Economy of the Republic of Ireland

Last updated

Economy of Ireland
Dublin Docklands - panoramio (2).jpg
Currency Euro (EUR, €)
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
PopulationIncrease2.svg 5,149,139 (2022 census) [3]
GDP
GDP rank
GDP growth
  • Increase2.svg 12.0% (2022) [5]
  • Increase2.svg 5.6% (2023f) [5]
  • Increase2.svg 4.0% (2024f) [5]
GDP per capita
  • Increase2.svg $101,509 (nominal; 2023) [4]
  • Increase2.svg $124,596 (PPP; 2023) [4]
GDP per capita rank
GDP by sector
  • 7.81% (2022) [7]
  • 2.36% (2021) [7]
  • -0.33% (2020) [7]
Population below poverty line
  • Decrease Positive.svg 6.7% (consistent poverty in 2017) Poverty line in 2022: €13,400/year [8] [9]
  • Decrease Positive.svg 21.1% at risk of poverty or social exclusion (AROPE, 2018) [10]
Decrease Positive.svg 28.9 low (2018, Eurostat) [11]
Labour force
  • Increase2.svg 2,608,500 (2023 Q1) [14]
  • Increase2.svg 73.6% employment rate ( 2023 Q1) [14]
Labour force by occupation
Unemployment
  • Decrease Positive.svg 4.2% (July 2022) [15]
  • Decrease Positive.svg 10.4% youth unemployment (15 to 24 year-olds; October 2021) [16]
Average gross salary
€4,002 monthly (2023-Q1)
€3,086 monthly (2023-Q1)
Main industries
External
Exports
  • Increase2.svg Goods - €208.208 billion (2022) [17]
  • Increase2.svg Services - €337.282 billion (2022) [18]
Export goods
  • Chemicals and related products 64.24%
  • Machinery and transport equipment 13.17%
  • Miscellaneous manufactured articles 10.18%
  • Food and live animals 7.11%
  • Manufactured goods classified chiefly by material 1.57%
  • Crude materials, inedible, except fuels 1.05%
  • Beverages and tobacco 0.98%
  • Mineral fuels, lubricants and related materials 0.86%
  • Animal and vegetable oils, fats and waxes 0.07%
  • (2022) [17]
Main export partners
Imports
  • Increase Negative.svg Goods - €140.199 billion (2022) [17]
  • Increase Negative.svg Services - €354.051 billion (2022) [18]
Import goods
  • Machinery and transport equipment 35.76%
  • Chemicals and related products 27.38%
  • Miscellaneous manufactured articles 10.53%
  • Mineral fuels, lubricants and related materials 9.36%
  • Food and live animals 6.67%
  • Manufactured goods classified chiefly by material 6.4%
  • Beverages and tobacco 0.83%
  • Crude materials, inedible, except fuels 0.81%
  • Animal and vegetable oils, fats and waxes 0.41%
  • (2022) [17]
Main import partners
FDI stock
  • Increase2.svg €1.32 trillion (Q4 2022) [19]
  • Increase2.svg Abroad: €1.11 trillion (Q4 2022) [19]
Decrease2.svg $17 billion (2022 est.) [20]
Increase Negative.svg €2.954 trillion (June 2022) [21]
Decrease2.svg −€610 billion (July 2022) [20]
Public finances
  • Decrease Positive.svg 44.7% of GDP (2022) [22]
  • Decrease Positive.svg €224.8 billion (2022) [22]
  • €8.0 billion surplus (2022) [22]
  • +1.6% of GDP (2022) [22]
Revenues
  • Increase2.svg €115.506 Billion [22]
  • 22.98% of GDP (2022) [22]
Expenses
  • Increase Negative.svg€107.473 Billion [22]
  • 21.38% of GDP (2022) [22]
Economic aid
Increase2.svg $4.412 billion (31 December 2017 est.) [6]

All values, unless otherwise stated, are in US dollars.

The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services and agribusiness, including agrifood. Ireland is an open economy (3rd on the Index of Economic Freedom), [28] and ranks first for high-value foreign direct investment (FDI) flows. [29] In the global GDP per capita tables, Ireland ranks 2nd of 192 in the IMF table and 4th of 187 in the World Bank ranking. [30] [31]

Contents

Following a period of continuous growth at an annual level from 1984 to 2007, [32] the post-2008 Irish financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of the Irish property bubble. Ireland first experienced a short technical recession from Q2-Q3 2007, followed by a recession from Q1 2008 – Q4 2009. [33]

