Economic overview Ireland, in 36 editions.

The economy is small, open, and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 35% 37% of GNP GDP and about 80% of exports and employs 20% 26% of the labor force. The government has successfully reduced the rate of inflation from double-digit figures in the late 1970s to about 4% 3.3% in 1989. 1990. In 1987, after years of deficits, the balance of payments was brought into the black. Unemployment, however, is a serious problem. A 1989 1990 unemployment rate of 17.7% 16.6% placed Ireland along with Spain as the countries with the worst jobless records in Western Europe.

The economy is small, open, and trade dependent. Agriculture, once the most
important sector, is now dwarfed by industry, which accounts for 37% of GDP
and about 80% of exports and employs 26% of the labor force. The government
has successfully reduced the rate of inflation from double-digit figures in
the late 1970s to 3.3% 3.8% in 1990. 1991. In 1987, after years of deficits, the
balance of payments was brought into the black. Unemployment, however, is
remains a serious problem. A 1990 1991 unemployment rate of 16.6% 20.4% placed Ireland
along with Spain as the countries with the worst jobless records in Western
Europe.

The economy is small and trade dependent. Agriculture, once the most
important sector, is now dwarfed by industry, which accounts for 37%
of GDP,
about 80% of exports, and employs 28% of the labor force.
Since 1987, real
GDP growth, led by exports, has averaged 4% annually.
Over the same period,
inflation has fallen sharply and chronic trade
deficits have been
transformed into annual surpluses. Unemployment, at 22.7% Unemployment
remains a serious
problem, however, and job creation is the main focus
of government policy.
To ease unemployment, Dublin aggressively courts
foreign investors and
recently created a new industrial development
agency to aid small indigenous
firms. Government assistance is
constrained by Dublin's continuing deficit
reduction measures. After five years of fiscal restraint, total government
debt still exceeds GDP. Growth probably will moderate in 1993 as the heavily
indebted and trade-dependent economy is highly sensitive to changes in
exchange rates and world interest rates. Exports to the UK, Ireland's major
export market, probably will be hurt by the recent appreciation of the Irish
currency against sterling - for the first time since 1979 the value of the
Irish pound exceeds that of its British counterpart.

The economy is small and trade dependent. Agriculture, once
the most
important sector, is now dwarfed by industry, which accounts
for 37%
of GDP, about 80% of exports, and employs 28% of the labor
force. Although exports remain the primary engine for Ireland's robust
Since 1987, real GDP growth, led by exports, the economy is also benefiting from a rise in consumer
spending and recovery in both construction and business investment.
Ireland has averaged 4% annually. substantially reduced its external debt since 1987, to 40%
of GDP in 1994. Over the same period, inflation has fallen sharply and
chronic trade
deficits have been transformed into annual surpluses. Unemployment
Unemployment remains a serious problem, however, and job creation is
the main focus
of government policy. To ease unemployment, Dublin
aggressively courts
foreign investors and recently created a new
industrial development
agency to aid small indigenous firms.
Government assistance is
constrained by Dublin's continuing deficit
reduction measures.

The economy is small and trade dependent.
Agriculture, once
the most important sector, is now dwarfed by
industry, which accounts
for 37% 38% of GDP, about 80% of exports, and
employs 28% of the labor
force. Although exports remain the primary
engine for Ireland's robust
growth, the economy is also benefiting
from a rise in consumer
spending and recovery in both construction
and business investment.
Ireland has substantially reduced its
external debt since 1987, to 40%
of GDP in 1994. Over the same
period, inflation has fallen sharply and
chronic trade deficits have
been transformed into annual surpluses.
Unemployment remains a
serious problem, however, and job creation is
the main focus of
government policy. To ease unemployment, Dublin
aggressively courts
foreign investors and recently created a new
industrial development
agency to aid small indigenous firms.
Government assistance is
constrained by Dublin's continuing deficit
reduction measures.

