| Date - Field | Ireland - Economy - overview |
2012 January
Economy - overview | 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 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. The government also initiated a four-year austerity plan to cut an additional $20 billion from its budget. A return to modest growth is expected in 2011. |
2011 January
Economy - overview | Ireland is a small, modern, trade-dependent economy. Ireland joined 11 other EU nations in circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since 2008 with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010, and further contraction is expectd in 2011. 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 its domestic 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 2007 than in any other developed economy. However, average home prices have fallen 50% from the 2007 peak. 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 an effort 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. The budget deficit reached nearly 38% of GDP in 2010 because of additional government support for the banking sector. In late 2010, the COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin recapitalize its banking sector and avoid defaulting on its sovereign debt, and initiated a four-year austerity plan to cut an additional $20 billion from its budget. |
2010 January
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. |
2009 January
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. |
2008 January
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. |
2007 January
Economy - overview | Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2006. 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. |
2006 January
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. |
2005 January
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. |
2004 January
Economy - overview | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. The global slowdown, especially in the information technology sector, pressed growth down to 2.1% in 2003. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP and about 80% of exports and employs 28% 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. Over the past decade, the Irish Government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. |
2003 January
Economy - overview | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Over the past decade, the Irish Government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The economy has felt the impact of the global economic slowdown in 2001-02, particularly in the high-tech export sector; the growth rate was cut by half. Growth is expected to be approximately 4% in 2003. |
2002 January
Economy - overview | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-2001. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP, about 80% of exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The economy felt the impact of the global economic slowdown in 2001, particularly in the high-tech export sector; the growth rate was cut by nearly half. Growth in 2002 is expected to fall in the 3%-5% range. |
2001 January
Economy - overview | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-2000. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The Irish economy is in danger of overheating, with the tight labor market driving up wage demands and inflation. |
2000 January
Economy - overview | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-99. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 39% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government has implemented a series of national economic programs designed to curb inflation, reduce government spending, and promote foreign investment. The unemployment rate has been halved; job creation remains a primary concern of government policy. Recent efforts have concentrated on improving workers' qualifications and the education system. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The construction and other sectors are beginning to press against capacity, and growth is expected to drop in 2000, perhaps by 1 percentage point. |
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This page was last updated on 6 February, 2012 |
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