Exporting

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Celtic tribes arrived on the island between 600 and 150 B.C. Invasions by Norsemen that began in the late 8th century were finally ended when King Brian BORU defeated the Danes in 1014. Norman invasions began in the 12th century and set off more than seven centuries of Anglo-Irish struggle marked by fierce rebellions and harsh repressions. The Irish famine of the mid-19th century saw the population of the island drop by one third through starvation and emigration. For more than a century after that the population of the island continued to fall only to begin growing again in the 1960s. Over the last 50 years, Ireland's high birthrate has made it demographically one of the youngest populations in the EU. The modern Irish state traces its origins to the failed 1916 Easter Monday Uprising that touched off several years of guerrilla warfare resulting in independence from the UK in 1921 for 26 southern counties; six northern (Ulster) counties remained part of the UK. Unresolved issues in Northern Ireland erupted into years of violence known as the "Troubles" that began in the 1960s. The Government of Ireland was part of a process along with the UK and US Governments that helped broker what is known as The Good Friday Agreement in Northern Ireland in 1998. This initiated a new phase of cooperation between the Irish and British Governments. Ireland was neutral in World War II and continues its policy of military neutrality. Ireland joined the European Community in 1973 and the euro-zone currency union in 1999. The economic boom years of the Celtic Tiger (1995-2007) saw rapid economic growth, which came to an abrupt end in 2008 with the meltdown of the Irish banking system. Today the economy is recovering, fueled by large and growing foreign direct investment, especially from US multi-nationals.

Location

Western Europe, occupying five-sixths of the island of Ireland in the North Atlantic Ocean, west of Great Britain

Natural Resources

natural gas, peat, copper, lead, zinc, silver, barite, gypsum, limestone, dolomite

Population - distribution

population distribution is weighted to the eastern side of the island, with the largest concentration being in and around Dublin; populations in the west are small due to mountainous land, poorer soil, lack of good transport routes, and fewer job opportunities

4622917
English (official, the language generally used), Irish (Gaelic or Gaeilge) (official, spoken by approximately 38.7% of the population as a first or second language in 2011; mainly spoken in areas along the western coast)
DUBLIN (capital) 1.169 million (2015)
Conventional long form
none
Conventional short form
Ireland
Local long form
none
Local short form
Eire
parliamentary republic
Name
Dublin
Geographic coordinates
53 19 N, 6 14 W
Time difference
UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity dropped sharply during the world financial crisis and the subsequent collapse of its domestic property market and construction industry. Faced with sharply reduced revenues and a burgeoning budget deficit from efforts to stabilize its fragile banking sector, the Irish Government introduced the first in a series of draconian budgets in 2009. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s banking sector and avoid defaulting on its sovereign debt. In March 2011, the KENNY government intensified austerity measures to meet the deficit targets under Ireland's EU-IMF bailout program.
Inflation
-0.295%
Total tax rate (% of commercial profits)
26.0%
Real Interest Rate
10.254%
Manufacturing, value added (% of GDP)
36.707%
Current Account Balance
US$ 14,348,515,241
Labor Force, Total
2,231,459
Employment in Agriculture
5.59%
Employment in Industry
19.03%
Employment in Services
75.09%
Unemployment Rate
8.09%
Imports of goods and services
US$ 284,456,866,829
Exports of goods and services
US$ 352,659,968,781
Total Merchandise Trade
69.20%
FDI, net inflows
US$ 79,163,353,503
Commercial Service Exports
US$ 146,134,542,194
barley, potatoes, wheat; beef, dairy products
pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing; medical devices
Commodities
machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; foodstuffs, animal products
Partners
US 23.7%, UK 13.8%, Belgium 13.2%, Germany 6.6%, Switzerland 5.5%, Netherlands 4.4%, France 4.4% (2015)
Commodities
data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing
Partners
UK 32.5%, US 14%, France 10.2%, Germany 9.3%, Netherlands 4.9%, China 4.1% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A1
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Flexible labor and goods markets
  • Business-friendly climate, advantageous tax system
  • Presence of multinational companies
  • Specialization in high value-added sectors (including pharmaceuticals, IT services)
  • Dependence on the European economic cycle
  • Vulnerable to changes in foregin companies' strategies
  • High public debt, increased by the cost of the banking crisis
  • Banking sector still convalescing

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