| Economy | Ireland |
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Economy - overview:
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Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 50%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. 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. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth in 2011 and cut the budget deficit to 10.1% of GDP, although the recovery is expected to slow in 2012 as a result of the euro-zone debt crisis. |
GDP (purchasing power parity):
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$182.1 billion (2011 est.)
$180.1 billion (2010 est.)
$180.8 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$39,500 (2011 est.)
$40,300 (2010 est.)
$40,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$222.3 billion (2011 est.) |
GDP - real growth rate:
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1.1% (2011 est.)
-0.4% (2010 est.)
-7% (2009 est.) |
GDP - composition by sector:
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agriculture: 2%
industry: 29%
services: 70% (2009 est.) |
Investment (gross fixed):
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10.7% of GDP (2011 est.) |
Population below poverty line:
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5.5% (2009 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.9%
highest 10%: 27.2% (2000) |
Distribution of family income - Gini index:
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29.3 (2009)
35.9 (1987) |
Inflation rate (consumer prices):
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2.4% (2011 est.)
-0.9% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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3.5% (31 December 2011 est.)
5.45% (31 December 2010 est.) |
Stock of money:
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$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:
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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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$745.7 billion (31 December 2009 est.)
$738.5 billion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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159,646 USD per capita |
Stock of narrow money:
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$142.2 billion (31 December 2011 est.)
$131.9 billion (31 December 2010 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$266.2 billion (31 December 2011 est.)
$245 billion (31 December 2010 est.) |
Labor force:
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2.112 million (2011 est.) |
Labor force participation rate:
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45.22 % of population |
Labor force - by occupation:
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agriculture: 5%
industry: 20%
services: 76% (2010 est.) |
Unemployment rate:
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14.3% (2011 est.)
13.6% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 24.3%
male: 30.9%
female: 17.3% (2009) |
Budget:
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revenues: $79.07 billion
expenditures: $101.5 billion (2011 est.) |
Budget revenues per capita:
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16,928 USD per capita |
Taxes and other revenues:
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35.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-10.1% of GDP (2011 est.) |
Public debt:
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109.2% of GDP (2011 est.)
94.9% of GDP (2010 est.)
note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions. |
Industries:
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pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices |
Industrial production growth rate:
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1.5% (2011 est.) |
Electricity - production:
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27.28 billion kWh (2010 est.) |
Electricity - production per capita:
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5,841 kWh per capita |
Electricity - consumption:
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26.99 billion kWh (2010 est.) |
Electricity - consumption - per capita:
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5,779 kWh per capita |
Electricity - exports:
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290 million kWh (2010 est.) |
Electricity - imports:
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756 million kWh (2010 est.) |
Oil - production:
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430.8 bbl/day (2010 est.) |
Oil - production per capita:
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93 bbl/day per capita |
Oil - consumption:
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159,700 bbl/day (2010 est.) |
Oil - consumption - per capita:
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12.48 bbl/year per capita |
Oil - exports:
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17,480 bbl/day (2009 est.) |
Oil - imports:
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176,000 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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388 million cu m (2010 est.) |
Natural gas - production per capita:
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84 cu m per capita |
Natural gas - consumption:
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5.656 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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1,211 cu m per capita |
Natural gas - exports:
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0 cu m (2010 est.) |
Natural gas - imports:
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5.261 billion cu m (2010 est.) |
Natural gas - proved reserves:
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9.911 billion cu m (1 January 2011 est.) |
Agriculture - products:
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beef, dairy products, barley, potatoes, wheat |
Current account balance:
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$1.4 billion (2011 est.)
$1.01 billion (2010 est.) |
Current account balance - per capita:
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300 USD per capita |
Exports:
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$124.3 billion (2011 est.)
$110.1 billion (2010 est.) |
Exports per capita:
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26,612 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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US 22.1%, UK 16.1%, Belgium 15.1%, Germany 8.1%, France 5.3%, Switzerland 4.2% (2010) |
Imports:
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$71.35 billion (2011 est.)
$61.63 billion (2010 est.) |
Imports per capita:
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15,276 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 37.7%, US 13.8%, Germany 7.6%, Netherlands 5.6%, China 4.1% (2010) |
Reserves of foreign exchange and gold:
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$2.115 billion (31 December 2010 est.)
$2.154 billion (31 December 2009 est.) |
Reserves of foreign exchange and gold - per capita:
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453 USD per capita |
Debt - external:
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$2.357 trillion (30 June 2011)
$2.253 trillion (30 September 2010) |
Debt - external - per capita:
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504,606 USD per capita |
Stock of direct foreign investment - at home:
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$261.5 billion (31 December 2011 est.)
$228 billion (31 September 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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55,985 USD per capita |
Stock of direct foreign investment - abroad:
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$222.6 billion (31 December 2011 est.)
$264.6 billion (31 December 2009) |
Stock of direct foreign investment - abroad - per capita:
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47,656 USD per capita |
Market value of publicly traded shares:
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$63.1 billion (31 December 2010)
$61.7 billion (31 December 2009)
$49.4 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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13,509 USD per capita |
Currency (code):
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euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
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calendar year |
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