, Italy 4.2% (2006)

Imports

$90.35 billion f.o.b. (2007 est.)

Imports - commodities

data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

Imports - partners

UK 37.5%, US 11.5%, Germany 9.6%, Netherlands 4.6% (2006)

Reserves of foreign exchange and gold

$831.9 million (2006 est.)

Debt - external

$1.841 trillion (30 June 2007)

Stock of direct foreign investment - at home

$179 billion (2006 est.)

Stock of direct foreign investment - abroad

$125.2 billion (2006 est.)

Market value of publicly traded shares

$114.1 billion (2005)

Economic aid - donor

ODA, $1.022 billion (2006)

Currency (code)

euro (EUR)

Exchange rates

euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)

Fiscal year

calendar year