View the information below regarding the economy of Ireland. The summary and statistics contains
gdp, industry, agriculture and more for Ireland. If you need other information please visit the
Ireland Country Page.
GDP at market prices (2003.): $148 billion.
Annual growth rate (2003 est.): 1.5%.
Per capita income (2003 est.): $38,172.
Natural resources: Zinc, lead, natural gas, barite, copper, gypsum, limestone, dolomite, peat.
Agriculture (4% of GDP): Products--cattle, meat, and dairy products; potatoes; barley; sugarbeets; hay; silage; wheat.
Industry (38% of GDP): Types--food processing, beverages, engineering, computer equipment, textiles and clothing, chemicals, pharmaceuticals, construction.
Trade (2002): Exports--$93.7 billion (excluding services): computer equipment, chemicals, meat, dairy products, machinery. Imports--$55.3 billion (excluding services): grains, petroleum products, machinery, transport equipment, chemicals, textile yarns. Major suppliers--EU 56%, U.K. 55%, Germany 13%, France 7%, U.S. 15%, Japan 5%, China 4%.
Economy of Ireland
In the first 6 months of 2003, trade between Ireland and the United States was worth approximately $12.0 billion, a 10% decrease compared to the same period in 2002. In 2002 U.S. exports to Ireland were valued at $8.5 billion, less than half the value of Irish exports to the U.S. ($16.5 billion). The range of U.S. products includes electrical components, computers and peripherals, drugs and pharmaceuticals, electrical equipment, and livestock feed. Irish exports to the United States represents approximately15%-20% of all Irish exports. The U.S. is Ireland's second largest export destination - second only to the U.K. Exports to the United States include alcoholic beverages, chemicals and related products, electronic data processing equipment, electrical machinery, textiles and clothing, and glassware.
The United States currently contributes $25 million annually to the International Fund for Ireland, a program that supports cross-border initiatives and economic development. U.S. investment has been particularly important to the growth and modernization of Irish industry over the past 25 years, providing new technology, export capabilities, and employment opportunities. The stock of U.S. investment in Ireland was valued at $35.7 billion in 2002. Currently, there are more than 507 U.S. subsidiaries, employing approximately 90,000 people and spanning activities from manufacturing of high-tech electronics, computer products, medical supplies, and pharmaceuticals to retailing, banking and finance, and other services.
Many U.S. businesses find Ireland an attractive location to manufacture for the EU market, since it is inside the EU customs area. Government policies are generally formulated to facilitate trade and inward direct investment. The availability of an educated, well-trained, English-speaking work force and relatively moderate wage costs have been important factors. Ireland offers good long-term growth prospects for U.S. companies under an innovative financial incentive program, including capital grants and favorable tax treatment, such as a low corporation income tax rate for manufacturing firms and certain financial services firms.