Europe

Ireland
Last reviewed: 18 June 2009

Country information

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ECONOMY

Basic Economic Facts

GNP: EUR 157.9bn) (2007)
GNP per head: EUR 31,600 (2005)
Annual Growth: 5.0% (March 2006 - OECD)
Inflation: 4.9% (September 2006)
Government Debt (% GDP): 25.1% (2007)
Major Industries: Computer software, information technology, food and drink, pharmaceuticals, tourism
Major trading partners: The UK is Ireland's largest single trading partner, along with the US, Germany and France.
Exchange rate: approx £1 = є1.26(May 2008)

For many years Ireland had a struggling economy. However, since the mid-1990s with the emergence of the 'Celtic Tiger' that has changed. Strong growth rates (up to 10%) reversed the trends of high unemployment and mass emigration. The key factors behind this boom included multinational investment, low corporate tax rates, a stable relationship between employers and unions (Social Partnership) and a highly educated workforce. The EU Single Market also helped Ireland to move to a more open and free-market based economy. Although the benefits of the Single Market took some time to become apparent, Ireland now enjoys strong trading links with the rest of the EU.

Between 2003 and early 2007 the Irish economy continued to expand at a steady 3-6% per annum. The drivers of the expansion were primarily construction and consumer spending. Construction in particular experienced phenomenal growth in those years with house prices in parts of Dublin regularly going up by 25% year-on-year. The influx of migrant workers from the EU accession states helped provide a ready workforce for the construction sector. It also boosted the residential property market as more people needed homes.

Ireland’s wage rates are high and rising quicker than the EU average however migrant workers occupying jobs in the construction and services sector have helped to temper wage growth. Ireland’s overall competitiveness faces other challenges as it updates its infrastructure – particularly in transport and telecommunications.

The Irish economy has now entered a new phase of development and structural change. The shift from dependence on growth in the manufacturing/construction sector to growth in business and financial services as the driver of the economy presents policy challenges for industrial, research and development and human capital.

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Contacts

Ireland, Dublin, British Embassy

Address:

British Embassy
29 Merrion Road
Ballsbridge
Dublin 4

Telephone:

(353) (1) 205 3775 Trade and Investment
(353) (1) 205 3742 Press & Public Affairs enquiries only
1570 214 666 (in Ireland, charged at €1.75 per minute) or 0906 664 1717 (from the UK, charged at £1.50 per minute). All passport enquiries are handled on our behalf by Abtran.
1570 214 314 (in Ireland, charged at €1.75 per minute) or 00 353 76 670 9865 (if calling outside of Ireland, callcharged at $14). All UK visa enquiries are handled on our behalf by WordBridge Service.

Fax:

(353) (1) 205 3885 Management
(353) (1) 205 3880 Trade and Investment
(353) (1) 205 3731 Chancery
(353) (1) 205 3890 Visa
(353) (1) 205 3820 Passports
(353) (1) 205 3779 Consular
(353) (1) 205 3893 Press & Public Affairs

Email: management.dubli@fco.gov.uk

Email: consular.dubli@fco.gov.uk

Email: chancery.dublx@fco.gov.uk

Office hours:

GMT: (Local Time = GMT)
Mon-Thurs: 0900-1245 / 1400-1715
Fri: 0900-1245 / 1400-1700

Website: http://britishembassyinireland.fco.gov.uk/en/

Ireland