| Economy | Ireland |
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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):
|
$191.9 billion (2008 est.)
$195.3 billion (2007)
$184.2 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$46,200 (2008 est.)
$47,500 (2007 est.)
$45,300 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$285 billion (2008 est.) |
GDP - real growth rate:
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-1.7% (2008 est.)
6% (2007 est.)
5.7% (2006 est.) |
GDP - composition by sector:
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agriculture: 5%
industry: 46%
services: 49% (2002 est.) |
Investment (gross fixed):
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19.8% of GDP (2008 est.) |
Population below poverty line:
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7% (2005 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.9%
highest 10%: 27.2% (2000) |
Distribution of family income - Gini index:
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32 (2005) |
Inflation rate (consumer prices):
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4% (2008 est.) |
Central bank discount rate:
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NA |
Commercial bank prime lending rate:
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6.52% (31 December 2007) |
Stock of money:
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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 money - per capita:
|
void |
Stock of quasi money:
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NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$768.9 billion (31 December 2007) |
Stock of domestic credit - per capita:
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182,933 USD per capita |
Labor force:
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2.27 million (2008 est.) |
Labor force participation rate:
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54.01 % of population |
Labor force - by occupation:
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agriculture: 6%
industry: 27%
services: 67% (2006 est.) |
Unemployment rate:
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6.2% (2008 est.) |
Budget:
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revenues: $93.84 billion
expenditures: $110.8 billion (2008 est.) |
Budget revenues per capita:
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22,326 USD per capita |
Public debt:
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31.5% of GDP (2008 est.) |
Industries:
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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:
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5% (2007 est.) |
Electricity - production:
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25.77 billion kWh (2007 est.) |
Electricity - production per capita:
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6,132 kWh per capita |
Electricity - consumption:
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25.67 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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6,108 kWh per capita |
Electricity - exports:
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82 million kWh (2007 est.) |
Electricity - imports:
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1.412 billion kWh (2007 est.) |
Oil - production:
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0 bbl/day (2005 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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200,900 bbl/day (2007 est.) |
Oil - consumption - per capita:
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17.45 bbl/year per capita |
Oil - exports:
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29,780 bbl/day (2005) |
Oil - imports:
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194,000 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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457 million cu m (2007 est.) |
Natural gas - production per capita:
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109 cu m per capita |
Natural gas - consumption:
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4.984 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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1,186 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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4.552 billion cu m (2007 est.) |
Natural gas - proved reserves:
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9.911 billion cu m (1 January 2008 est.) |
Agriculture - products:
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turnips, barley, potatoes, sugar beets, wheat; beef, dairy products |
Current account balance:
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-$8.621 billion (2008 est.) |
Current account balance - per capita:
|
-2,051 USD per capita |
Exports:
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$128 billion f.o.b. (2008 est.) |
Exports per capita:
|
30,453 USD per capita |
Exports - commodities:
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machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products |
Exports - partners:
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UK 18.7%, US 17.9%, Belgium 14.5%, Germany 7.4%, France 5.8% (2007) |
Imports:
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$91.27 billion f.o.b. (2008 est.) |
Imports per capita:
|
21,715 USD per capita |
Imports - commodities:
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data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing |
Imports - partners:
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UK 38.3%, US 11.3%, Germany 9.7%, Netherlands 5%, France 4.2% (2007) |
Reserves of foreign exchange and gold:
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$926.2 million (2006 est.) |
Reserves of foreign exchange and gold - per capita:
|
221 USD per capita |
Debt - external:
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$1.841 trillion (30 June 2007) |
Debt - external - per capita:
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438,000 USD per capita |
Stock of direct foreign investment - at home:
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$216 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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51,390 USD per capita |
Stock of direct foreign investment - abroad:
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$149.1 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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35,473 USD per capita |
Market value of publicly traded shares:
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$144 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
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34,260 USD per capita |
Economic aid - donor:
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ODA, $1.022 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
euro (EUR) |
Exchange rates:
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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 |
|
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