After a year with stagnant economic activity in 2010, the Irish real GDP rose by 2.2% in 2011 and 0.2% in 2012. This growth was mainly driven by improvements in the export sector. The European sovereign-debt crisis caused a new Irish recession to start in Q3 2012, which was still ongoing as of Q2 2013. [34] By mid-2013, the European Commission's economic forecast for Ireland predicted its growth rates would return to a positive 1.1% in 2013 and 2.2% in 2014. [35] An inflated 2015 GDP growth of 26.3% (GNP growth of 18.7%) was officially partially ascribed to tax inversion practices by multinationals switching domiciles. [36] This growth in GDP, dubbed "leprechaun economics" by American economist Paul Krugman, was shown to be driven by Apple Inc.'s restructuring of its Irish subsidiary in January 2015. The distortion of Ireland's economic statistics (including GNI, GNP and GDP) by the tax practices of some multinationals, led the Central Bank of Ireland to propose an alternative measure (modified GNI or GNI*) [37] to more accurately reflect the true state of the economy from that year onwards. [38] [39]

Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of the top 20 Irish firms (by turnover), [40] employing 23% of the private sector labour-force, [41] and paying 80% of the collected corporation tax. [42] [43]

Economic contributors and measures

Foreign-owned multinationals make up a significant percentage of Ireland's GDP. [42] The "multinational tax schemes" used by some of these multinational firms contribute to a distortion in Ireland's economic statistics; including GNI, GNP and GDP. [44] [45] For example, the Organisation for Economic Co-operation and Development (OECD) shows Ireland with average leverage on a gross public debt-to-GDP basis (78.8% in 2016), but with the second highest leverage (after Japan) on a gross public debt-per capita basis ($62,686 in 2016). [46] [47] [48] This disconnect led to the 2017 development by the Central Bank of Ireland of Irish modified GNI (or GNI*) [37] for measuring the Irish economy (2016 GDP is 143% of Irish 2016 GNI*, [38] [39] and OECD Irish gross public debt-to-GNI* is 116.5%). [46] [49] [50] Ireland's GNI* per capita ranks it similar to Germany. According to an OECD report, productivity growth among foreign owned entities averaged 10.9% for 2017 and was a lower 2.5% for indigenous firms. [51]

The distortion of Irish economic data by US multinational tax schemes was a key contributor to the build-up of leverage in the Celtic Tiger, amplifying both Irish consumer optimism (who borrowed to 190% of disposable income, OECD highest), and global capital markets optimism about Ireland (enabled Irish banks to lend over 180% of deposit base, OECD highest). [52] Global capital markets, who ignored Ireland's private sector credit, and OECD/IMF warnings, when Irish GDP was rising during the Celtic Tiger, took fright in the financial crisis. Their withdrawal precipitated a deep Irish property correction, which led to a crisis in the Irish banking system. [45] [53]

A particularly dramatic growth in Ireland's 2015 GDP (from 1% in 2013, to 8% in 2014, to 25% in 2015) was shown to be largely driven by Apple restructuring their double Irish subsidiary, ASI, in January 2015. A follow-up EU Commission report into Ireland's national accounts showed that even before this, 23% of Ireland's GDP was multinational net royalty payments, [54] implying Irish GDP was inflated to 130% of "true" GDP (before the Apple growth). This led to the Central Bank of Ireland proposing a new replacement metric, modified gross national income (or GNI*), to better represent the "true" Irish economy. [37] [55]

Given the importance of US multinationals to Ireland's economy (80% of Irish multinational employment, and 14 of the 20 largest Irish firms [56] [57] ), the passing of the Tax Cuts and Jobs Act of 2017 is a challenge to Ireland. [58] [59] Parts of the US TCJA are targeted at Irish multinational tax schemes, especially the move to a modern "territorial tax" system, [60] [61] the introduction of a lower FDII tax on intellectual property, and the counter-Irish GILTI tax regime. [62] [63] Additionally, the EU's proposed Digital Sales Tax [64] and stated desire for a Common Consolidated Corporate Tax Base, [65] is also seen as an attempt to restrict the use of the Irish multinational tax schemes by US technology firms. [66] [67] [68]

The stabilisation of the Irish credit bubble required a large transfer of debt from the private sector balance sheet (highest OECD leverage), to the public sector balance sheet (almost unleveraged, pre-crisis), via Irish bank bailouts and public deficit spending. [69] [70] The transfer of this debt means that Ireland, in 2017, had one of the highest levels of both public sector indebtedness, and private sector indebtedness, in the EU-28/OECD. [47] [48] [71] [72] [73] [74]

History

Historical GDP per capita development of Ireland and the UK Historical economic growth of Ireland and the UK.jpg
Historical GDP per capita development of Ireland and the UK

Since the Irish Free State

From the 1920s, Ireland had high trade barriers such as high tariffs, particularly during the Economic War with Britain in the 1930s, and a policy of import substitution. During the 1950s, 400,000 people emigrated from Ireland. [75] It became increasingly clear that economic nationalism was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation. [75] The policy changes were drawn together in Economic Development, an official paper by T. K. Whitaker published in 1958 that advocated free trade, foreign investment, and growth rather than fiscal restraint as the prime objective of economic management. [75]

In the 1970s, the population increased by 15% and national income increased at an annual rate of about 4%. Employment increased by around 1% per year, but the state sector amounted to a large part of that. Public sector employment was a third of the total workforce by 1980. Budget deficits and public debt increased, leading to the crisis in the 1980s. [75] During the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their marginal income, [76] unemployment had risen to 20%, annual overseas emigration reached over 1% of population, and public deficits reached 15% of GDP.

