Republic of Ireland

:For an explanation of often confusing terms like Ulster, (Republic of) Ireland, (Great) Britain and United Kingdom see British Isles (terminology) .

Economy

Main article: Economy of the Republic of Ireland

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The Republic of Ireland is a small, modern, trade-dependent economy with growth averaging a robust 10% in 1995?2000, and 7% in 1995-2004. 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 labour force. Although exports remain the primary engine for the state's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. On paper, the country is the largest exporter of software-related goods and services in the world. In fact, a lot of foreign software, and sometimes music, is filtered through the country to avail of the state's non-taxing of royalties from copyrighted goods.

Related Topics:
1995 - 2000 - 2004 - Agriculture - Industry - GDP

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Over the past decade, the Irish government has implemented a series of national economic programmes designed to curb inflation (with poor results in recent years), ease tax burdens, reduce government spending as a percentage of GDP, increase labour force skills, and promote foreign investment. The state joined in launching the euro currency system in January 1999 (leaving behind the Irish pound) along with ten other EU nations. The 1995 to 2000 period of high economic growth led many to call the country the Celtic Tiger. The economy felt the impact of the global economic slowdown in 2001, particularly in the high-tech export sector ? the growth rate in that area was cut by nearly half. GDP growth continued to be relatively robust, with a rate of about 6% in 2001 and 2002. Growth for 2004 was over 4% and it is expected to be 5% or higher for 2005.

Related Topics:
Inflation - GDP - Euro - 1999 - Irish pound - 1995 - 2000 - Celtic Tiger - 2001

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With high growth came high levels of inflation, particularly in the capital city. Prices in Dublin, where nearly 30% of Ireland's population lives, are considerably higher than elsewhere in the country http://www.finfacts.com/Private/bestprice/irishconsumerprices.pdf, especially in the booming property market.

Related Topics:
Dublin - Booming property market

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Ireland has the fourth-highest GDP (based on PPP) per capita in the world after Luxembourg, Norway, and the United States http://www.finance.gov.ie/documents/publications/other/bes_04.pdf, but lies 8th in the 2005 UN Human Development Index, which counts GDP per capita as a factor. This indicates that life expectancy (77.36 in 2004) and literacy (98% in 1981), which both place Ireland at about 40th in the world, currently trail behind economic growth.

Related Topics:
GDP - PPP - Luxembourg - Norway - United States - 2005 UN Human Development Index - Life expectancy - Literacy

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Poverty figures show that 10% of Ireland's population live below the poverty line

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(1997 http://www.cia.gov/cia/publications/factbook/geos/ie.html). UNICEF figures show Ireland has the 6th highest child poverty rate in the developed world at 16.8% (http://www.nationmaster.com/graph-T/eco_chi_pov).

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