Overview: The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 35% of GNP and about 80% of exports and employs 20% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to about 2% in 1988. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, is a serious problem. A 1988 unemployment rate of 18.5% placed Ireland second only to Spain as the country with the worst jobless record in Western Europe.

GNP: $30.6 billion, per capita $8,640; real growth rate 0.9% (1988)

Inflation rate (consumer prices): 2.2% (1988)

Unemployment rate: 18.5% (1988)

Budget: revenues $12.3 billion; expenditures $14.1 billion, including capital expenditures of $2.1 billion (1988 est.)

Exports: $17.7 billion (f.o.b., 1988); @m5commodities--live animals, animal products, chemicals, data processing equipment, industrial machinery; @m5partners--EC 74% (UK 34%, FRG 11%, France 9%), US 8%

Imports: $14.6 billion (c.i.f., 1988); @m5commodities--food, animal feed, chemicals, petroleum and petroleum products, machinery, textiles, clothing; @m5partners--EC 66% (UK 42%, FRG 8%, France 4%), US 17%

External debt: $16.4 billion (1987)

Industrial production: growth rate 5.6% (1988)

Electricity: 4,647,000 kW capacity; 13,794 million kWh produced, 3,890 kWh per capita (1988)

Industries: food products, brewing, textiles, clothing, chemicals, pharmaceuticals, machinery, transportation equipment, glass and crystal

Agriculture: livestock and dairy products, turnips, barley, potatoes, sugar beets, wheat; 85% self-sufficient; food shortages--grains, fruits, vegetables

Aid: NA

Currency: Irish pound (plural--pounds); 1 Irish pound (LIr) = 100 pence

Exchange rates: Irish pounds (LIr) per US$1--0.6856 (January 1989), 0.6553 (1988), 0.6720 (1987), 0.7454 (1986), 0.9384 (1985)

Fiscal year: calendar year

NOTE: The information regarding Ireland on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 1989 information contained here. All suggestions for corrections of any errors about Ireland Economy 1989 should be addressed to the CIA.