In 1987, Fianna Fáil reduced public spending, cut taxes, and promoted competition. Ryanair used Ireland's deregulated aviation market and helped European regulators to see benefits of competition in transport markets. Intel invested in 1989 and was followed by a number of technology companies such as Microsoft and Google. A consensus exists among all government parties about the sustained economic growth. [75]

Between 1985 and 2002, private sector jobs increased 59%. The economy shifted from an agriculture to a knowledge economy, focusing on services and high-tech industries. Economic growth averaged 10% from 1995 to 2000, and 7% from 2001 to 2004. Industry, which accounts for 46% of GDP and about 80% of exports, has replaced agriculture as the country's leading sector.

Celtic Tiger (1995–2007)

Ireland GDP
.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}
Real GDP (chained 2010 Euros)
Nominal GDP Ireland GDP.webp
Ireland GDP
  Real GDP (chained 2010 Euros)
  Nominal GDP

Historian R. F. Foster argues the cause was a combination of a new sense of initiative and the entry of American corporations such as Intel. He concludes the chief factors were low taxation, pro-business regulatory policies, and a young, tech-savvy workforce. For many multinationals the decision to do business in Ireland was made easier still by generous incentives from the Industrial Development Authority. In addition European Union membership was helpful, giving the country lucrative access to markets that it had previously reached only through the United Kingdom, and pumping huge subsidies and investment capital into the Irish economy. [77]

The economy benefited from a rise in consumer spending, construction, and business investment. Since 1987, a key part of economic policy has been Social Partnership, which is a neo-corporatist set of voluntary 'pay pacts' between the Government, employers and trade unions. The 1995 to 2000 period of high economic growth was called the Celtic Tiger, a reference to the tiger economies of East Asia. [78]

GDP growth continued to be relatively robust, with a rate of about 6% in 2001, over 4% in 2004, and 4.7% in 2005. With high growth came high inflation. Prices in Dublin were considerably higher than elsewhere in the country, especially in the property market. [79] However, property prices were falling following the economic recession. At the end of July 2008, the annual rate of inflation was at 4.4% (as measured by the CPI) or 3.6% (as measured by the HICP) [80] [81] and inflation actually dropped slightly from the previous month.

In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in the OECD and the EU-27, at 4th in the OECD-28 rankings. In terms of GNP per capita, a better measure of national income, Ireland ranks below the OECD average, despite significant growth in recent years, at 10th in the OECD-28 rankings. GDP is significantly greater than GNP (national income) due to the large number of multinational firms based in Ireland. [82] A 2005 study by The Economist found Ireland to have the best quality of life in the world. [83]

The positive reports and economic statistics masked several underlying imbalances. The construction sector, which was inherently cyclical in nature, accounted for a significant component of Ireland's GDP. A recent downturn in residential property market sentiment has highlighted the over-exposure of the Irish economy to construction, which now presents a threat to economic growth. [84] [85] [86] Despite several successive years of economic growth and significant improvements since 2000, Ireland's population is marginally more at risk of poverty than the EU-15 average and 6.8% of the population suffer "consistent poverty". [82] [87]

Economic downturn (2008–2013)

Ireland bond prices, Inverted yield curve in 2011
15 year bond
10 year bond
5 year bond
3 year bond Ireland bond prices.webp
Ireland bond prices, Inverted yield curve in 2011
  15 year bond
  10 year bond
  5 year bond
  3 year bond

It was the first country in the EU to officially enter a recession related to the Financial crisis 2008, as declared by the Central Statistics Office. [89] At this point, Ireland now had the second-highest level of household debt in the world (190% of household income). [90] The country's credit rating was downgraded to "AA−" by Standard & Poor's ratings agency in August 2010 due to the cost of supporting the banks, which would weaken the Government's financial flexibility over the medium term. [91] It transpired that the cost of recapitalising the banks was greater than expected at that time, and, in response to the mounting costs, the country's credit rating was again downgraded by Standard & Poor's to "A". [92] [93]

The global recession has significantly impacted the Irish economy. Economic growth was 4.7% in 2007, but −1.7% in 2008 and −7.1% in 2009. In mid-2010, Ireland looked like it was about to exit recession following growth of 0.3% in Q4 of 2009 and 2.7% in Q1 of 2010. The government forecast a 0.3% expansion. [94] [95] [96] However the economy experienced Q2 negative growth of −1.2%, [96] and in the fourth quarter, the GDP shrunk by 1.6%. Overall, the GDP was reduced by 1% in 2010, making it the third consecutive year of negative growth. [97] On the other hand, Ireland recorded the biggest month-on-month rise for industrial production across the eurozone in 2010, with 7.9% growth in September compared to August, followed by Estonia (3.6%) and Denmark (2.7%). [98]

A housing construction site in Dublin at Sandyford, 2006. IMG 187w.jpg
A housing construction site in Dublin at Sandyford, 2006.

