Overview: The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 35% of GNP and about 80% of exports and employs 20% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to about 4% in 1989. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, is a serious problem. A 1989 unemployment rate of 17.7% placed Ireland along with Spain as the countries with the worst jobless records in Western Europe.

GDP: $31.4 billion, per capita $8,900; real growth rate 4.3% (1989 est.)

Inflation rate (consumer prices): 4.2% (1989)

Unemployment rate: 17.7% (1989)

Budget: revenues $10.9 billion; expenditures $11.2 billion, including capital expenditures of $1.5 billion (1989)

Exports: $20.3 billion (f.o.b., 1989); commodities--live animals, animal products, chemicals, data processing equipment, industrial machinery; partners--EC 74% (UK 35%, FRG 11%, France 9%), US 8%

Imports: $17.3 billion (c.i.f., 1989); commodities--food, animal feed, chemicals, petroleum and petroleum products, machinery, textiles, clothing; partners--EC 66% (UK 42%, FRG 9%, France 4%), US 16%

External debt: $16.1 billion (1988)

Industrial production: growth rate 9.5% (1989 est.)

Electricity: 4,957,000 kW capacity; 14,480 million kWh produced, 4,080 kWh per capita (1989)

Industries: food products, brewing, textiles, clothing, chemicals, pharmaceuticals, machinery, transportation equipment, glass and crystal

Agriculture: accounts for 11% of GNP and 14.8% of the labor force; principal crops--turnips, barley, potatoes, sugar beets, wheat; livestock--meat and dairy products; 85% self-sufficient in food; food shortages include bread grain, fruits, vegetables

Aid: NA

Currency: Irish pound (plural--pounds); 1 Irish pound (LIr) = 100 pence

Exchange rates: Irish pounds (LIr) per US$1--0.6399 (January 1990), 0.7047 (1989), 0.6553 (1988), 0.6720 (1987), 0.7454 (1986), 0.9384 (1985)

Fiscal year: calendar year

NOTE: The information regarding Ireland on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 1990 information contained here. All suggestions for corrections of any errors about Ireland Economy 1990 should be addressed to the CIA.