The economy is small and trade dependent.
Agriculture, once the most important sector, is now dwarfed by
industry, which accounts for 38% of GDP, about 80% of exports, and
employs 28% 26% of the labor force. Although exports remain the primary
engine for Ireland's robust growth, the economy is also benefiting
from a rise in consumer spending and recovery in both construction
and
business investment. Ireland has substantially reduced its
external debt since 1987, to 40% of GDP in 1994. Over Since the same
period, 1980s, inflation has fallen sharply and
chronic trade deficits have
been transformed into annual surpluses.
Unemployment remains a
serious problem, however, and job creation is
the main focus of
government policy. To ease unemployment, Dublin
aggressively courts
foreign investors and recently created a new
industrial development
agency to aid small indigenous firms. Government assistance is
constrained by Dublin's continuing deficit reduction measures.

The economy is small and trade dependent.
Agriculture, once the most important sector, is now dwarfed by
industry, which accounts for 38% of GDP, about 80% of exports, and
employs 26% 27% of the labor force. Although exports remain the primary
engine for Ireland's robust growth, the economy is also benefiting
from a rise in consumer spending and recovery in both construction and
business investment. Since the 1980s, inflation has fallen sharply and
chronic trade deficits have been transformed into annual surpluses.
Unemployment remains a serious problem, however, and job creation is
the main focus of government policy. To ease unemployment, Dublin
aggressively courts foreign investors and recently created a new
industrial development agency to aid small indigenous firms.

The economy Ireland is small and trade dependent. a small, modern, trade-dependent
economy with growth averaging 9.5% in 1995-98. Agriculture, once the
most important sector, is now dwarfed by
industry, which accounts
for 38% 39% of GDP, about 80% of exports, and
employs 27% 28% of the labor
force. Although exports remain the primary
engine for Ireland's
robust growth, the economy is also benefiting
from a rise in
consumer spending and recovery in both construction and
business
investment. Since Over the 1980s, inflation past decade, the Irish government has fallen sharply
implemented a series of national economic programs designed to curb
inflation, reduce government spending, and promote foreign
chronic trade deficits have investment. Although the unemployment rate has been transformed into annual surpluses. halved, it
Unemployment remains a serious problem, however, high, and job creation is
the main focus a primary concern of government
policy. To ease unemployment, Dublin Recent efforts have concentrated on improving workers
aggressively courts foreign investors qualifications and recently created a new the education system. Ireland joined in launching
industrial development agency to aid small indigenous firms. the euro currency system in January 1999 along with 10 other EU
nations.

Ireland is a small, modern, trade-dependent
economy with growth averaging 9.5% a robust 9% in 1995-98. 1995-99. Agriculture, once the
most important sector, is now dwarfed by industry, which accounts
for 39% of GDP, GDP and about 80% of exports, exports and employs 28% of the labor
force. Although exports remain the primary engine for Ireland's
robust growth, the economy is also benefiting from a rise in
consumer spending and recovery in both construction and business
investment. Over the past decade, the Irish government has
implemented a series of national economic programs designed to curb
inflation, reduce government spending, and promote foreign
investment. Although the The unemployment rate has been halved, it
remains high, and halved; job creation is remains a primary concern of government
policy. Recent efforts have concentrated on improving workers
workers' qualifications and the education system. Ireland joined in launching
the euro currency system in January 1999 along with 10 other EU
nations. The construction and other sectors are beginning to press against capacity, and growth is expected to drop in 2000, perhaps by 1 percentage point.

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-99. 1995-2000. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 39% 38% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. The unemployment rate has been halved; job creation remains a primary concern of government policy. Recent efforts have concentrated on improving workers' qualifications and the education system. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The construction and other sectors are beginning to press against capacity, and growth Irish economy is expected to drop in 2000, perhaps by 1 percentage point. danger of overheating, with the tight labor market driving up wage demands and inflation.

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% 8% in 1995-2000. 1995-2002. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% 45% of GDP and GDP, about 80% of exports exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction spending, construction, and business investment. Over the past decade, the Irish government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The Irish economy is in danger felt the impact of overheating, with the tight labor market driving up wage demands and inflation. global economic slowdown in 2001-02, particularly in the high-tech export sector; the growth rate was cut by half.

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. The global slowdown, especially in the information technology sector, pressed growth down to 2.7% in 2003. Agriculture, once the most important sector, is now dwarfed by industry, which industry and services. Industry accounts for 45% 46% of GDP, GDP and about 80% of exports, exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is has also benefiting benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 10% above that of the four big European economies. Over the past decade, the Irish government Government has implemented a series of national economic programs designed to curb inflation, reduce government spending, increase labor force skills, and promote foreign investment. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The economy felt the impact of the global economic slowdown in 2001-02, particularly in the high-tech export sector; the growth rate was cut by half.

