Economy In Ireland

Shipping activity along a port in Ireland.

Ireland’s Economy

Although the economy in Ireland took a hit during the 2008 economic downturn, improvements in exports have brought back certain gains, some have coined the phrase “Celtic Phoenix” to describe Ireland’s economic rebound. Technology, industry, services, and trade are what Ireland’s economy is built on and should remain a contributor to Ireland’s GDP throughout the 21st century. One of Ireland’s main natural resources is its large, open pastures. Steadily increasing numbers of workers and companies from the U.K. are also expected to set up shop in Ireland as Brexit brings about changes to the way EU nations do business. Ireland still remains one of the most profitable places for U.S. corporations to do business because of its low corporation tax of 12.5%.

Ireland Economic Statistics

GDP (purchasing power parity) (2016): US$254 billion

GDP per capita (2016): US$54,464

Real annual growth rate (2015): 8%

Inflation (2015): -.5%

Unemployment: 10%

Agriculture: livestock, dairy products

Labor force: 2.15 million

Labor force by population: services 78%, industry 19%, agriculture 5%

Industries: construction, brewing, technology, services, aircraft,

Natural resources: zinc, lead, natural gas

Exports: US$122 billion

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