The second problem, unacknowledged by management of Irish banks, the financial regulator and the Irish government, [99] is solvency. The question concerning solvency had arisen due to domestic problems in the Irish property market. Irish financial institutions had substantial exposure to property developers in their loan portfolio. [100] In 2008, property developers had an over-supply of property, with much unsold as demand significantly diminished. The employment growth of the past that attracted many immigrants from Eastern Europe and propped up demand for property was replaced by rising unemployment. [101]

Irish property developers speculated billions of Euros in overvalued land parcels such as urban brownfield and greenfield sites. They also speculated in agricultural land which, in 2007, had an average value of €23,600 per acre ($32,000 per acre or €60,000 per hectare) [102] which is several multiples above the value of equivalent land in other European countries.[ citation needed ] Lending to builders and developers has grown to such an extent that it equals 28% of all bank lending, or "the approximate value of all public deposits with retail banks. Effectively, the Irish banking system has taken all its shareholders' equity, with a substantial chunk of its depositors' cash on top, and handed it over to builders and property speculators.....By comparison, just before the Japanese bubble burst in late 1989, construction and property development had grown to a little over 25 per cent of bank lending." [103]

Irish banks correctly identify a systematic risk of triggering an even more severe financial crisis in Ireland if they were to call in the loans as they fall due. The loans are subject to terms and conditions, referred to as "covenants". These covenants are being waived [104] in fear of provoking the (inevitable) bankruptcy of many property developers [105] and banks are thought to be "lending some developers further cash to pay their interest bills, which means that they are not classified as 'bad debts' by the banks". [100] Furthermore, the banks' "impairment" (bad debt) provisions are still at very low levels. [106] [107] This does not appear to be consistent with the real negative changes taking place in property market fundamentals.

On 30 September 2008, the Irish Government declared a guarantee that intends to safeguard the Irish banking system. The Irish National guarantee, backed by taxpayer funds, covers "all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and dated subordinated debt". [108] In exchange for the bailout, the government did not take preferred equity stakes in the banks (which dilute shareholder value) nor did they demand that top banking executives' salaries and bonuses be capped, or that board members be replaced. [109]

Despite the Government guarantees to the banks, their shareholder value continued to decline and on 2009-01-15, the Government [110] nationalised Anglo Irish Bank, which had a market capitalisation of less than 2% of its peak in 2007. Subsequent to this, further pressure came on the other two large Irish banks, who on 2009-01-19, had share values fall [111] by between 47 and 50% in one day. As of 11 October 2008, leaked reports of possible actions by the government [112] to artificially prop up the property developers have been revealed.

In contrast, on 7 October 2008, Danske Bank wrote off a substantial sum largely due to property-related losses incurred by its Irish subsidiary – National Irish Bank. [113] The 3.18% [114] charge against the loan book of its Irish operations is the first significant write off to take place and is a modest indication of the extent of the more substantial future charges to be incurred by the over-exposed domestic banks. Asset write-downs by the domestically-owned Irish banks are only now slowly beginning to take place [100]

In November 2010, the Irish government published a National Recovery plan, which aimed to restore order to the public finances and to bring its deficit in line with the EU target of 3% of economic output by 2015. [115] The plan envisaged a budget adjustment of €15 billion (€10 billion in public expenditure cuts and €5 billion in taxes) over a four-year period. This was front-loaded in 2011, when measures totalling €6 billion took place. Subsequent budgetary adjustments of €3 billion per year were put in place up to 2015, to reduce the government deficit to less than 3% of GDP. VAT would increase to 23% by 2014. A property tax was re-introduced in 2012. This was initially charged in 2012 as a flat rate on all properties and subsequently charged at a level of 0.18% of the estimated market-value of a property from 2013. Domestic water charges are to be introduced in 2015. [116] [117] Expenditure cuts included reductions in public sector pay levels, reductions in the number of public sector employees through early retirement schemes, reduced social welfare payments and reduced health spending. As a result of increased taxation and decreased government spending the Central Statistics Office (Ireland) reported that the Irish government deficit had decreased from 32.5% of GDP in 2010 (a level boosted by one-off support payments to the financial sector) to 5.7% of GDP in 2013. [118] In addition Ireland's unemployment rate fell from a peak of 15.1% in February 2012 to 10.6% in December 2014. [119] The number of people in employment increased by 58,000 (3.1% increase in employment rate) in the year to September 2013. On 27 February 2014 the government launched its Action Plan for Jobs 2014, which followed similar plans initiated in 2013 and 2012. [120]

Signs of recovery (2014–2016)

The term "Celtic Phoenix" was coined by journalist and satirist Paul Howard, [121] which has been occasionally used by some economic commentators and media outlets to describe the indicators of economic growth in some sectors in Ireland since 2014. [122] [123]

