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 dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. 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. 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 banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program.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. In 2014-15, the economy rapidly picked up and GDP grew by roughly 5% per year. The recovering economy assisted lowering the deficit to 2.5% of GDP. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts have allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets.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. Ireland’s low corporation tax of 12.5% has been central to encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid growing international pressure the government announced it would phase in more stringent tax laws, effectively closing a loophole.

GDP (purchasing power parity):
$250.3 billion (2015 est.) $238.7 billion (2014 est.) $226.9 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 61
[see also: GDP country ranks ]

GDP (official exchange rate):
$227.5 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.8% (2015 est.) 5.2% (2014 est.) 1.4% (2013 est.)
country comparison to the world: 44
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$54,300 (2015 est.) $51,800 (2014 est.) $49,200 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 22
[see also: GDP - per capita country ranks ]

Gross national saving:
23.2% of GDP (2015 est.) 23.1% of GDP (2014 est.) 19.5% of GDP (2013 est.)
country comparison to the world: 62
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 47%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.9%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 113.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -94.9% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.5% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
barley, potatoes, wheat; beef, dairy products

Industries:
pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices

Industrial production growth rate:
3% (2015 est.)
country comparison to the world: 82
[see also: Industrial production growth rate country ranks ]

Labor force:
2.176 million (2015 est.)
country comparison to the world: 121
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 5%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19%
[see also: Labor force - by occupation - industry country ranks ]
services: 76% (2011 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.4% (2015 est.) 11.3% (2014 est.)
country comparison to the world: 110
[see also: Unemployment rate country ranks ]

Population below poverty line:
5.5% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.2% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
33.9 (2010) 35.9 (1987)
country comparison to the world: 98
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $78.42 billion
[see also: Budget revenues country ranks ]
expenditures: $84.07 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
34.5% of GDP (2015 est.)
country comparison to the world: 66
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.5% of GDP (2015 est.)
country comparison to the world: 88
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
101.2% of GDP (2015 est.) 107.6% of GDP (2014 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
country comparison to the world: 15
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.2% (2015 est.) 0.2% (2014 est.)
country comparison to the world: 30
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2013) 0.3% (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
country comparison to the world: 140
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.4% (31 December 2015 est.) 3.41% (31 December 2014 est.)
country comparison to the world: 165
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$140.9 billion (31 December 2015 est.) $143.5 billion (31 December 2014 est.)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 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
country comparison to the world: 27
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$255.3 billion (31 December 2014 est.) $267.4 billion (31 December 2013 est.)
country comparison to the world: 39
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$340.4 billion (31 December 2015 est.) $380.3 billion (31 December 2014 est.)
country comparison to the world: 35
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$109 billion (31 December 2012 est.) $108.1 billion (31 December 2011) $60.45 billion (31 December 2010 est.)
country comparison to the world: 42
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$7.213 billion (2015 est.) $9.08 billion (2014 est.)
country comparison to the world: 24
[see also: Current account balance country ranks ]

Exports:
$140.4 billion (2015 est.) $144.8 billion (2014 est.)
country comparison to the world: 33
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; foodstuffs, animal products

Exports - partners:
US 20.6%, UK 16%, Belgium 14.1%, Germany 6.8%, Switzerland 6.3%, France 5.6%, Netherlands 4.1% (2014)

Imports:
$81.39 billion (2015 est.) $84.38 billion (2014 est.)
country comparison to the world: 37
[see also: Imports country ranks ]

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

Imports - partners:
UK 38.8%, US 10.3%, Germany 8.5%, Netherlands 6.2%, China 4% (2014)

Reserves of foreign exchange and gold:
$1.748 billion (31 December 2014 est.) $1.635 billion (31 December 2013 est.)
country comparison to the world: 124
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.96 trillion (31 December 2014 est.) $2.078 trillion (31 December 2013 est.)
country comparison to the world: 11
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$878.1 billion (31 December 2015 est.) $831.9 billion (31 December 2014 est.)
country comparison to the world: 12
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$961.3 billion (31 December 2015 est.) $939.6 billion (31 December 2014 est.)
country comparison to the world: 13
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.89 (2015 est.) 0.75 (2014 est.) 0.76 (2013 est.) 0.78 (2012 est.) 0.72 (2011 est.)