Ireland Economy:
Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. 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 10% 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):
$126.4 billion (2004 est.)
GDP — real growth rate:
5.1% (2004 est.)
GDP — per capita:
purchasing power parity: $31,900 (2004 est.)
GDP — composition by sector:
agriculture: 5%
industry: 46%
services: 49%
(2002)
Labor force:
1.92 million (2004 est.)
Labor force — by occupation:
agriculture: 8%, industry: 29%, services: 63% (2002 est.)
Unemployment rate:
4.3% (2004 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 (1987 est.)
Inflation rate (consumer prices):
2.2% (2004 est.)
Investment (gross fixed):
23.8% of GDP (2004 est.)
Budget:
revenues: $62.51 billion (2004 est.)
expenditures: $63.52 billion including capital expenditures of $5.5 billion (2004 est.)
Public debt:
31.2% of GDP (2004 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:
7% (2004 est.)
Electricity — production:
22.88 billion kWh (2002 est.)
Electricity — consumption:
21.78 billion kWh (2002 est.)
Electricity — exports:
100 million kWh (2002 est.)
Electricity — imports:
600 million kWh (2002 est.)
Oil — production:
0 bbl/day (2001 est.)
Oil — consumption:
174,400 bbl/day (2001 est.)
Oil — exports:
27,450 bbl/day (2001 est.)
Oil — imports:
178,600 bbl/day (2001 est.)
Oil — proved reserves:
0 bbl (January 2002 est.)
Natural gas — production:
5.72 billion cu m (2001 est.)
Natural gas — consumption:
4.2 billion cu m (2001 est.)
Natural gas — exports:
0 cu m (2001 est.)
Natural gas — imports:
3.38 billion cu m (2001 est.)
Natural gas — proved reserves:
9.91 billion cu m (January 2002 est.)
Current account balance:
$-2.88 billion (2004 est.)
Exports:
$103.8 billion (f.o.b. 2004 est.)
Exports — commodities:
machinery and equipment, computers, chemicals, pharmaceuticals, live animals, animal products (1999 est.)
Exports — partners:
UK 17.7%, US 19.7%, Germany 7.7%, France 6%, Belgium 14.7%, Netherlands 4.6%, Italy 4.5% (2004)
Imports:
$60.65 billion (f.o.b. 2004 est.)
Imports — commodities:
data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing (1999 est.)
Imports — partners:
UK 35.6%, US 13.8%, Netherlands 4.3%, Germany 8.9%, France 4.2% (2004)
Reserves of foreign exchange and gold:
$4.15 billion (2003 est.)
Debt — external:
$11 billion (1998 est.)
Economic aid — donor:
$283 million ODA (2001 est.)
Currency:
euro (EUR)
note: On 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries
Exchange rates:
euros per US$: 0.81 (2004 est.), 0.89 (2003 est.), 1.06 (2002 est.), 1.12 (2001 est.), 1.09 (2000 est.)
Fiscal year:
calendar year
|