In late 2013, Ireland exited an EU/ECB/IMF bailout. The Irish economy began to recover in 2014, growing by 4.8%, making Ireland the fastest growing economy in the European Union. [124] Contributing factors to growth included a recovering construction sector, quantitative easing, a weak euro, and low oil prices. [125] [126] This growth helped to reduce national debt to 109% of GDP, and the budget deficit fell to 3.1% in the fourth quarter. [127]

The headline unemployment rate remained steady at 10%, though the youth unemployment rate remained higher than the EU average, at over 20%. [128] [129] Emigration had continued to play a significant factor in unemployment statistics, though the emigration rate also began to fall in 2014. [130] [131]

Property prices also increased in 2014, growing fastest in Dublin. This was due to a housing shortage, especially in the Dublin area. The demand for housing caused some recovery in the Irish construction and property sectors. [132] By early 2015, house price increases nationally began to outpace those in Dublin. Cork saw house prices rise by 7.2%, while Galway prices rose by 6.8%. Prices in Limerick were 6.7% higher while in Waterford there was a 4.9% increase. [133] The housing crisis resulted in over 20,000 applicants being on the social housing list in the Dublin City Council area for the first time. [134] In May 2015, the Insolvency Service of Ireland reported to the Oireachtas Justice Committee that 110,000 mortgages were in arrears, and 37,000 of those are in arrears of over 720 days. [135]

On 14 October 2014, Minister for Finance Michael Noonan and Minister for Public Expenditure and Reform Brendan Howlin introduced the budget for 2015, the first in seven years to include tax cuts and spending increases. [136] The budget reversed some of the austerity measures that had been introduced over the previous six years, with increased spending and tax cuts worth just over €1bn. [137] [138] [139] [140]

In April 2015, during a "Spring Economic Statement", Noonan and Howlin outlined the government's plans and projections up to the year 2020. [141] [142] This included policy statements on expansionary budgets, deficit management plans and proposed cuts to the Universal Social Charge and other taxes. [143]

In October 2014, German finance minister, Wolfgang Schäuble said that Germany was "jealous" at how the Irish economy had recovered after its bailout. He also said that Ireland had made a significant contribution to the stabilisation of the euro. [144] While Taoiseach Enda Kenny praised the economic growth, and said that Ireland would seek to avoid returning to a "boom and bust" cycle, he noted that other areas of the economy remained fragile. [145] [146] [147] The European Commission also acknowledged the recovery and growth, but warned that any extra government revenue should be used to further reduce the national debt. [148] [149]

Some other commentators have suggested that, depending on the Eurozone, world economic outlook as well as other internal and external factors, the growth seen in Ireland in 2014 and early 2015 may not indicate a longer-term pattern for sustainable economic improvement. [150] [151] [152] Other commentators have noted that recovery figures do not account for emigration, youth unemployment, child poverty, homelessness and other factors. [153]

On 23 June 2016, the United Kingdom voted to leave the European Union, which was widely reported as likely having a negative impact on trade between the UK and Ireland, and the Irish economy in general. [154] [155] Other commentators, for example the Financial Times, suggested that some London-based financial institutions might move operations to Dublin after Brexit. [156]

Ireland has one of the most disparate GNI to GDP ratios in the EU. 2020 EU ratio of GNI to GDP.png
Ireland has one of the most disparate GNI to GDP ratios in the EU.

In 2016 official CSO figures indicated that the economic recovery had led to 26.3% growth in GDP in 2015 and 18.7% growth in GNP. [159] The figures were widely ridiculed [160] [161] [162] [163] [164] [165] including by Nobel Prize winning economist Paul Krugman who labelled them "leprechaun economics". [166] The official explanation was that the closure of the "double Irish" scheme at end 2014 (phased out by 2020), led some multinationals to relocate "intangible assets" to Ireland. [167] It was subsequently shown in 2018 that it was due to Apple's January 2015 restructuring of their "double Irish" structure, Apple Sales International ("ASI"). [168] While the markets had always taken Irish economic statistics with a degree of caution (given the increasing gap between Irish GNI and Irish GDP/GNP), [45] [169] the size of this increase drew attention to the level of distortion US "multinational tax schemes" (like "double Irish") were having on Ireland's statistics. For example, on a "per capita" basis, Ireland is one of the most leveraged economies in the OECD, while on a "% of GDP" basis, it is rapidly de-leveraging. [48] [71]

In response to this, the Central Bank of Ireland created a special steering group, the result of which was a new metric, "Modified gross national income" or "Irish GNI*", for Irish economic analysis. [37] For 2016, Irish GNI* would be 30% below Irish GDP, while Irish Government Net Debt/GNI* would be 106% (vs. Irish Net Debt/GDP of 73%). [38] [39] Commentators who had been tracking the widening gap between Irish GNI and Irish GDP/GNP since the growth of the "double Irish" in the mid-2000s (see tables), [169] and the even stronger effect of the "capital allowances for intangible assets" scheme on distorting GNI/GNP/GDP, [49] noted that GNI* still materially over-stated the true Irish economy. [49] [170] By 2017, a number of Irish financial commentators bemoaned the inaccuracy of Irish economic GDP/GNP statistics. [50] [171]

