Ireland

Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of economic information | Political outline

Economic indicators

Ireland has growth averaging 6% in 1995-2007. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the exports sector is dominated by foreign multinationals it remains a key component of Ireland's economy. Construction has most recently fueled economic growth along with strong consumer spending 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, and in 2007 surpassed that of the United States. GPD rate is 5,7% (2007).
The Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, invest in infrastructure, increase labor force skills, and promote foreign investment. The unemployment rate, which was 4.8 percent in 2007, is expected to increase to 5.6 percent in 2008.

GDP Indicators	2004	2005	2006	2007	2008
GDP (billions USD)	184.63	201.19	219.37	253.31e	271.30e
GDP (constant prices, annual % change)	4.3	5.9	5.7	4.6e	3.0e
GDP per capita (USD)	45,658.24	48,705.22	51,800.07	58,883.33e	62,482.23e
General government balance (in % of GDP)	1.4	1.0	2.9	0.8e	0.2e
Inflation rate (%)	2.3	2.2	2.7	2.5e	2.1e
Unemployment rate (% of the labor force)	4.4	4.4	4.4	4.7	5.5
Current Account (billions USD)	-1.08	-7.09	-9.14	-11.15e	-8.95e
Current Account (in % of GDP)	-0.6	-3.5	-4.2	-4.4e	-3.3e

Source: IMF - World Economic Outlook Database

Note: (e) Estimated data

Socio-demographic indicators	2006	2007	2008
Unemployment rate (%)	4.4	4.7	5.5

Source:

Main sectors of industry

Agriculture remains a key sector (5%), and the Government is seeking to consolidate its role within the economy by modernization and expansion of food-processing industries (beef, dairy, potatoes, barley, wheat).
Ireland’s recent industrial development has been achieved by a deliberate policy of promoting export-led and advanced technology businesses, partly by offering attractive packages for foreign investors. The sector contributes to 46% of the GPD. Textiles, chemicals and electronics have performed particularly strongly. The service sector (GPD 49%), banking and finance have grown to the extent that Dublin now supports a sizeable international financial center, while tourism has become a substantial foreign exchange earner (GPD 5%).

Breakdown of economic activity by sector	Agriculture	Industry	Services
Value added (annual % change)	n.c.	n.c.	n.c.
Value added (in % of GDP)	2.5	37.3	60.2
Employment by sector (in % of total employment)	5.9	27.8	65.6

Source: World Bank - World Development Indicators - last available data.

Monetary indicators	2002	2003	2004	2005	2006
Average annual exchange rate for 1 USD	1.06	0.89	0.81	0.80	0.80

Source: World Bank - World Development Indicators

Foreign trade in figures

Main imports are: machinery and equipment, chemicals, petroleum and petroleum products, textiles and clothing. And the main exports: machinery and equipment, computers, chemicals, pharmaceuticals, live animals and animal products.
Ireland main trade partners are: Belgium, France, Germany, Italy, The Netherlands, UK and USA. Click here.

Foreign trade indicators	2002	2003	2004	2005
Imports of goods (millions USD)	50,769	51,709	61,102	67,271
Exports of goods (millions USD)	84,216	88,590	100,116	104,080
Imports of services (millions USD)	42,829	54,596	65,384	69,810
Exports of services (millions USD)	29,900	42,061	52,718	57,287
Imports of goods and services (annual % change)	1.8	-1.4	7.6	n.c.
Exports of goods and services (annual % change)	4.0	0.8	7.0	n.c.
Imports of goods and services (in % of GDP)	76.3	67.6	67.8	n.c.
Exports of goods and services (in % of GDP)	93.3	83.7	83.1	n.c.
Trade Balance (millions USD)	33,447	36,882	39,014	36,809
Trade Balance (including service) (millions USD)	20,519	24,346	26,348	24,286
Current Account (millions USD)	-1,101	89	-1,081	-5,331
Current Account (in % of GDP)	-0.9	0.1	-0.6	-2.6
Foreign trade (in % of GDP)	169.5	151.3	150.9	n.c.

Source: World Bank - World Development Indicators

Main partner countries

Main customers (% of exports)	2006
United States	18.7%
United Kingdom	17.9%
Belgium	14.1%
Germany	8.1%
France	5.8%

Main suppliers (% of imports)	2006
United Kingdom	31.9%
United States	11.2%
Germany	8.2%
China	7.3%
Netherlands	4.0%

Source: 2006

Main products

Main exports (% of exports)	2006
Organic chemicals	20.5%
Machinery and mechanical appliances	18.6%
Pharmaceutical products	15.4%
Electrical machinery and equipment	9.5%
Photographic, cinematographic, measuring and medical instruments	6.4%

Main imports (% of imports)	2006
Machinery and mechanical appliances	23.0%
Electrical machinery and equipment	10.1%
Mineral fuels, mineral oils	7.7%
Vehicles other than railway or tramway	7.0%

Source: 2006

To see more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of economic information

Ministries: Department of Enterprise, Trade and Employment Department of Agriculture, Fisheries and Food Industrial Development Agency
Statistical Office: Central Statistics Office
Central Bank: European Central Bank
Central Bank and Financial Services Authority
Stock Exchange: Irish Stock Exchange
Online newspapers: Irish Examiner
Irish Independent
Irish Times
An Phoblacht
Search Engines: Yahoo!
Browse Ireland
Ireland's Portal
Nice One
Google
Economic portals: The Economic and Social Research Institute

Political outline

Executive Power: President, chief of state and Prime Minister (Taoiseach), head of government.
Legislative Power: Bicameral national Parliament (Oireachtas): House of Representatives (Dail) and Senate (Seanad).
Main political parties: - Fianna Fail: represents the tradition that rejected the treaty because the present six counties of Northern Ireland were excluded from the outset.
- Fine Gael: Fine Gael represents the tradition that accepted the treaty as a stepping-stone to an eventual republic of the whole island.
- Others: Labor, Progressive Democrats, Green Party, Sinn Fein.
Current political leaders: President: Mary McAleese, since November 1997, reelected in October 2004 (Fianna Fail)
Taoiseach (Prime Minister): Bertie Ahern, since June 1997, reelected in May 2002 (Fianna Fail, coalition with Progressive Democrats)
Next election dates: Presidential elections: October 2011