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. The global slowdown, especially in the information technology sector, pressed growth down to 2.7% 2.1% in 2003. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP and about 80% of exports and employs 28% 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 10% above that of the four big European economies. economies and the second highest in the sEU, 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 launching the euro currency system in January 1999 along with 10 other EU nations.

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 8% in 1995-2002. The global slowdown, especially in the information technology sector, pressed growth down to 2.1% 7% in 2003. 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP and GDP, about 80% of exports exports, and employs 28% 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 10% above that of the four big European economies and the second highest in the sEU, 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 launching circulating the euro currency system in on 1 January 1999 2002 along with 10 11 other EU nations.

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% 6% in 1995-2004. 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 10% 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.

Ireland is a small, modern, trade-dependent economy with growth averaging 6% in 1995-2006. 1995-2007. 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 exports sector, dominated by foreign multinationals, remains a key component of Ireland's growth, the economy economy, construction has also benefited from a rise in most recently fueled economic growth along with strong consumer spending, construction, spending and business investment. Property prices have risen more rapidly in Ireland in the decade up to 2006 than in any other developed world economy. 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, Luxembourg, and in 2007 surpassed that of the United States. The Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, reduce government spending, invest in infrastructure, increase labor force skills, and promote foreign investment. A slowdown in the property market, more intense global competition, and increased costs, however, have compelled government economists to lower Ireland's growth forecast slightly for 2008. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.

Ireland is a small, modern, trade-dependent economy with economy. GDP growth averaging averaged 6% in 1995-2007. 1995-2007, but economic activity dropped sharply in 2008 and 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 the property and construction markets. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the exports export sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction has most recently fueled economic growth along with strong consumer spending and business investment. Property prices have risen rose more rapidly in Ireland in the decade up to 2006 than in any other developed world economy. Per capita GDP is 40% above that of the four big European economies and the second highest in the EU behind Luxembourg, also surged during Ireland's high-growth years, and in 2007 surpassed that of the United States. The Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, invest in infrastructure, increase labor force skills, and promote foreign investment. A slowdown in In 2008 the property market, more intense global competition, and increased costs, however, have compelled COWEN government economists moved to lower Ireland's growth forecast slightly for 2008. guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.

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 in 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 the 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 2006 2007 than in any other developed world economy. Per capita GDP also surged during Ireland's high-growth years, and in 2007 surpassed that of However, average home prices have fallen 50% from the United States. The Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, invest in infrastructure, increase labor force skills, and promote foreign investment. 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. Ireland joined In 2009, in circulating an effort to stabilize the euro on 1 January 2002 along 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 11 other 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 nations. 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.

Ireland is a small, modern, trade-dependent economy. Ireland joined 11 other was among the initial group of 12 EU nations in that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since 2008 the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 8% in 2009, and 1% in 2010, and further contraction is expectd in 2011. 2010. Ireland entered into a recession in 2008 for the first time in more than a decade decade, with the onset of the world financial crisis and subsequent severe slowdown in collapse of 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, Since their 2007 peak, average home house prices have fallen 50% from 50%. In the 2007 peak. 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 a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. 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 continued efforts 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 In 2010, the budget deficit reached nearly 38% 32.4% of GDP in 2010 - the world's largest deficit, as a percentage of GDP - 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 further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt, and debt. The government also initiated a four-year austerity plan to cut an additional $20 billion from its budget. A return to modest growth is expected in 2011.

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 has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 8% 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 50%. 47%. 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 a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. 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 continued efforts 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. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. The Since entering office in March 2011, the KENNY government also initiated a four-year has intensified austerity plan measures to cut an additional $20 billion from its budget. A return try to modest meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth is expected of 1.4% in 2011. 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

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 has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. 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 a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former 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 continued efforts 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. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN Government government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

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 has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction markets. industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. 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 a key an even more important component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former 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 continued efforts 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. 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 - because of additional government support for the country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $112 $92 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its recapitalize Ireland’s fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut has grown slowly since 2011, but managed to reduce the budget deficit to 9.1% 7.2% of GDP. Although the recovery slowed GDP in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to about 8.5% deficit-reduction targets and success in refinancing a large amount of GDP. banking-related debt.

