Ireland Economic Profile, Irish Economy, Ireland's Economy, Economy of Ireland
The economy of Ireland, driven by industry and exports is one of the leading economies in the European Union and an important economy in the world as well. The tertiary sector known as "Celtic Tiger" is the driving force in the Irish economy. The Secondary sector accounts for the highest exports while the primary sector plays an important role as well. The economy of Ireland is one of the more important economies of the European Union registering an average growth rate of 10% at the close of the last century. Dependant on trade and industry, Ireland's economy is driven by exports. Ireland ranks second among the European Union nations in terms of per capita income (Luxembourg being the first). The per capita GDP (Gross Domestic Product) of Ireland is the fourth highest in the world. According to the World Bank report of 2005, Ireland's per head Gross National Income of 41,140 US Dollars is the third highest among European Union nations and the seventh highest among all nations in the world. Traditionally an agriculture oriented economy, Ireland has now shifted course and is dominated by industry. The Industrial sector contributes a sizeable 46% of Irelands GDP. It also constitutes 80% of Ireland's exports and accounts for 29% of Irish employment.
Primary sector in the economy of Ireland The primary sector of the Irish economy is relatively smaller compared to the secondary and tertiary sectors. The primary sector has an average 5% contribution to the GDP of Ireland and employs an average 8% of Ireland's workforce. Agro based food and drink products contributed 8.4 % of Ireland's exports in 2004. Zinc is one of the major export items, while Ireland remains a major importer of wood due to gross deforestation. Fishery is another important segment in the primary sector of the Irish economy.
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Secondary sector in the economy of Ireland The secondary sector dominated by several top profile industries, contribute 46 % to the GDP of Ireland and accounts for 29% of employment. While textile industries have traditionally driven growth in the secondary sector of the Irish economy, high end technology based industries have now taken over. Ireland is one of the leading manufacturers of computers and computer parts in the European Union. As per estimates, 25% of total production of computers in Europe is from Ireland. Companies like IBM, Intel and Dell are the leading players in this sector. The software industry is another major industry in the Irish economy. Microsoft and Oracle have set up operations in Dublin. Ireland accounts for the largest software exports in the world. Other important industries of the Irish economy constitute drugs, confectionary, and machinery. In recent years real estate (construction) industry has assumed importance. However a recent slump has been observed in this sector.
Tertiary sector in the economy of Ireland The tertiary sector is the most important sector of the Irish economy, accounting for 49% of GDP. This sector employs 64% of Ireland's workforce. This sector is known as the "Celtic Tiger" for being the major driving force in the economic growth of Ireland. The major industries of the tertiary sector are call centers, legal services, financial services, catering and tourism. The Irish tourism industry alone recruits 100,000 people. The tertiary sector also has both Irish and international retail companies and café chains like Starbucks, McDonalds, etc.
Current economic trends The Irish economy was not too badly affected by the global economic crisis at the onset of the twenty first century. There was no closure of operations of multinational companies in Ireland. Unemployment remained under control. Unemployment is still low in the Irish economy but rising. Due to the slump in the real estate sector, 30000 jobs are predicted to be lost between 2007 and 2008. The ongoing inflation rate in Ireland in 2007 is 5.1%
Irish Budget 2008 The important highlights of the budget of Ireland for 2008 include -
9% stamp duty on the balance of house prices over €1m
Lesser duty on credit cards - now at €30 ( earlier €40)
Increase of 30 cents on excise of cigarettes.
16.2 billion Euros to be spent on healthcare in 2008.
Increase in spending for child benefits.
Rise in contributory and non-contributory pension.
Increase in Motor tax
9.3 billion Euros to be spent on education in 2008
One billion Euros allocated for public transport
Allocation on 600 million Euros for regional and local roads.
Allocation on 2.7 billion for ports and airports.
0.9% government deficit for 2008
Primary sector in the economy of Ireland The primary sector of the Irish economy is relatively smaller compared to the secondary and tertiary sectors. The primary sector has an average 5% contribution to the GDP of Ireland and employs an average 8% of Ireland's workforce. Agro based food and drink products contributed 8.4 % of Ireland's exports in 2004. Zinc is one of the major export items, while Ireland remains a major importer of wood due to gross deforestation. Fishery is another important segment in the primary sector of the Irish economy.
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Secondary sector in the economy of Ireland The secondary sector dominated by several top profile industries, contribute 46 % to the GDP of Ireland and accounts for 29% of employment. While textile industries have traditionally driven growth in the secondary sector of the Irish economy, high end technology based industries have now taken over. Ireland is one of the leading manufacturers of computers and computer parts in the European Union. As per estimates, 25% of total production of computers in Europe is from Ireland. Companies like IBM, Intel and Dell are the leading players in this sector. The software industry is another major industry in the Irish economy. Microsoft and Oracle have set up operations in Dublin. Ireland accounts for the largest software exports in the world. Other important industries of the Irish economy constitute drugs, confectionary, and machinery. In recent years real estate (construction) industry has assumed importance. However a recent slump has been observed in this sector.
Tertiary sector in the economy of Ireland The tertiary sector is the most important sector of the Irish economy, accounting for 49% of GDP. This sector employs 64% of Ireland's workforce. This sector is known as the "Celtic Tiger" for being the major driving force in the economic growth of Ireland. The major industries of the tertiary sector are call centers, legal services, financial services, catering and tourism. The Irish tourism industry alone recruits 100,000 people. The tertiary sector also has both Irish and international retail companies and café chains like Starbucks, McDonalds, etc.
Current economic trends The Irish economy was not too badly affected by the global economic crisis at the onset of the twenty first century. There was no closure of operations of multinational companies in Ireland. Unemployment remained under control. Unemployment is still low in the Irish economy but rising. Due to the slump in the real estate sector, 30000 jobs are predicted to be lost between 2007 and 2008. The ongoing inflation rate in Ireland in 2007 is 5.1%
Irish Budget 2008 The important highlights of the budget of Ireland for 2008 include -
9% stamp duty on the balance of house prices over €1m
Lesser duty on credit cards - now at €30 ( earlier €40)
Increase of 30 cents on excise of cigarettes.
16.2 billion Euros to be spent on healthcare in 2008.
Increase in spending for child benefits.
Rise in contributory and non-contributory pension.
Increase in Motor tax
9.3 billion Euros to be spent on education in 2008
One billion Euros allocated for public transport
Allocation on 600 million Euros for regional and local roads.
Allocation on 2.7 billion for ports and airports.
0.9% government deficit for 2008
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