The Economy of Ireland Illinois College Ireland Break

The Economy of Ireland Illinois College Ireland Break. Away 2010

The Currency • Most of Ireland trades using the Euro. • Northern Ireland trades using the British Pound • Current Exchange Rates: – http: //www. xrates. com/d/USD/EUR/g raph 30. html – http: //www. xrates. com/d/USD/GBP/g raph 120. html

Economics Resources Source: CIA World Factbook • • • • • • • Population: 4, 203, 200 (July 2009 est. ) country comparison to the world: 125 Age structure: 0 -14 years: 20. 9% (male 454, 571/female 424, 022) 15 -64 years: 67. 1% (male 1, 411, 336/female 1, 409, 760) 65 years and over: 12% (male 224, 850/female 278, 661) (2009 est. ) Median age: total: 35 years male: 34. 2 years female: 35. 7 years (2009 est. ) Population growth rate: 1. 12% (2009 est. ) country comparison to the world: 122 Birth rate: 14. 23 births/1, 000 population (2009 est. ) country comparison to the world: 148 Death rate: 7. 75 deaths/1, 000 population (July 2009 est. ) country comparison to the world: 112 Net migration rate: 4. 71 migrant(s)/1, 000 population (2009 est. ) country comparison to the world: 22 Urbanization: urban population: 61% of total population (2008) rate of urbanization: 2. 2% annual rate of change (2005 -10 est. ) Sex ratio: at birth: 1. 07 male(s)/female under 15 years: 1. 07 male(s)/female 15 -64 years: 1 male(s)/female 65 years and over: 0. 81 male(s)/female total population: 0. 99 male(s)/female (2009 est. )

• Life expectancy at birth: • total population: 78. 24 years • country comparison to the world: 46 male: 75. 6 years • female: 81. 06 years (2009 est. ) • Total fertility rate: • 1. 85 children born/woman (2009 est. ) • country comparison to the world: 155

Economy - Overview • • Economy - overview: Ireland is a small, modern, trade-dependent economy. GDP growth averaged 6% in 1995 -2007, but economic activity dropped sharply in 2008 -09 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 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 than in any other developed world economy. Per capita GDP 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. 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 circulating the euro on 1 January 2002 along with 11 other EU nations.

Economy – Overview • • • GDP (official exchange rate): $226. 8 billion (2009 est. ) GDP - real growth rate: -7. 3% (2009 est. ) country comparison to the world: 206 -3% (2008 est. ) 6% (2007 est. ) GDP - per capita (PPP): $42, 200 (2009 est. ) country comparison to the world: 15 $46, 000 (2008 est. ) $48, 000 (2007 est. ) note: data are in 2009 US dollars

Economy - Overview • • • • • • • • GDP - composition by sector: agriculture: 5% industry: 46% services: 49% (2002 est. ) Labor force: 2. 16 million (2009 est. ) country comparison to the world: 116 Labor force - by occupation: agriculture: 6% industry: 27% services: 67% (2006 est. ) Unemployment rate: 12. 6% (2009 est. ) country comparison to the world: 136 6. 3% (2008 est. ) Population below poverty line: 7% (2005 est. ) Household income or consumption by percentage share: lowest 10%: 2. 9% highest 10%: 27. 2% (2000) Distribution of family income - Gini index: 32 (2005) country comparison to the world: 101 35. 9 (1987) Investment (gross fixed): 18. 3% of GDP (2009 est. ) country comparison to the world: 114 Budget: revenues: $74. 82 billion expenditures: $104. 6 billion (2009 est. ) Public debt: 63. 7% of GDP (2009 est. ) country comparison to the world: 27 44. 2% of GDP (2008 est. ) Inflation rate (consumer prices): -3. 9% (2009 est. ) country comparison to the world: 1 4. 1% (2008 est. )

The Economy - Overview • • • • • • • • 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; glass and crystal; software, tourism Industrial production growth rate: 5% (2007 est. ) country comparison to the world: 23 Electricity - production: 26. 06 billion k. Wh (2007 est. ) country comparison to the world: 65 Electricity - consumption: 25. 12 billion k. Wh (2007 est. ) country comparison to the world: 63 Electricity - exports: 303 million k. Wh (2008 est. ) Exports: $107. 3 billion (2009 est. ) country comparison to the world: 33 $119. 8 billion (2008 est. ) Exports - commodities: machinery and equipment, computers, chemicals, pharmaceuticals; live animals, animal products Exports - partners: UK 18. 6%, US 18. 6%, Belgium 14. 7%, Germany 7%, France 5. 9%, Spain 4. 2% (2008) Imports: $64. 9 billion (2009 est. ) country comparison to the world: 37 $84. 82 billion (2008 est. ) Imports - commodities: data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing Imports - partners: UK 37. 7%, US 11. 6%, Germany 8. 7%, Netherlands 5. 6% (2008) Debt - external: $2. 387 trillion (30 June 2009 est. ) country comparison to the world: 7 $2. 356 trillion (31 December 2008 est. )

12. 31. 2008 0: 00 12. 31. 2006 0: 00 12. 31. 2004 0: 00 12. 31. 2002 0: 00 12. 31. 2000 0: 00 12. 31. 1998 0: 00 12. 31. 1996 0: 00 12. 31. 1994 0: 00 12. 31. 1992 0: 00 12. 31. 1990 0: 00 12. 31. 1988 0: 00 12. 31. 1986 0: 00 12. 31. 1984 0: 00 12. 31. 1982 0: 00 12. 31. 1980 0: 00 12. 31. 1978 0: 00 12. 31. 1976 0: 00 12. 31. 1974 0: 00 12. 31. 1972 0: 00 12. 31. 1970 0: 00 12. 31. 1968 0: 00 12. 31. 1966 0: 00 12. 31. 1964 0: 00 12. 31. 1962 0: 00 12. 31. 1960 0: 00 GDP Per Capita 35000 30000 25000 20000 15000 GDP Per Capita 10000 5000 0

-4 00 9 . 2 30 6. 00 8 . 2 30 6. 00 7 . 2 30 6. 00 6 . 2 30 6. 00 5 . 2 30 6. 00 4 . 2 30 6. 00 3 . 2 30 6. 00 2 . 2 30 6. 00 1 . 2 30 6. 00 0 . 2 30 6. 98 99 9 . 1 30 6. -2 19 6. 30. 99 7 . 1 30 6. 00 0: 00 0: 00 0: 00 0: GDP Growth Rate 10 8 6 4 Growth Rate 2 0