Short facts about the economy in Ireland
| Economy -
overview: |
Ireland is a small, modern,
trade-dependent economy with growth averaging a robust 9% in 1995-2000.
Agriculture, once the most important sector, is now dwarfed by industry, which
accounts for 38% of GDP and about 80% of exports and employs 28% of the labor
force. Although exports remain the primary engine for Ireland's robust growth,
the economy is also benefiting from a rise in consumer spending and recovery in
both construction and business investment. Over the past decade, the Irish
government has implemented a series of national economic programs designed to
curb inflation, reduce government spending, increase labor force skills, and
promote foreign investment. Ireland joined in launching the euro currency system
in January 1999 along with 10 other EU nations. The Irish economy is in danger
of overheating, with the tight labor market driving up wage demands and
inflation. |
| GDP: |
purchasing power parity - $81.9 billion
(2000 est.) |
| GDP - real
growth rate: |
9.9% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $21,600 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 4%
industry: 38%
services: 58%
(1999) |
| Population
below poverty line: |
10% (1997
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 2%
highest 10%: 27.3%
(1997) |
| Inflation
rate (consumer prices): |
5.6%
(2000) |
| Labor
force: |
1.82 million (2000
est.) |
| Labor force
- by occupation: |
services 64%, industry 28%, agriculture
8% (2000 est.) |
| Unemployment
rate: |
4.1%
(2000) |
| Budget: |
revenues: $25.7 billion
expenditures: $19.2 billion, including
capital expenditures of $2 billion
(2000) |
| Industries: |
food products, brewing, textiles,
clothing; chemicals, pharmaceuticals, machinery, transportation equipment, glass
and crystal; software |
| Industrial
production growth rate: |
14% (2000
est.) |
| Electricity
- production: |
19.542 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 94.42%
hydro: 4.23%
nuclear:
0%
other: 1.35% (1999) |
| Electricity
- consumption: |
18.414 billion kWh
(1999) |
| Electricity
- exports: |
50 million kWh
(1999) |
| Electricity
- imports: |
290 million kWh
(1999) |
| Agriculture
- products: |
turnips, barley, potatoes, sugar beets,
wheat; beef, dairy products |
| Exports: |
$73.5 billion (f.o.b.,
2000) |
| Exports -
commodities: |
machinery and equipment, computers,
chemicals, pharmaceuticals; live animals, animal
products |
| Exports -
partners: |
EU 59% (UK 19%, Germany 9%, France 7%),
US 20% (2000) |
| Imports: |
$45.7 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
data processing equipment, other
machinery and equipment, chemicals; petroleum and petroleum products, textiles,
clothing |
| Imports -
partners: |
EU 54% (UK 29%, Germany 6%, France 5%),
US 18%, Japan 5%, Singapore 4% (2000) |
| Debt -
external: |
$11 billion
(1998) |
| Economic aid
- donor: |
ODA, $245 million
(2000) |
| Currency: |
Irish pound (IEP); euro
(EUR)
note: on 1 January 1999, the EU introduced the euro as a
common currency that is now being used by financial institutions in Ireland at a
fixed rate of 0.787564 Irish pounds per euro and will replace the local currency
for all transactions in 2002 |
| Exchange
rates: |
Irish pounds per US dollar - 1.0658
(January 2001), 1.0823 (2000), 0.9374 (1999), 0.7014 (1998), 0.6588 (1997),
0.6248 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
