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 has dropped sharply since the onset of the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. 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. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former 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 continued efforts 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 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 - because of additional government support for the country�??s deeply troubled banking sector. 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 fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. 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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$190.4 billion (2013 est.)
country comparison to the world: 59
$189.3 billion (2012 est.)
$189 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$220.9 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
0.6% (2013 est.)
country comparison to the world: 184
0.2% (2012 est.)
2.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$41,300 (2013 est.)
country comparison to the world: 25
$41,300 (2012 est.)
$41,300 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
13.4% of GDP (2013 est.)
country comparison to the world: 117
15.3% of GDP (2012 est.)
12.5% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
50.2%
government consumption:
14.8%
investment in fixed capital:
10%
investment in inventories:
0%
exports of goods and services:
106.8%
imports of goods and services:
-81.9%
(2013 est.)
agriculture:
1.6%
industry:
28%
services:
70.4% (2013 est.)
barley, potatoes, wheat; beef, dairy products
pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices
0.2% (2013 est.)
country comparison to the world: 162
[see also: Industrial production growth rate country ranks ]
2.161 million (2013 est.)
country comparison to the world: 120
[see also: Labor force country ranks ]
agriculture:
5%
industry:
19%
services:
76% (2011 est.)
13.5% (2013 est.)
country comparison to the world: 132
14.7% (2012 est.)
[see also: Unemployment rate country ranks ]
5.5% (2009)
[see also: Population below poverty line country ranks ]
lowest 10%:
2.9%
highest 10%:
27.2% (2000)
33.9 (2010)
country comparison to the world: 97
35.9 (1987)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$75.32 billion
expenditures:
$91.3 billion (2013 est.)
34.1% of GDP (2013 est.)
country comparison to the world: 70
[see also: Taxes and other revenues country ranks ]
-7.2% of GDP (2013 est.)
country comparison to the world: 187
[see also: Budget surplus (+) or deficit (-) country ranks ]
124.2% of GDP (2013 est.)
country comparison to the world: 7
117.6% of GDP (2012 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
[see also: Public debt country ranks ]
calendar year
0.6% (2013 est.)
country comparison to the world: 15
1.7% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
0.75% (31 December 2013)
country comparison to the world: 124
1.5% (31 December 2010)
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 ]
3.2% (31 December 2013 est.)
country comparison to the world: 164
3.55% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$121.3 billion (31 December 2013 est.)
country comparison to the world: 31
$122.3 billion (31 December 2012 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 17 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 ]
$238 billion (31 December 2013 est.)
country comparison to the world: 35
$238.7 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$425.4 billion (31 December 2013 est.)
country comparison to the world: 29
$433.1 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$109 billion (31 December 2012 est.)
country comparison to the world: 38
$108.1 billion (31 December 2011)
$60.45 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
$7.3 billion (2013 est.)
country comparison to the world: 26
$9.245 billion (2012 est.)
[see also: Current account balance country ranks ]
$113.6 billion (2013 est.)
country comparison to the world: 35
$119.3 billion (2012 est.)
[see also: Exports country ranks ]
machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; food products, animal products
US 17.9%, UK 17.3%, Belgium 15.6%, Germany 8.4%, Switzerland 5.8%, France 5% (2012)
$61.51 billion (2013 est.)
country comparison to the world: 48
$63.63 billion (2012 est.)
[see also: Imports country ranks ]
data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing
UK 39.8%, US 13.2%, Germany 7.6%, Netherlands 5.7% (2012)
$1.707 billion (31 December 2012 est.)
country comparison to the world: 126
$1.703 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$2.164 trillion (31 December 2012 est.)
country comparison to the world: 11
$2.213 trillion (31 December 2011)
[see also: Debt - external country ranks ]
$777.3 billion (31 December 2013 est.)
country comparison to the world: 11
$725.8 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$792.6 billion (31 December 2013 est.)
country comparison to the world: 11
$766 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)