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Economy :: IRELAND

  • 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 dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP – the world’s largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland’s EU-IMF bailout program.
    In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt. In 2014, the economy rapidly picked up and GDP grew by 5.2%. The recovering economy assisted lowering the deficit to 2.5% of GDP. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth reached 7.8%, the highest growth in the EU for the second consecutive year.
    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 an even more important component of Ireland’s economy. Ireland’s low corporation tax of 12.5% and a talented pool of high-tech laborers have been key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid growing international pressure, the government announced it would phase in more stringent tax laws, effectively closing a loophole.
    $257.4 billion (2015 est.)
    $238.8 billion (2014 est.)
    $227 billion (2013 est.)
    note: data are in 2015 US dollars
    country comparison to the world: 61
    $238 billion (2015 est.)
    7.8% (2015 est.)
    5.2% (2014 est.)
    1.4% (2013 est.)
    country comparison to the world: 9
    $55,500 (2015 est.)
    $51,800 (2014 est.)
    $49,400 (2013 est.)
    note: data are in 2015 US dollars
    country comparison to the world: 20
    27.7% of GDP (2015 est.)
    23.9% of GDP (2014 est.)
    21.2% of GDP (2013 est.)
    country comparison to the world: 33
    household consumption: 47%
    government consumption: 13.2%
    investment in fixed capital: 20.3%
    investment in inventories: 0.9%
    exports of goods and services: 113.5%
    imports of goods and services: -94.9% (2015 est.)
    agriculture: 1.5%
    industry: 24.9%
    services: 73.5% (2015 est.)
    barley, potatoes, wheat; beef, dairy products
    pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices
    3% (2015 est.)
    country comparison to the world: 87
    2.176 million (2015 est.)
    country comparison to the world: 121
    agriculture: 5%
    industry: 19%
    services: 76% (2011 est.)
    9.4% (2015 est.)
    11.3% (2014 est.)
    country comparison to the world: 109
    5.5% (2009 est.)
    lowest 10%: 2.9%
    highest 10%: 27.2% (2000)
    33.9 (2010)
    35.9 (1987)
    country comparison to the world: 100
    revenues: $78.42 billion
    expenditures: $84.07 billion (2015 est.)
    34.5% of GDP (2015 est.)
    country comparison to the world: 62
    -2.5% of GDP (2015 est.)
    country comparison to the world: 90
    101.2% of GDP (2015 est.)
    107.6% of GDP (2014 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
    country comparison to the world: 15
    calendar year
    0% (2015 est.)
    0.3% (2014 est.)
    country comparison to the world: 40
    0.05% (31 December 2013)
    0.3% (31 December 2010)
    note: this is the European Central Bank’s rate on the marginal lending facility, which offers overnight credit to banks in the euro area
    country comparison to the world: 137
    3.4% (31 December 2015 est.)
    3.41% (31 December 2014 est.)
    country comparison to the world: 166
    $140.9 billion (31 December 2015 est.)
    $143.5 billion (31 December 2014 est.)
    note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
    country comparison to the world: 27
    $255.3 billion (31 December 2014 est.)
    $267.4 billion (31 December 2013 est.)
    country comparison to the world: 39
    $340.4 billion (31 December 2015 est.)
    $380.3 billion (31 December 2014 est.)
    country comparison to the world: 35
    $109 billion (31 December 2012 est.)
    $108.1 billion (31 December 2011)
    $60.45 billion (31 December 2010 est.)
    country comparison to the world: 42
    $10.6 billion (2015 est.)
    $9.08 billion (2014 est.)
    country comparison to the world: 22
    $140.4 billion (2015 est.)
    $144.8 billion (2014 est.)
    country comparison to the world: 33
    machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; foodstuffs, animal products
    US 23.7%, UK 13.8%, Belgium 13.2%, Germany 6.6%, Switzerland 5.5%, Netherlands 4.4%, France 4.4% (2015)
    $81.39 billion (2015 est.)
    $84.38 billion (2014 est.)
    country comparison to the world: 37
    data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing
    UK 32.5%, US 14%, France 10.2%, Germany 9.3%, Netherlands 4.9%, China 4.1% (2015)
    $1.748 billion (31 December 2014 est.)
    $1.635 billion (31 December 2013 est.)
    country comparison to the world: 124

    Debt – external:

    $1.96 trillion (31 December 2014 est.)

    $2.078 trillion (31 December 2013 est.)

    country comparison to the world: 11
    $878.1 billion (31 December 2015 est.)
    $831.9 billion (31 December 2014 est.)
    country comparison to the world: 12
    $961.3 billion (31 December 2015 est.)
    $939.6 billion (31 December 2014 est.)
    country comparison to the world: 13
    euros (EUR) per US dollar –
    0.885 (2015 est.)
    0.7525 (2014 est.)
    0.7634 (2013 est.)
    0.78 (2012 est.)
    0.7185 (2011 est.)
  • source https://www.cia.gov/library/publications/the-world-factbook/geos/ei.html

 

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