Ireland:
Economy

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Other pages in this profile of Ireland:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2007. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the exports sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction has most recently fueled economic growth along with strong consumer spending and business investment. Property prices have risen more rapidly in Ireland in the decade up to 2006 than in any other developed world economy. 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. 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. A slowdown in the property market, more intense global competition, and increased costs, however, have compelled government economists to lower Ireland's growth forecast slightly for 2008. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.
GDP (purchasing power parity)	Definition - World rank and map $186.2 billion (2007 est.)
GDP (official exchange rate)	Definition $258.6 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.3% (2007 est.)
GDP - per capita	Definition - World rank and map $43,100 (2007 est.)
GDP - composition by sector	Definition agriculture: 5% industry: 46% services: 49% (2002 est.)
Labor force	Definition 2.22 million (2007 est.)
Labor force - by occupation	Definition agriculture: 6% industry: 27% services: 67% (2006 est.)
Unemployment rate	Definition - World rank and map 4.6% (2007 est.)
Population below poverty line	Definition 7% (2005 est.)
Household income or consumption by percentage share	Definition lowest 10%: 2.9% highest 10%: 27.2% (2000)
Distribution of family income - Gini index	Definition - World rank and map 32 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 3% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 25.3% of GDP (2007 est.)
Budget	Definition revenues: $93.97 billion expenditures: $88.27 billion (2007 est.)
Public debt	Definition - World rank and map 24.7% of GDP (2007 est.)
Agriculture - products	Definition turnips, barley, potatoes, sugar beets, wheat; beef, dairy products
Industries	Definition 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	Definition - World rank and map 5% (2006 est.)
Electricity - production	Definition - World rank and map 24.13 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 24.09 billion kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 5,796.3 kWh (2005)
Electricity - exports	Definition 1 million kWh (2005)
Electricity - imports	Definition 2.045 billion kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 192,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 46.2 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 23,360 bbl/day (2004)
Oil - imports	Definition - World rank and map 204,400 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 546.7 million cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 3.895 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 937 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 3.348 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 9.505 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$11.69 billion (2007 est.)
Exports	Definition - World rank and map $115.6 billion f.o.b. (2007 est.)
Exports - commodities	Definition machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products
Exports - partners	Definition UK 18.8%, US 17.8%, Belgium 14.5%, Germany 7.4%, France 5.8% (2006)
Imports	Definition - World rank and map $84.2 billion f.o.b. (2007 est.)
Imports - commodities	Definition data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing
Imports - partners	Definition UK 38%, US 11.3%, Germany 9.6%, Netherlands 5%, France 4.2% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $926.2 million (2006 est.)
Debt - external	Definition - World rank and map $1.841 trillion (30 June 2007)
Stock of direct foreign investment - at home	Definition $173.9 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $135.6 billion (2007 est.)
Market value of publicly traded shares	Definition $114.1 billion (2005)
Economic aid - donor	Definition ODA, $1.022 billion (2006)
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year

Ireland: Economy

Ireland:
Economy