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| Ireland Fast Facts |
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| GDP (PPP) |
US$177 billion (at July 2011 Exchange Rate) |
| GDP per capita (PPP) |
US$43,575 |
| GDP real growth rate |
1% |
| Inflation |
2% |
| Local currency |
Euro (EUR) € |
| Exchange rate |
0.7066 EUR : 1 US$ (July 2011) |
| Capital city |
Dublin |
| Population |
4,670,976 (July 2011 est.) |
| Language |
English (official) is the language generally used, Irish (official) (Gaelic or Gaeilge) spoken mainly in areas located along the western seaboard |
| Area size |
70,280 sq km |
| Top import sources |
UK 37%, US 13.8%, Germany 9.2%, Netherlands 4.5% |
| Top export markets |
US 18.7%, UK 17.4%, Belgium 15.2%, Germany 7.4%, France 6.4%, Netherlands 4.8% |
| Unemployment rate |
14% |
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Ireland’s economy
(1) Ireland is a modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labour force. Although exports remain the primary engine for Ireland’s growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP was 10% above that of the four big European economies and the second highest in the EU behind Luxembourg. In the decade 1997-2006, the Irish Government implemented a series of national economic programs designed to curb price and wage inflation, reduce government spending, increase labour force skills, and promote foreign investment. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations
(2) However, due to public, finance deficits, banking failures and the impact of the worldwide financial markets crisis, Ireland's economy has faltered, resulting in a deep economic recession in the years 2008-2011. Ireland entered an arrangement with the EU & IMF in 2010 whereby the EU/IMF provided financing to the Irish government in return for an agreed economic reform package. Ireland expects this process to be complete in 2013 when its public finances will be stabilized and it can return to sustained economic growth.
International trade
With an economy growing at a rate consistently above EU levels, Ireland was historically one of the most favoured locations for investment in Europe. This was evidenced by approximately 1,240 companies from all over the world which have chosen Ireland as their base to do business. Over the last two decades Ireland has welcomed investment from a wide range of business sectors, including electronics and engineering, pharmaceuticals and healthcare products, computer software, financial services and a range of internationally traded services. Despite the recent economic difficulties Ireland continues to attract overseas foreign direct investment and exports of goods and services from Ireland is expected to lead the economic recovery.
Legal and judicial system
It is based on English common law, substantially modified by indigenous concepts.
The most usual vehicle used to set up business in Ireland is the private company limited by shares.
The judicial system consists of Supreme Court (judges appointed by the president on the advice of the prime minister and cabinet).
Government
Ireland is a Republic. The national legislature is the bicameral Parliament or Oireachtas consists of the Senate or Seanad Eireann (60 seats - 49 elected by the universities and from candidates put forward by five vocational panels, 11 are nominated by the prime minister; members serve five-year terms) and the House of Representatives or Dail Eireann (166 seats; members are elected by popular vote on the basis of proportional.
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