Economy - overview Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-2001. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 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. 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 economy felt the impact of the global economic slowdown in 2001, particularly in the high-tech export sector; the growth rate was cut by nearly half. Growth in 2002 is expected to fall in the 3%-5% range.

GDP purchasing power parity - $104.7 billion (2001 est.)

GDP - real growth rate 5.6% (2001 est.)

GDP - per capita purchasing power parity - $27,300 (2001 est.)

GDP - composition by sector
agriculture: 4%
industry: 38%
services: 58% (2000)

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 (1987)

Inflation rate (consumer prices) 4.9% (2001)

Labor force 1.8 million (2001)

Labor force - by occupation services 64%, industry 28%, agriculture 8% (2000 est.)

Unemployment rate 4.3% (2001)

Budget
revenues: $34 billion
expenditures: $27 billion, including capital expenditures of $NA (2001)

Industries food products, brewing, textiles, clothing; chemicals, pharmaceuticals, machinery, transportation equipment, glass and crystal; software

Industrial production growth rate 6.5% (2001 est.)

Electricity - production 22.285 billion kWh (2000)

Electricity - production by source
fossil fuel: 94.86%
hydro: 3.77%
other: 1.37% (2000)
nuclear: 0%

Electricity - consumption 20.823 billion kWh (2000)

Electricity - exports 71 million kWh (2000)

Electricity - imports 169 million kWh (2000)

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

Exports $75.9 billion (f.o.b., 2001)

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

Exports - partners EU 63% (UK 20%, Germany 11%, France 8%, Netherlands 6%, Belgium 5%), US 20% (2000)

Imports $49.5 billion (f.o.b., 2001)

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

Imports - partners EU 61% (UK 33%, Germany 6%, France 5%, Netherlands 4%), US 16%, Japan 4% (2000)

Debt - external $11 billion (1998)

Economic aid - donor ODA, $283 million (2001)

Currency euro (EUR); Irish pound (IEP)
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; IEP

Exchange rates euros per US dollar - 1.1324 (January 2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999); Irish pounds per US dollar - 0.7014 (1998), 0.6588 (1997)

Fiscal year calendar year

NOTE: The information regarding Ireland on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Ireland Economy 2002 information contained here. All suggestions for corrections of any errors about Ireland Economy 2002 should be addressed to the CIA.