Ireland

Ireland is a small, modern, trade-dependent economy. Ireland joined 11 other EU nations in circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since 2008 with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010, and further contraction is expectd in 2011. Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in its domestic property and construction markets. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the export sector, dominated by foreign multinationals, remains a key component of Ireland’s economy, construction most recently fueled economic growth along with strong consumer spending and business investment. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. However, average home prices have fallen 50% from the 2007 peak. In 2008 the COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country’s economic downturn. In 2009, in an effort to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. The budget deficit reached nearly 38% of GDP in 2010 because of additional government support for the banking sector. In late 2010, the COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin recapitalize its banking sector and avoid defaulting on its sovereign debt, and initiated a four-year austerity plan to cut an additional $20 billion from its budget.

$174 billion (2010 est.)

$175.1 billion (2009 est.)

$189.5 billion (2008 est.)

$204.1 billion (2010 est.)

-0.6% (2010 est.)

-7.6% (2009 est.)

-3.5% (2008 est.)

$37,600 (2010 est.)

$38,200 (2009 est.)

$41,900 (2008 est.)

2.18 million (2010 est.)

13.7% (2010 est.)

11.8% (2009 est.)

4.2% (2008 est.)

30.7 (2008)

35.9 (1987)

12.6% of GDP (2010 est.)

98.5% of GDP (2010 est.)

64.8% of GDP (2009 est.)

-1.5% (2010 est.)

-4.5% (2009 est.)

1.75% (31 December 2009)

3% (31 December 2008)

4.32% (31 December 2009 est.)

6.76% (31 December 2008 est.)

$127.7 billion (31 December 2010 est)

$141 billion (31 December 2009 est)

$257.1 billion (31 December 2010 est.)

$275.9 billion (31 December 2009 est.)

$745.7 billion (31 December 2009 est.)

$738.5 billion (31 December 2008 est.)

$29.88 billion (31 December 2009)

$49.4 billion (31 December 2008)

$144 billion (31 December 2007)

turnips, barley, potatoes, sugar beets, wheat; beef, dairy products

steel, lead, zinc, silver, aluminum, barite, and gypsum mining processing; food products, brewing, textiles, clothing; chemicals, pharmaceuticals; machinery, rail transportation equipment; glass and crystal; software, tourism

5% (2010 est.)

26.06 billion kWh (2007 est.)

25.12 billion kWh (2007 est.)

303 million kWh (2008 est.)

753 million kWh (2008 est.)

0 bbl/day (2008 est.)

164,600 bbl/day (2009 est.)

22,410 bbl/day (2008 est.)

192,900 bbl/day (2008 est.)

0 bbl (1 January 2010 est.)

392 million cu m (2009 est.)

5.112 billion cu m (2009 est.)

0 cu m (2008 est.)

4.723 billion cu m (2009 est.)

9.911 billion cu m (1 January 2010 est.)

-$3.191 billion (2010 est.)

-$6.762 billion (2009 est.)

$115.7 billion (2010 est.)

$107.3 billion (2009 est.)

machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products

US 20.52%, Belgium 17.78%, UK 16.31%, Germany 5.66%, France 5.56%, Spain 4.19% (2009)

$70.36 billion (2010 est.)

$62.22 billion (2009 est.)

data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

UK 35.28%, US 16.87%, Germany 6.76%, Netherlands 5.86%, France 4.76% (2009)

$NA (31 December 2010 est.)

$2.154 billion (31 December 2009 est.)

$2.131 trillion (30 June 2010)

$2.356 trillion (31 December 2008)

$221.1 billion (31 December 2010 est.)

$198.8 billion (31 December 2009 est.)

$192.7 billion (31 December 2010 est.)

$180.9 billion (31 December 2009 est.)

euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)