IRELAND

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Ireland Economy

Country Name: Ireland

Capital City: Dublin

Population: 4,062,235 (2006)

Population Growth: 1.15% (2006)

Currency: Euro (EUR)

Languages: English, Irish

Area: 70,280 sq km

Inflation Rate: 3.9% (2006 est.)

Unemployment Rate: 4.3% (2006)

Domain extension: .ie

ECONOMIC DETAILS OF IRELAND

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:

$180.7 billion (2006 est.)

GDP - real growth rate:

6% (2006 est.)

GDP - per capita:

$44,500 (2006 est.)

GDP - by sector (agriculture):

agriculture: 5%

GDP - by sector (industry):

industry: 46%

GDP - by sector (services):

services: 49% (2002 est.)

Export Partners:

US 18.8%, UK 17.4%, Belgium 15.9%, Germany 7.5%, France 5.6%, Italy 4.1% (2006)

Import Partners:

UK 37.3%, US 11.6%, Germany 9.5%, Netherlands 4.6% (2006)

Export Commodities:

machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products

Import Commodities:

data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

Exports Volume:

$119.8 billion f.o.b. (2006 est.)

Imports Volume:

$87.36 billion f.o.b. (2006 est.)

Labour Force:

2.12 million (2006 est.)

Unemployment Rate:

4.3% (2006 est.)

Population below poverty line:

10% (1997 est.)

Inflation Rate:

3.9% (2006 est.)

Investment (gross fixed):

28% of GDP (2006 est.)

Public Debt:

22.8% 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

Industrial Production Growth Rate:

5% (2006 est.)

Electricity - production:

23.26 billion kWh (2004)

Electricity - consumption:

23.23 billion kWh (2004)

Electricity - exports:

0 kWh (2004)

Electricity - imports:

1.6 billion kWh (2004)

Oil - production:

0 bbl/day (2004 est.)

Oil - consumption:

182,400 bbl/day (2004 est.)

Oil - exports:

27,450 bbl/day (2001)

Oil - imports:

178,600 bbl/day (2001)

Natural gas - production:

855 million cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$9.45 billion (2006 est.)

Currency Code:

euro (EUR)