Overview: The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 37% of GDP and about 80% of exports and employs 26% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to 3.3% in 1990. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, is a serious problem. A 1990 unemployment rate of 16.6% placed Ireland along with Spain as the countries with the worst jobless records in Western Europe.

GDP: $33.9 billion, per capita $9,690; real growth rate 4.1% (1990)

Inflation rate (consumer prices): 3.3% (1990)

Unemployment rate: 16.6% (1990)

Budget: revenues $11.3 billion; expenditures $11.7 billion, including capital expenditures of $1.6 billion (1990)

Exports: $24.6 billion (f.o.b., 1990); commodities--chemicals, data processing equipment, industrial machinery, live animals, animal products; partners--EC 74% (UK 34%, FRG 11%, France 10%), US 8%

Imports: $20.7 billion (c.i.f., 1990); commodities--food, animal feed, chemicals, petroleum and petroleum products, machinery, textiles, clothing; partners--EC 66% (UK 41%, FRG 9%, France 4%), US 16%

External debt: $16.0 billion (1990)

Industrial production: growth rate 4.7% (1990); accounts for 37% of GDP

Electricity: 4,957,000 kW capacity; 14,480 million kWh produced, 4,080 kWh per capita (1989)

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

Agriculture: accounts for 10% of GNP and 15% of the labor force; principal crops--turnips, barley, potatoes, sugar beets, wheat; livestock--meat and dairy products; 85% self-sufficient in food; food shortages include bread grain, fruits, vegetables

Economic aid: donor--ODA commitments (1980-89), $90 million

Currency: Irish pound (plural--pounds); 1 Irish pound (5Ir) = 100 pence

Exchange rates: Irish pounds (5Ir) per US$1--0.5656 (January 1991), 0.6030 (1990), 0.7472 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 1991 information contained here. All suggestions for corrections of any errors about Ireland Economy 1991 should be addressed to the CIA.