Economy Of Ireland
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Economy overview
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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.
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GDP
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purchasing power parity - $116.2 billion (2004 est.)
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GDP - real growth rate
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1.4% (2004 est.)
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GDP - per capita
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purchasing power parity - $29,600 (2004 est.)
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GDP - composition by sector
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agriculture: 5%
industry: 46%
services: 49% (2002 est.)
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Investment gross fixed
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22.9% of GDP (2004 est.)
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Population below poverty line
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10% (1997 est.)
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Household income or consumption by percentage share
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lowest 10%: 2%
highest 10%: 27.3% (1997)
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Distribution of family income - Gini index
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35.9 (1987)
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Inflation rate consumer prices
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3.5% (2004 est.)
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Labor force
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1.871 million (2004 est.)
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Labor force by occupation
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agriculture 8%, industry 29%, services 64% (2002 est.)
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Unemployment rate
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4.7% (2004 est.)
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Budget
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revenues: $53.22 billion
expenditures: $53.5 billion, including capital expenditures of $5.5 billion (2004 est.)
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Public debt
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31.2% of GDP (2004 est.)
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Agriculture products
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turnips, barley, potatoes, sugar beets, wheat; beef, dairy products
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Industries
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food products, brewing, textiles, clothing; chemicals, pharmaceuticals, machinery, transportation equipment, glass and crystal; software
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Industrial production growth rate
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6.7% (2004 est.)
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Electricity production
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23.53 billion kWh (2001)
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Electricity production by source
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fossil fuel: 95.9%
hydro: 2.3%
other: 1.7% (2001)
nuclear: 0%
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Electricity consumption
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21.63 billion kWh (2001)
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Electricity exports
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285 million kWh (2001)
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Electricity imports
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38 million kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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174,400 bbl/day (2001 est.)
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Oil exports
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27,450 bbl/day (2001)
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Oil imports
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178,600 bbl/day (2001)
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Oil proved reserves
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0 bbl (1 January 2002)
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Natural gas production
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815 million cu m (2001 est.)
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Natural gas consumption
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4.199 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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3.384 billion cu m (2001 est.)
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Natural gas proved reserves
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9.911 billion cu m (1 January 2002)
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Current account balance
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$-2.994 billion (2004 est.)
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Exports
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$98.31 billion f.o.b. (2004 est.)
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Exports commodities
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machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products (1999)
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Exports partners
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US 20.5%, UK 18.1%, Belgium 12.6%, Germany 8.3%, France 6.1%, Netherlands 5.1%, Italy 4.6% (2003)
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Imports
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$57.54 billion f.o.b. (2003 est.)
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Imports commodities
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data processing equipment, other machinery and equipment, chemicals; petroleum and petroleum products, textiles, clothing
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Imports partners
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UK 34.9%, US 15.8%, Germany 7.9%, Netherlands 4.1% (2003)
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Reserves of foreign exchange gold
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$4.152 billion (2003)
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Debt external
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$11 billion (1998)
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Economic aid recipient
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Currency
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euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
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Currency code
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EUR
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Exchange rates
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euros per US dollar - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Irish Translation .
This information was reproduced in part from the CIA World Fact book.
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