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Ireland Economy 2011
https://theodora.com/wfb2011/ireland/ireland_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Ireland Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2011

Economy - overview:
Ireland is a small, modern, trade-dependent economy. Ireland joined 11 other EU nations in circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since 2008 with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010, and further contraction is expectd in 2011. Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in its domestic property and construction markets. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the export sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction most recently fueled economic growth along with strong consumer spending and business investment. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. However, average home prices have fallen 50% from the 2007 peak. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in an effort to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. The budget deficit reached nearly 38% of GDP in 2010 because of additional government support for the banking sector. In late 2010, the COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin recapitalize its banking sector and avoid defaulting on its sovereign debt, and initiated a four-year austerity plan to cut an additional $20 billion from its budget.

GDP (purchasing power parity):
$174 billion (2010 est.)
country comparison to the world: 57

$175.1 billion (2009 est.)
$189.5 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$204.1 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.6% (2010 est.)
country comparison to the world: 197

-7.6% (2009 est.)
-3.5% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$37,600 (2010 est.)
country comparison to the world: 30

$38,200 (2009 est.)
$41,900 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 46%
[see also: GDP - composition by sector - industry country ranks ]
services: 49% (2002 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
2.18 million (2009 est.)
country comparison to the world: 116
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 27%
[see also: Labor force - by occupation - industry country ranks ]
services: 67% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
13.7% (2010 est.)
country comparison to the world: 141

11.8% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
4.2% (2008 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.2% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.7 (2008)
country comparison to the world: 108

35.9 (1987)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
12.6% of GDP (2009 est.)
country comparison to the world: 143
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $74.22 billion
[see also: Budget - revenues country ranks ]
expenditures: $151.7 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
98.5% of GDP (2010 est.)
country comparison to the world: 11

64.8% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
-1.5% (2010 est.)
country comparison to the world: 3

-4.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2009)
country comparison to the world: 118

3% (31 December 2008)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
4.32% (31 December 2009 est.)
country comparison to the world: 134

6.76% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$127.7 billion (31 December 2010 est)

$141 billion (31 December 2009 est)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$257.1 billion (31 December 2010 est.)

$275.9 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$745.7 billion (31 December 2009 est.)
country comparison to the world: 18

$738.5 billion (31 December 2008 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$29.88 billion (31 December 2009)
country comparison to the world: 51

$49.4 billion (31 December 2008)
$144 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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; glass and crystal; software, tourism

Industrial production growth rate:
5% (2007 est.)
country comparison to the world: 66
[see also: Industrial production growth rate country ranks ]

Electricity - production:
26.06 billion kWh (2007 est.)
country comparison to the world: 64
[see also: Electricity - production country ranks ]

Electricity - consumption:
25.12 billion kWh (2007 est.)
country comparison to the world: 64
[see also: Electricity - consumption country ranks ]

Electricity - exports:
303 million kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
753 million kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2008 est.)
country comparison to the world: 172
[see also: Oil - production country ranks ]

Oil - consumption:
164,600 bbl/day (2009 est.)
country comparison to the world: 62
[see also: Oil - consumption country ranks ]

Oil - exports:
22,410 bbl/day (2008 est.)
country comparison to the world: 90
[see also: Oil - exports country ranks ]

Oil - imports:
192,900 bbl/day (2008 est.)
country comparison to the world: 47
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 168
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
392 million cu m (2009 est.)
country comparison to the world: 69
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
5.112 billion cu m (2009 est.)
country comparison to the world: 58
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 168
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
4.723 billion cu m (2009 est.)
country comparison to the world: 33
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
9.911 billion cu m (1 January 2010 est.)
country comparison to the world: 79
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$3.191 billion (2010 est.)
country comparison to the world: 166

-$6.762 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$115.7 billion (2010 est.)
country comparison to the world: 34

$107.3 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products

Exports - partners:
US 20.52%, Belgium 17.78%, UK 16.31%, Germany 5.66%, France 5.56%, Spain 4.19% (2009)

Imports:
$70.36 billion (2010 est.)
country comparison to the world: 38

$62.22 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

Imports - partners:
UK 35.28%, US 16.87%, Germany 6.76%, Netherlands 5.86%, France 4.76% (2009)

Reserves of foreign exchange and gold:
$NA (31 December 2010 est.)

$2.154 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.131 trillion (30 June 2010)
country comparison to the world: 10

$2.356 trillion (31 December 2008)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$221.1 billion (31 December 2010 est.)
country comparison to the world: 20

$198.8 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$192.7 billion (31 December 2010 est.)
country comparison to the world: 20

$180.9 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)


NOTE: The information regarding Ireland on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 2011 information contained here. All suggestions for corrections of any errors about Ireland Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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