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Ireland Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Ireland Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program.In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt. In 2014, the economy rapidly picked up and GDP grew by 25% in 2015. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth exceeded 26%. This increase reflected one-off statistical revisions, multinational corporate restructurings, and the aircraft leasing sector, rather than gains in the on the ground economy. Growth moderated to around 4.1% in 2017, but the recovering economy assisted lowering the deficit to 0.6% of GDP.In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Ireland’s low corporation tax of 12.5% and a talented pool of high-tech laborers have been key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. In 2014, amid growing international pressure, the government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole.

GDP (purchasing power parity):
$344.8 billion (2017 est.) $331.2 billion (2016 est.) $315.1 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 52

GDP (official exchange rate):
$325.6 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.1% (2017 est.) 5.1% (2016 est.) 25.5% (2015 est.)
country comparison to the world: 61
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$72,600 (2017 est.) $70,500 (2016 est.) $67,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 11

Gross national saving:
37.1% of GDP (2017 est.) 35.7% of GDP (2016 est.) 32.1% of GDP (2015 est.)
country comparison to the world: 12
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 34.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 33.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 120.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -99.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 38.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
barley, potatoes, wheat; beef, dairy products

Industries:
pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices

Industrial production growth rate:
1.5% (2017 est.)
country comparison to the world: 153
[see also: Industrial production growth rate country ranks ]

Labor force:
2.226 million (2017 est.)
country comparison to the world: 122
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 11%
[see also: Labor force - by occupation - industry country ranks ]
services: 84% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.4% (2017 est.) 7.9% (2016 est.)
country comparison to the world: 87
[see also: Unemployment rate country ranks ]

Population below poverty line:
8.2% (2013 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)

Distribution of family income - Gini index:
31.3 (2013 est.) 35.9 (1987 est.)
country comparison to the world: 119
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $85.41 billion
[see also: Budget - revenues country ranks ]
expenditures: $87.22 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
26.2% of GDP (2017 est.)
country comparison to the world: 107
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.6% of GDP (2017 est.)
country comparison to the world: 50
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
69.5% of GDP (2017 est.) 72.9% of GDP (2016 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 51
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.4% (2017 est.) -0.2% (2016 est.)
country comparison to the world: 18
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2015) 0.15% (31 August 2014)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 146
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.8% (31 December 2017 est.) 3.48% (31 December 2016 est.)
country comparison to the world: 162
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$180 billion (31 December 2017 est.) $156.2 billion (31 December 2016 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
country comparison to the world: 27
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$233.9 billion (31 December 2017 est.) $204.9 billion (31 December 2016 est.)
country comparison to the world: 36
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$305.3 billion (31 December 2017 est.) $287.1 billion (31 December 2016 est.)
country comparison to the world: 37
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$128 billion (31 December 2015 est.) $143.5 billion (31 December 2014 est.) $170.1 billion (31 December 2013 est.)
country comparison to the world: 39
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$10.94 billion (2017 est.) $10.17 billion (2016 est.)
country comparison to the world: 20
[see also: Current account balance country ranks ]

Exports:
$225.1 billion (2017 est.) $206 billion (2016 est.)
country comparison to the world: 24
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; foodstuffs, animal products

Exports - partners:
US 26%, UK 12.7%, Belgium 12.6%, Germany 6.7%, Switzerland 5.4%, Netherlands 5.1%, France 4.2% (2016)

Imports:
$96.03 billion (2017 est.) $92.09 billion (2016 est.)
country comparison to the world: 34
[see also: Imports country ranks ]

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

Imports - partners:
UK 28.8%, US 15.9%, France 12.6%, Germany 10.1%, Netherlands 4.7% (2016)

Reserves of foreign exchange and gold:
$3.591 billion (31 December 2016 est.) $2.203 billion (31 December 2015 est.)
country comparison to the world: 101
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.47 trillion (31 March 2016 est.) $2.35 trillion (31 March 2015 est.)
country comparison to the world: 9
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.477 trillion (31 December 2017 est.) $1.411 trillion (31 December 2016 est.)
country comparison to the world: 7
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.49 trillion (31 December 2017 est.) $1.404 trillion (31 December 2016 est.)
country comparison to the world: 9
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.906 (2017 est.) 0.9214 (2016 est.) 0.9214 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.)


NOTE: 1) The information regarding Ireland on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 2018 information contained here. All suggestions for corrections of any errors about Ireland Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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