Ireland Economy - 2005

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:
purchasing power parity - $126.4 billion (2004 est.)

GDP - real growth rate:
5.1% (2004 est.)

GDP - per capita:
purchasing power parity - $31,900 (2004 est.)

GDP - composition by sector:
agriculture: 5%
industry: 46%
services: 49% (2002 est.)

Labor force:
1.92 million (2004 est.)

Labor force - by occupation:
agriculture 8%, industry 29%, services 63% (2002 est.)

Unemployment rate:
4.3% (2004 est.)

Population below poverty line:
10% (1997 est.)

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 27.3% (1997)

Distribution of family income - Gini index:
35.9 (1987)

Inflation rate (consumer prices):
2.2% (2004 est.)

Investment (gross fixed):
23.8% of GDP (2004 est.)

Budget:
revenues: $62.51 billion
expenditures: $63.52 billion, including capital expenditures of $5.5 billion (2004 est.)

Public debt:
31.2% of GDP (2004 est.)

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, passenger and commercial vehicles, ship construction and refurbishment; glass and crystal; software, tourism

Industrial production growth rate:
7% (2004 est.)

Electricity - production:
22.88 billion kWh (2002)

Electricity - consumption:
21.78 billion kWh (2002)

Electricity - exports:
100 million kWh (2002)

Electricity - imports:
600 million kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
174,400 bbl/day (2001 est.)

Oil - exports:
27,450 bbl/day (2001)

Oil - imports:
178,600 bbl/day (2001)

Oil - proved reserves:
0 bbl (1 January 2002)

Natural gas - production:
815 million cu m (2001 est.)

Natural gas - consumption:
4.199 billion cu m (2001 est.)

Natural gas - exports:
0 cu m (2001 est.)

Natural gas - imports:
3.384 billion cu m (2001 est.)

Natural gas - proved reserves:
9.911 billion cu m (1 January 2002)

Current account balance:
$-2.881 billion (2004 est.)

Exports:
$103.8 billion f.o.b. (2004 est.)

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

Exports - partners:
US 20.2%, UK 17.5%, Belgium 14.8%, Germany 7.5%, France 5.9%, Italy 4.5%, Netherlands 4.4% (2004)

Imports:
$60.65 billion f.o.b. (2004 est.)

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

Imports - partners:
UK 35.2%, US 13.5%, Germany 8.9%, France 4.3%, Netherlands 4.3% (2004)

Reserves of foreign exchange and gold:
$4.152 billion (2003)

Debt - external:
$11 billion (1998)

Economic aid - donor:
ODA, $283 million (2001)

Currency (code):
euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Exchange rates:
euros per US dollar - 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000)