Challenge to low tax model (2017 onwards)

During the Irish economic crisis, specific Irish tax schemes were loosened to attract foreign capital to re-balance Ireland's debt. Schemes that were low-tax, became almost zero-tax ("capital allowances for intangible assets" in 2009). Schemes that were restricted, became more available (i.e. "Section 110 SPVs" in 2012). These schemes attracted the foreign capital that led Ireland's post-crisis recovery. It also saw Ireland rise up the league tables of corporate "tax havens", [172] [173] [174] and blacklisted by Brazil. [175] A major 2017 study into "offshore financial centers", identified Ireland as a top 5 global Conduit OFC. [176]

This made Ireland the most popular destination for US corporate tax inversions. [177] When Pfizer and Irish-based Allergan announced the largest corporate tax inversion in history at $160bn (84% of Ireland's 2016 GNI* of €190bn), [178] it forced the Obama administration to block US tax inversions. None have occurred since. [179]

Ireland had also become a base for US technology multinationals. By 2014 (see table), Apple's Irish ASI subsidiary was handling €34bn annually of untaxed profits (20% of Ireland's 2014 GNI*). The EU forced Ireland to close the "double Irish", [180] but it was replaced (Apple's "capital allowances" and Microsoft's "single malt"). [181] [182]

By 2017, IDA Ireland estimated multinationals (US comprise 80%), [56] contributed €28.3bn in cash to the Irish Exchequer (corporate taxes, wages, and capital spend), and were responsible for an even larger Irish economic impact then could be accurately measured (i.e. new office construction, second order services etc.). [57] The OECD estimated that foreign multinationals provide 80% of domestic value-add and 47% of employment in Irish Manufacturing, and 40% of domestic value-add and 28% of employment in Irish Services. [45] In addition, the OECD estimate that foreign multinationals employ one quarter of the Irish private sector workforce. [41]

However, the US and the EU became more resolute to curb what they saw as excessive tax avoidance by US multinationals in Ireland. [54] [183] A 2018 study published via the Center for International Relations suggested that due to the tax practices of US corporations, Ireland's pattern of trade was more aligned with NAFTA countries than with EU countries. [184] [ better source needed ]

The US Tax Cuts and Jobs Act of 2017 was passed with Ireland directly in mind. [62] The TCJA moves the US from the "worldwide tax" system (which is the reason why US multinationals use Ireland) to a modern "territorial tax" system (which is the reason why non-US multinationals hardly use Ireland [60] - there are no non-US/non-UK foreign firms in Ireland's top 50 firms by turnover, and only one by employees - German retailer Lidl [40] ). [61] The FDII tax regime gives US-based "intellectual property" ("IP") a low-tax 13.125% rate. The GILTI tax regime places a penalty on foreign-based IP (i.e. like in Ireland) that brings its effective rate above the FDII rate (i.e. incentivizes re-location of IP to the US). Experts believe that the TCJA neutralises Ireland's "multinational tax schemes". [58] [59] [63]

The EU Commission's impending 2018 "digital tax" is also designed to curb the Irish "multinational tax schemes". By taxing turnover, it acts as an "override" on the Irish "multinational tax schemes". [67] [68] It has been described by Seamus Coffey, Chairperson of the Irish Fiscal Advisory Council as "a more serious threat to Ireland than Brexit". [66]

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green. [185]

YearGDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

198025.37,390.321.46,252.2Increase2.svg2.9%Increase Negative.svg18.3%n/an/a
1981Increase2.svg28.4Increase2.svg8,190.6Decrease2.svg20.4Decrease2.svg5,886.4Increase2.svg2.5%Increase Negative.svg20.2%n/an/a
1982Increase2.svg30.6Increase2.svg8,733.9Increase2.svg21.3Increase2.svg6,078.1Increase2.svg1.5%Increase Negative.svg17.2%n/an/a
1983Increase2.svg31.6Increase2.svg8,948.0Decrease2.svg20.6Decrease2.svg5,839.8Decrease2.svg-0.7%Increase Negative.svg10.4%n/an/a
1984Increase2.svg33.8Increase2.svg9,500.2Decrease2.svg19.9Decrease2.svg5,591.8Increase2.svg3.2%Increase Negative.svg8.6%n/an/a
1985Increase2.svg35.5Increase2.svg9,960.4Increase2.svg21.2Increase2.svg5,934.5Increase2.svg1.9%Increase Negative.svg5.5%17.7%n/a
1986Increase2.svg36.4Increase2.svg10,202.3Increase2.svg28.5Increase2.svg7,993.2Increase2.svg0.4%Increase2.svg3.0%Increase Negative.svg18.1%n/a
1987Increase2.svg38.7Increase2.svg10,817.3Increase2.svg33.7Increase2.svg9,419.5Increase2.svg3.6%Increase2.svg3.2%Increase Negative.svg18.8%n/a
1988Increase2.svg41.2Increase2.svg11,586.1Increase2.svg36.9Increase2.svg10,365.3Increase2.svg3.0%Increase2.svg2.2%Decrease Positive.svg18.4%n/a
1989Increase2.svg45.2Increase2.svg12,793.2Increase2.svg38.0Increase2.svg10,754.6Increase2.svg5.6%Increase2.svg4.0%Decrease Positive.svg17.9%n/a
1990Increase2.svg50.6Increase2.svg14,310.4Increase2.svg48.2Increase2.svg13,644.8Increase2.svg7.7%Increase2.svg3.4%Decrease Positive.svg17.2%n/a
1991Increase2.svg53.1Increase2.svg14,952.4Increase2.svg48.8Increase2.svg13,748.2Increase2.svg1.6%Increase2.svg3.1%Increase Negative.svg19.0%n/a
1992Increase2.svg56.3Increase2.svg15,712.2Increase2.svg54.9Increase2.svg15,331.9Increase2.svg3.6%Increase2.svg3.2%Decrease Positive.svg16.3%n/a
1993Increase2.svg58.9Increase2.svg16,366.5Decrease2.svg51.4Decrease2.svg14,262.8Increase2.svg2.3%Increase2.svg1.4%Increase Negative.svg16.7%n/a
1994Increase2.svg63.7Increase2.svg17,643.1Increase2.svg55.8Increase2.svg15,455.4Increase2.svg5.9%Increase2.svg2.4%Decrease Positive.svg15.1%n/a
1995Increase2.svg71.3Increase2.svg19,656.6Increase2.svg69.3Increase2.svg19,086.8Increase2.svg9.6%Increase2.svg2.5%Decrease Positive.svg14.1%78.5%
1996Increase2.svg79.2Increase2.svg21,687.0Increase2.svg75.9Increase2.svg20,781.4Increase2.svg9.1%Increase2.svg2.2%Decrease Positive.svg11.8%Decrease Positive.svg69.8%
1997Increase2.svg89.3Increase2.svg24,177.2Increase2.svg83.0Increase2.svg22,468.6Increase2.svg10.7%Increase2.svg1.3%Decrease Positive.svg9.9%Decrease Positive.svg61.6%
1998Increase2.svg98.2Increase2.svg26,314.1Increase2.svg90.3Increase2.svg24,202.5Increase2.svg8.8%Increase2.svg2.1%Decrease Positive.svg7.6%Decrease Positive.svg51.4%
1999Increase2.svg110.1Increase2.svg29,164.8Increase2.svg99.0Increase2.svg26,233.7Increase2.svg10.5%Increase2.svg2.4%Decrease Positive.svg5.9%Decrease Positive.svg46.6%
2000Increase2.svg123.1Increase2.svg32,161.6Increase2.svg100.3Decrease2.svg26,186.3Increase2.svg9.4%Increase Negative.svg5.3%Decrease Positive.svg4.4%Decrease Positive.svg36.4%
2001Increase2.svg132.6Increase2.svg34,095.8Increase2.svg109.3Increase2.svg28,120.1Increase2.svg5.3%Increase2.svg4.0%Decrease Positive.svg4.2%Decrease Positive.svg33.6%
2002Increase2.svg142.6Increase2.svg36,043.1Increase2.svg128.5Increase2.svg32,482.1Increase2.svg5.9%Increase2.svg4.7%Increase Negative.svg4.7%Decrease Positive.svg30.9%
2003Increase2.svg149.8Increase2.svg37,249.8Increase2.svg164.6Increase2.svg40,940.1Increase2.svg3.0%Increase2.svg4.0%Increase Negative.svg4.9%Decrease Positive.svg29.8%
2004Increase2.svg164.3Increase2.svg40,064.2Increase2.svg194.3Increase2.svg47,389.3Increase2.svg6.8%Increase2.svg2.3%Decrease Positive.svg4.8%Decrease Positive.svg28.1%
2005Increase2.svg179.1Increase2.svg42,650.8Increase2.svg212.0Increase2.svg50,476.5Increase2.svg5.7%Increase2.svg2.2%Decrease Positive.svg4.6%Decrease Positive.svg26.1%
2006Increase2.svg193.9Increase2.svg44,867.9Increase2.svg232.2Increase2.svg53,738.8Increase2.svg5.0%Increase2.svg2.7%Increase Negative.svg4.8%Decrease Positive.svg23.6%
