Home

Economy of Ireland

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 40% 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 (purchasing power parity):$180.7 billion (2006 est.)
GDP (official exchange rate):$204.4 billion (2006 est.)
GDP - real growth rate:6% (2006 est.)
GDP - per capita (PPP):$44,500 (2006 est.)
GDP - composition by sector:agriculture: 5%
industry: 46%
services: 49% (2002 est.)
Labor force:2.12 million (2006 est.)
Labor force - by occupation:agriculture: 8%
industry: 29%
services: 64% (2002 est.)
Unemployment rate:4.3% (2006 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 (1996)
Inflation rate (consumer prices):3.9% (2006 est.)
Investment (gross fixed):28% of GDP (2006 est.)
Budget:revenues: $74.49 billion
expenditures: $73.05 billion; including capital expenditures of $5.5 billion (2006 est.)
Public debt:22.8% of GDP (2006 est.)
Agriculture - products:turnips, barley, potatoes, sugar beets, wheat; beef, dairy products
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:5% (2006 est.)
Electricity - production:23.26 billion kWh (2004)
Electricity - production by source:fossil fuel: 95.9%
hydro: 2.3%
nuclear: 0%
other: 1.7% (2001)
Electricity - consumption:23.23 billion kWh (2004)
Electricity - exports:0 kWh (2004)
Electricity - imports:1.6 billion kWh (2004)
Oil - production:0 bbl/day (2004 est.)
Oil - consumption:182,400 bbl/day (2004 est.)
Oil - exports:23,360 bbl/day (2004)
Oil - imports:204,400 bbl/day (2004)
Oil - proved reserves:0 bbl (1 January 2005)
Natural gas - production:855 million cu m (2004 est.)
Natural gas - consumption:4.295 billion cu m (2004 est.)
Natural gas - exports:0 cu m (2004 est.)
Natural gas - imports:3.44 billion cu m (2004 est.)
Natural gas - proved reserves:19.82 billion cu m (1 January 2005 est.)
Current account balance:-$9.45 billion (2006 est.)
Exports:$119.8 billion f.o.b. (2006 est.)
Exports - commodities:machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products
Exports - partners:US 18.8%, UK 17.4%, Belgium 15.9%, Germany 7.5%, France 5.6%, Italy 4.1% (2006)
Imports:$87.36 billion f.o.b. (2006 est.)
Imports - commodities:data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing
Imports - partners:UK 37.3%, US 11.6%, Germany 9.5%, Netherlands 4.6% (2006)
Reserves of foreign exchange and gold:$842.5 million (August 2006 est.)
Debt - external:$1.392 trillion (30 June 2006)
Economic aid - donor:ODA, $607 million (2004)
Currency (code):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
Currency code:EUR
Exchange rates:euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)
Fiscal year:calendar year

Ireland Quickstats

  • Population: 4,109,086 (July 2007 est.)
  • Area: 70,280 sq km
  • Density: 60.3 /km² (139th)
  • GDP (total): $202.9 billion (30th)
  • GDP (per capita): $50,150 (6th)
  • Literacy: 99%

Languages of Ireland

Useful to know

  • Currency: Euro² (EUR)
  • Dial code: +353

International Trade

External sites

More Resources

Recent blog posts