Ireland Economy Profile 2009

Economy - overview

Ireland is a small, modern, trade-dependent economy. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply in 2008 and Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in the property and construction markets. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the export sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction most recently fueled economic growth along with strong consumer spending and business investment. Property prices rose more rapidly in Ireland in the decade up to 2006 than in any other developed world economy. Per capita GDP also surged during Ireland's high-growth years, 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. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.

GDP (purchasing power parity)

$188.4 billion (2008 est.)
$194.3 billion (2007 est.)
$183.3 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$273.3 billion (2008 est.)

GDP - real growth rate

-3% (2008 est.)
6% (2007 est.)
5.4% (2006 est.)

GDP - per capita (PPP)

$45,300 (2008 est.)
$47,300 (2007 est.)
$45,100 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

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

Population below poverty line

7% (2005 est.)

Labor force

2.241 million (2008 est.)

Labor force - by occupation

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

Unemployment rate

6.1% (2008 est.)
4.6% (2007 est.)

Household income or consumption by percentage share

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

Distribution of family income - Gini index

32 (2005)
35.9 (1987)

Investment (gross fixed)

21.2% of GDP (2008 est.)

Budget

revenues: $92.57 billion
expenditures: $109.9 billion (2008 est.)

Public debt

41.8% of GDP (2008 est.)
31.2% of GDP (2004 est.)

Inflation rate (consumer prices)

4.1% (2008 est.)
4.9% (2007 est.)

Central bank discount rate

3% (31 December 2008)
5% (31 December 2007)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate

NA% (31 December 2008)
6.52% (31 December 2007)

Stock of money

$NA

note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders

Stock of quasi money

$NA

Stock of domestic credit

$501.2 billion (31 December 2008)
$545.2 billion (31 December 2007)

Industries

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

Industrial production growth rate

5% (2007 est.)

Electricity - production

25.77 billion kWh (2007 est.)

Electricity - production by source

fossil fuel: 95.9%
hydro: 2.3%
nuclear: 0%
other: 1.7% (2001)

Electricity - consumption

25.67 billion kWh (2006 est.)

Electricity - exports

82 million kWh (2007 est.)

Electricity - imports

1.412 billion kWh (2007 est.)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

200,900 bbl/day (2007 est.)

Oil - imports

194,000 bbl/day (2005)

Oil - exports

29,780 bbl/day (2005)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

457 million cu m (2007 est.)

Natural gas - consumption

4.984 billion cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

4.552 billion cu m (2007 est.)

Natural gas - proved reserves

9.911 billion cu m (1 January 2008 est.)

Current Account Balance

-$12.32 billion (2008 est.)
-$14.12 billion (2007 est.)

Agriculture - products

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

Exports

$119.6 billion (2008 est.)
$115.5 billion (2007 est.)

Exports - commodities

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

Exports - partners

UK 18.6%, US 18.3%, Belgium 14.7%, Germany 7%, France 5.9%, Spain 4.2% (2008)

Imports

$80.94 billion (2008 est.)
$84.76 billion (2007 est.)

Imports - commodities

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

Imports - partners

UK 37.9%, US 11.6%, Germany 8.8%, Netherlands 5.6% (2008)

Reserves of foreign exchange and gold

$1.023 billion (31 December 2008 est.)
$926.2 million (31 December 2007 est.)

Debt - external

$2.312 trillion (31 December 2008)
$2.263 trillion (31 December 2007)

Stock of direct foreign investment - at home

$179 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad

$152.9 billion (31 December 2008 est.)
$139.6 billion (31 December 2007 est.)

Market value of publicly traded shares

$NA (31 December 2008)
$144 billion (31 December 2007)
$163.4 billion (31 December 2006)

Economic aid - donor

ODA, $1.022 billion (2006)

Currency (code)

euro (EUR)

Currency (code)

EUR

Exchange rates

euros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004)

Fiscal year

calendar year