| 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): |
$180.7 billion (2006 est.) |
| GDP (official exchange rate): |
$204.4 billion (2006 est.) |
| GDP - real growth rate: |
6% (2006 est.) |
| GDP - per capita (PPP): |
$44,500 (2006 est.) |
| GDP - composition by sector: |
agriculture: 5%
industry: 46%
services: 49% (2002 est.) |
| Labor force: |
2.12 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%
highest 10%: 27.3% (1997) |
| Distribution of family income - Gini index: |
35.9 (1996) |
| Inflation rate (consumer prices): |
3.9% (2006 est.) |
| Investment (gross fixed): |
28% of GDP (2006 est.) |
| Budget: |
revenues: $74.49 billion
expenditures: $73.05 billion; including capital expenditures of $5.5 billion (2006 est.) |
| Public debt: |
22.8% 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: |
23.26 billion kWh (2004) |
| Electricity - production by source: |
fossil fuel: 95.9%
hydro: 2.3%
nuclear: 0%
other: 1.7% (2001) |
| Electricity - consumption: |
23.23 billion kWh (2004) |
| Electricity - exports: |
0 kWh (2004) |
| Electricity - imports: |
1.6 billion kWh (2004) |
| Oil - production: |
0 bbl/day (2004 est.) |
| Oil - consumption: |
182,400 bbl/day (2004 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: |
855 million cu m (2004 est.) |
| Natural gas - consumption: |
4.295 billion cu m (2004 est.) |
| Natural gas - exports: |
0 cu m (2004 est.) |
| Natural gas - imports: |
3.44 billion cu m (2004 est.) |
| Natural gas - proved reserves: |
19.82 billion cu m (1 January 2005 est.) |
| Current account balance: |
-$9.45 billion (2006 est.) |
| Exports: |
$119.8 billion f.o.b. (2006 est.) |
| Exports - commodities: |
machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products |
| Exports - partners: |
US 18.8%, UK 17.4%, Belgium 15.9%, Germany 7.5%, France 5.6%, Italy 4.1% (2006) |
| Imports: |
$87.36 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 37.3%, US 11.6%, Germany 9.5%, Netherlands 4.6% (2006) |
| Reserves of foreign exchange and gold: |
$842.5 million (August 2006 est.) |
| Debt - external: |
$1.392 trillion (30 June 2006) |
| Economic aid - donor: |
ODA, $607 million (2004) |
| 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 |
| Currency code: |
EUR |
| Exchange rates: |
euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002) |
| Fiscal year: |
calendar year |