Economy - overview: | Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labor force. Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 10% above that of the four big European economies and the second highest in the EU behind Luxembourg. Over the past decade, the Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations. |
GDP - per capita | $34,100 (2005 est.) |
GDP - real growth rate (%) | 4.9% (2005 est.) |
Agriculture - products | turnips, barley, potatoes, sugar beets, wheat; beef, dairy products |
GDP - composition by sector (%) | agriculture: 5%, industry: 46%, services: 49% (2002 est.) |
Industries | steel, lead, zinc, silver, aluminum, barite, and gypsum mining processing; food products, brewing, textiles, clothing; chemicals, pharmaceuticals; machinery, rail transportation equipment, passenger and commercial vehicles, ship construction and refurbishment; glass and crystal; software, tourism |
Population below poverty line (%) | 10% (1997 est.) |
Debt - external | $1.049 trillion (30 June 2005) |
Labor force - by occupation (%) | agriculture 8%, industry 29%, services 64% (2002 est.) |