Ireland's Economy | Irish Economy

Economy - overview: Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 10% above that of the four big European economies and the second highest in the EU behind Luxembourg. Over the past decade, the Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.

GDP: 0.9% (FY00/01)

GDP - real growth rate: 5.1% (2004 est.)

GDP - per capita: purchasing power parity - $31,900 (2004 est.)

GDP - composition by sector: agriculture: 5% industry: 46% services: 49% (2002 est.)

Population below poverty line: 10% (1997 est.)

Household income or consumption by percentage share: lowest 10%: 2% highest 10%: 27.3% (1997)

Distribution of family income - Gini index: 35.9 (1987)

Inflation rate (consumer prices):

Labor force: 1.92 million (2004 est.)

Labor force - by occupation: agriculture 8%, industry 29%, services 63% (2002 est.)

Unemployment rate: 4.3% (2004 est.)

Budget: revenues: $62.51 billion expenditures: $63.52 billion, including capital expenditures of $5.5 billion (2004 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: 7% (2004 est.)

Electricity - production: 22.88 billion kWh (2002)

Electricity - production by source:

Electricity - consumption: 21.78 billion kWh (2002)

Electricity - exports: 100 million kWh (2002)

Electricity - imports: 600 million kWh (2002)

Oil - production: 0 bbl/day (2001 est.)

Oil - consumption: 174,400 bbl/day (2001 est.)

Oil - exports: 27,450 bbl/day (2001)

Oil - imports: 178,600 bbl/day (2001)

Oil - proved reserves: 0 bbl (1 January 2002)

Natural gas - production: 815 million cu m (2001 est.)

Natural gas - consumption: 4.199 billion cu m (2001 est.)

Natural gas - exports: 0 cu m (2001 est.)

Natural gas - imports: 3.384 billion cu m (2001 est.)

Natural gas - proved reserves: 9.911 billion cu m (1 January 2002)

Agriculture - products: turnips, barley, potatoes, sugar beets, wheat; beef, dairy products

Exports: $103.8 billion f.o.b. (2004 est.)

Exports - commodities: machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products

Exports - partners: US 19.7%, UK 17.7%, Belgium 14.7%, Germany 7.7%, France 6%, Netherlands 4.6%, Italy 4.5% (2004)

Imports: $60.65 billion f.o.b. (2004 est.)

Imports - commodities: data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

Imports - partners: UK 35.6%, US 13.8%, Germany 8.9%, Netherlands 4.3%, France 4.2% (2004)

Debt - external: $11 billion (1998)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)

Fiscal year: calendar year



Links: Ireland Travel Blogs (all) | Ireland Travel Photos | Ireland Travel Forum | Hotels in Ireland | Hostels in Ireland | Cheap flights to Ireland | Ireland Facts | Map of Ireland