Ireland Economy 2007

Economy - overview:
Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2006. 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 40% 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):
$180.9 billion (2006 est.)

GDP (official exchange rate):
$203.8 billion (2006 est.)

GDP - real growth rate:
5.7% (2006 est.)

GDP - per capita (PPP):
$44,500 (2006 est.)

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

Labor force:
2.132 million (2006 est.)

Labor force - by occupation:
agriculture: 8%
industry: 29%
services: 64% (2002 est.)

Unemployment rate:
4.3% (2006 est.)

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

Household income or consumption by percentage share:
lowest 10%: 2.9%
highest 10%: 27.2% (2000)

Distribution of family income - Gini index:
34.3 (2000)

Inflation rate (consumer prices):
3.9% (2006 est.)

Investment (gross fixed):
26.3% of GDP (2006 est.)

Budget:
revenues: $80.78 billion
expenditures: $74.51 billion (2006 est.)

Public debt:
24.9% of GDP (2006 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:
5% (2006 est.)

Electricity - production:
24.13 billion kWh (2005)

Electricity - consumption:
24.09 billion kWh (2005)

Electricity - exports:
1 million kWh (2005)

Electricity - imports:
2.045 billion kWh (2005)

Oil - production:
0 bbl/day (2004 est.)

Oil - consumption:
182,400 bbl/day (2004 est.)

Oil - exports:
23,360 bbl/day (2004)

Oil - imports:
204,400 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006)

Natural gas - production:
546.7 million cu m (2005 est.)

Natural gas - consumption:
3.895 billion cu m (2005 est.)

Natural gas - exports:
0 cu m (2005 est.)

Natural gas - imports:
3.348 billion cu m (2005)

Natural gas - proved reserves:
9.505 billion cu m (1 January 2006 est.)

Current account balance:
$-9.136 billion (2006 est.)

Exports:
$104.7 billion f.o.b. (2006 est.)

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

Exports - partners:
US 18.6%, UK 17.7%, Belgium 14.9%, Germany 7.7%, France 5.8%, Italy 4.2% (2006)

Imports:
$72.79 billion f.o.b. (2006 est.)

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

Imports - partners:
UK 37.5%, US 11.5%, Germany 9.6%, Netherlands 4.6% (2006)

Economic aid - donor:
ODA, $607 million (2004)

Reserves of foreign exchange and gold:
$831.9 million (2006 est.)

Debt - external:
$1.392 trillion (30 June 2006)

Stock of direct foreign investment - at home:
$179 billion (2006 est.)

Stock of direct foreign investment - abroad:
$125.2 billion (2006 est.)

Market value of publicly traded shares:
$114.1 billion (2005)

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 - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)