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Ireland Economy 2014
http://www.theodora.com/wfbcurrent/ireland/ireland_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on February 3, 2014

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 7% in 2009, and less than 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 47%. 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 former 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 former 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. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

GDP (purchasing power parity):
$186.7 billion (2012 est.)
country comparison to the world: 58

$186.4 billion (2011 est.)
$182.5 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$208 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.2% (2012 est.)
country comparison to the world: 173

2.2% (2011 est.)
-1.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$40,700 (2012 est.)
country comparison to the world: 24

$40,700 (2011 est.)
$40,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
15.3% of GDP (2012 est.)
country comparison to the world: 101

12.5% of GDP (2011 est.)
13% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.3%
investment in fixed capital: 10.6%
investment in inventories: 0.3%
exports of goods and services: 107.8%
imports of goods and services: -84.6%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 1.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.9%
services: 70.5% (2012 est.)

Agriculture - products:
barley, potatoes, wheat; beef, dairy products

Industries:
pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices

Industrial production growth rate:
-1.2% (2012 est.)
country comparison to the world: 149
[see also: Industrial production growth rate country ranks ]

Labor force:
2.154 million (2012 est.)
country comparison to the world: 120
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
services: 76% (2011 est.)

Unemployment rate:
14.7% (2012 est.)
country comparison to the world: 142

14.6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
5.5% (2009)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.2% (2000)

Distribution of family income - Gini index:
33.9 (2010)
country comparison to the world: 94

35.9 (1987)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $73 billion
[see also: Budget revenues country ranks ]
expenditures: $88.79 billion (2012 est.)

Taxes and other revenues:
35.1% of GDP (2012 est.)
country comparison to the world: 68
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-7.6% of GDP (2012 est.)
country comparison to the world: 188
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
117.6% of GDP (2012 est.)
country comparison to the world: 11

106.4% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.7% (2012 est.)
country comparison to the world: 33

2.6% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.5% (31 December 2012)
country comparison to the world: 118

1.75% (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
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.55% (31 December 2012 est.)
country comparison to the world: 172

3.81% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$122.3 billion (31 December 2012 est.)
country comparison to the world: 30

$118.3 billion (31 December 2011 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$291.1 billion (31 December 2011 est.)
country comparison to the world: 33

$260 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$433.1 billion (31 December 2012 est.)
country comparison to the world: 28

$456.8 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$35.36 billion (31 December 2011)
country comparison to the world: 57

$33.72 billion (31 December 2010)
$29.88 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$9.245 billion (2012 est.)
country comparison to the world: 27

$2.828 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$119.3 billion (2012 est.)
country comparison to the world: 36

$127.5 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; food products, animal products

Exports - partners:
US 17.9%, UK 17.3%, Belgium 15.6%, Germany 8.4%, Switzerland 5.8%, France 5% (2012)

Imports:
$63.63 billion (2012 est.)
country comparison to the world: 46

$67.2 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

Imports - partners:
UK 39.8%, US 13.2%, Germany 7.6%, Netherlands 5.7% (2012)

Reserves of foreign exchange and gold:
$1.707 billion (31 December 2012 est.)
country comparison to the world: 126

$1.703 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.163 trillion (31 December 2012)
country comparison to the world: 11

$2.213 trillion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$725.8 billion (31 December 2012 est.)
country comparison to the world: 11

$669.4 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$766 billion (31 December 2012 est.)
country comparison to the world: 11

$709.7 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7752 (2012 est.)
0.7194 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: The information regarding Ireland on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 2014 information contained here. All suggestions for corrections of any errors about Ireland Economy 2014 should be addressed to the CIA.



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