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 has dropped sharply since the onset of during the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with crisis and the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. 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. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former 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 continued efforts 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, deficit from efforts to stabilize its fragile banking sector, 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 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 - because of additional government support for the country’s deeply troubled banking sector. 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 fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in In March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF bailout program. Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. 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, the economy rapidly picked up and GDP grew by 3.6%. The recovering economy assisted lowering the deficit to 4.2% of GDP. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. 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.

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, the economy rapidly picked up and GDP grew by 3.6%. 5.2%. The recovering economy assisted lowering the deficit to 4.2% 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 has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth reached 7.8%, the highest growth in the EU for the second consecutive year.
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 and a talented pool of high-tech laborers have been central to key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid growing international pressure pressure, the government announced it would phase in more stringent tax laws, effectively closing a loophole.

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, the economy rapidly picked up and GDP grew by 5.2%. 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 has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth reached 7.8%, exceeded 26%, the highest growth in the EU for the second two consecutive year. years. This dramatic increase reflected one-off statistical revisions, multinational corporate restructurings, and the aircraft leasing sector, rather than gains in the on the ground economy. Growth moderated to around 4.2% in 2016.
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% and a talented pool of high-tech laborers have been key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. Amid In 2014, amid growing international pressure, the government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole.

Ireland is a small, modern, trade-dependent economy. Ireland It 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. industry during 2008-11. 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, the economy rapidly picked up and GDP grew by 5.2%. The recovering economy assisted lowering the deficit to 2.5% of GDP. up. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth exceeded 26%, the highest growth in 26%. The magnitude of the EU for two consecutive years. This dramatic increase reflected one-off statistical revisions, multinational corporate restructurings, restructurings in intellectual property, and the aircraft leasing sector, rather than real gains in the on the ground economy. domestic economy, which was still growing. Growth moderated to around 4.2% 4.1% in 2016.
2017, but the recovering economy assisted lowering the deficit to 0.6% of GDP. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, investment during the 2008-11 economic crisis, 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% and a talented pool of high-tech laborers have been some of the key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to avoid taxation. pay less tax or, in the case of U.S. multinationals, defer taxation owed to the United States. In 2014, amid growing international pressure, the Irish government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole. The Irish economy continued to grow in 2017 and is forecast to do so through 2019, supported by a strong export sector, robust job growth, and low inflation, to the point that the Government must now address concerns about overheating and potential loss of competitiveness. The greatest risks to the economy are the UK’s scheduled departure from the European Union ("Brexit") in March 2019, possible changes to international taxation policies that could affect Ireland’s revenues, and global trade pressures.

Ireland is a small, modern, trade-dependent economy. It 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 during 2008-11. 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, the economy rapidly picked up. In late 2014, the government introduced a fiscally neutral budget, marking the end of the austerity program. Continued growth of tax receipts has allowed the government to lower some taxes and increase public spending while keeping to its deficit-reduction targets. In 2015, GDP growth exceeded 26%. The magnitude of the increase reflected one-off statistical revisions, multinational corporate restructurings in intellectual property, and the aircraft leasing sector, rather than real gains in the domestic economy, which was still growing. Growth moderated to around 4.1% in 2017, but the recovering economy assisted lowering the deficit to 0.6% of GDP.
In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment during the 2008-11 economic crisis, 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% and a talented pool of high-tech laborers have been some of the key factors in encouraging business investment. Loose tax residency requirements made Ireland a common destination for international firms seeking to pay less tax or, in the case of U.S. multinationals, defer taxation owed to the United States. In 2014, amid growing international pressure, the Irish government announced it would phase in more stringent tax laws, effectively closing a commonly used loophole. The Irish economy continued to grow in 2017 and is forecast to do so through 2019, supported by a strong export sector, robust job growth, and low inflation, to the point that the Government must now address concerns about overheating and potential loss of competitiveness. The greatest risks to the economy are the UK’s scheduled departure from the European Union ("Brexit") in March 2019, possible changes to international taxation policies that could affect Ireland’s revenues, and global trade pressures.