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Ireland:
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Other pages in this profile of Ireland:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2006. 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 40% 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) |
$180.9 billion (2006 est.) |
GDP (official exchange rate) |
$203.8 billion (2006 est.) |
GDP - real growth rate |
5.7% (2006 est.) |
GDP - per capita |
$44,500 (2006 est.) |
GDP - composition by sector |
agriculture: 5% industry: 46% services: 49% (2002 est.) |
Labor force |
2.132 million (2006 est.) |
Labor force - by occupation |
agriculture: 8% industry: 29% services: 64% (2002 est.) |
Unemployment rate |
4.3% (2006 est.) |
Population below poverty line |
10% (1997 est.) |
Household income or consumption by percentage share |
lowest 10%: 2.9% highest 10%: 27.2% (2000) |
Distribution of family income - Gini index |
34.3 (2000) |
Inflation rate (consumer prices) |
3.9% (2006 est.) |
Investment (gross fixed) |
26.3% of GDP (2006 est.) |
Budget |
revenues: $80.78 billion expenditures: $74.51 billion (2006 est.) |
Public debt |
24.9% of GDP (2006 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 |
Electricity - production |
24.13 billion kWh (2005) |
Electricity - consumption |
24.09 billion kWh (2005) |
Electricity - exports |
1 million kWh (2005) |
Electricity - imports |
2.045 billion kWh (2005) |
Oil - production |
0 bbl/day (2004 est.) |
Oil - consumption |
182,400 bbl/day (2004 est.) |
Oil - exports |
23,360 bbl/day (2004) |
Oil - imports |
204,400 bbl/day (2004) |
Oil - proved reserves |
0 bbl (1 January 2006) |
Natural Gas - production |
546.7 million cu m (2005 est.) |
Natural Gas - consumption |
3.895 billion cu m (2005 est.) |
Natural Gas - exports |
0 cu m (2005 est.) |
Natural Gas - imports |
3.348 billion cu m (2005) |
Natural Gas - proved reserves |
9.505 billion cu m (1 January 2006 est.) |
Current account balance |
$-9.136 billion (2006 est.) |
Exports |
$104.7 billion f.o.b. (2006 est.) |
Exports - commodities |
machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products |
Exports - partners |
US 18.6%, UK 17.7%, Belgium 14.9%, Germany 7.7%, France 5.8%, Italy 4.2% (2006) |
Imports |
$72.79 billion f.o.b. (2006 est.) |
Imports - commodities |
data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing |
Imports - partners |
UK 37.5%, US 11.5%, Germany 9.6%, Netherlands 4.6% (2006) |
Reserves of foreign exchange and gold |
$831.9 million (2006 est.) |
Debt - external |
$1.392 trillion (30 June 2006) |
Economic aid - donor |
ODA, $607 million (2004) |
Currency (code) |
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 dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
Fiscal year |
calendar year |
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