2007Increase2.svg209.7Increase2.svg47,173.0Increase2.svg270.1Increase2.svg60,770.1Increase2.svg5.3%Increase2.svg2.9%Increase Negative.svg5.0%Increase Negative.svg23.9%
2008Decrease2.svg204.1Decrease2.svg45,200.0Increase2.svg275.4Increase2.svg60,990.0Decrease2.svg-4.5%Increase2.svg3.1%Increase Negative.svg6.8%Increase Negative.svg42.5%
2009Decrease2.svg195.0Decrease2.svg42,875.5Decrease2.svg236.2Decrease2.svg51,943.5Decrease2.svg-5.1%Increase2.svg-1.7%Increase Negative.svg12.6%Increase Negative.svg61.8%
2010Increase2.svg200.6Increase2.svg43,918.7Decrease2.svg222.1Decrease2.svg48,620.6Increase2.svg1.7%Increase2.svg-1.6%Increase Negative.svg14.6%Increase Negative.svg86.2%
2011Increase2.svg206.5Increase2.svg45,040.6Increase2.svg239.0Increase2.svg52,122.1Increase2.svg0.8%Increase2.svg1.2%Increase Negative.svg15.4%Increase Negative.svg110.5%
2012Increase2.svg213.4Increase2.svg46,335.2Decrease2.svg225.8Decrease2.svg49,029.3Decrease2.svg0.0%Increase2.svg1.9%Increase Negative.svg15.5%Increase Negative.svg119.6%
2013Increase2.svg221.2Increase2.svg47,773.4Increase2.svg238.3Increase2.svg51,472.1Increase2.svg1.1%Increase2.svg0.5%Decrease Positive.svg13.8%Increase Negative.svg120.0%
2014Increase2.svg238.2Increase2.svg51,032.0Increase2.svg259.2Increase2.svg55,542.0Increase2.svg8.6%Increase2.svg0.3%Decrease Positive.svg11.9%Decrease Positive.svg104.3%
2015Increase2.svg324.9Increase2.svg68,918.0Increase2.svg291.8Increase2.svg61,902.7Increase2.svg24.4%Increase2.svg-0.1%Decrease Positive.svg9.9%Decrease Positive.svg76.7%
2016Increase2.svg340.2Increase2.svg71,290.9Increase2.svg299.0Increase2.svg62,668.1Increase2.svg2.0%Increase2.svg-0.2%Decrease Positive.svg8.4%Decrease Positive.svg74.3%
2017Increase2.svg376.4Increase2.svg78,002.3Increase2.svg336.3Increase2.svg69,685.3Increase2.svg9.0%Increase2.svg0.3%Decrease Positive.svg6.8%Decrease Positive.svg67.6%
2018Increase2.svg418.2Increase2.svg85,607.1Increase2.svg385.9Increase2.svg78,988.6Increase2.svg8.5%Increase2.svg0.7%Decrease Positive.svg5.8%Decrease Positive.svg63.0%
2019Increase2.svg448.9Increase2.svg90,696.9Increase2.svg399.4Increase2.svg80,690.2Increase2.svg5.4%Increase2.svg0.9%Decrease Positive.svg5.0%Decrease Positive.svg57.2%
2020Increase2.svg482.4Increase2.svg96,618.9Increase2.svg425.5Increase2.svg85,225.1Increase2.svg6.2%Increase2.svg-0.5%Increase Negative.svg5.8%Increase Negative.svg58.4%
2021Increase2.svg570.7Increase2.svg113,267.8Increase2.svg504.5Increase2.svg100,129.5Increase2.svg13.6%Increase2.svg2.4%Increase Negative.svg6.3%Decrease Positive.svg55.3%
2022Increase2.svg666.3Increase2.svg131,034.1Increase2.svg519.8Increase2.svg102,217.4Increase2.svg9.0%Increase Negative.svg8.4%Decrease Positive.svg4.7%Decrease Positive.svg47.0%
2023Increase2.svg717.7Increase2.svg139,844.2Increase2.svg549.1Increase2.svg106,997.4Increase2.svg4.0%Increase Negative.svg6.5%Increase Negative.svg4.8%Decrease Positive.svg42.8%
2024Increase2.svg762.1Increase2.svg147,149.5Increase2.svg594.2Increase2.svg114,728.2Increase2.svg4.0%Increase2.svg3.0%Steady2.svg4.8%Decrease Positive.svg39.2%
2025Increase2.svg799.8Increase2.svg153,018.7Increase2.svg630.8Increase2.svg120,692.7Increase2.svg3.0%Increase2.svg2.0%Steady2.svg4.8%Decrease Positive.svg36.5%
2026Increase2.svg839.5Increase2.svg159,163.6Increase2.svg670.7Increase2.svg127,144.3Increase2.svg3.0%Increase2.svg2.0%Steady2.svg4.8%Decrease Positive.svg34.0%
2027Increase2.svg881.6Increase2.svg165,603.8Increase2.svg712.0Increase2.svg133,760.4Increase2.svg3.0%Increase2.svg2.0%Steady2.svg4.8%Decrease Positive.svg31.3%

Sectors

In 2022, the sector with the highest number of companies registered in Ireland was services, with 145,217 companies, followed by finance, insurance, and real estate and retail trade with 60,561 and 45,541 companies respectively. [186]

Aircraft leasing

There are 1,200 directly employed in leasing, with Irish lessors managing more than €100 billion in assets. This means that Ireland manages nearly 22% of the fleet of aircraft worldwide and a 40% share of Global fleet of leased aircraft. Ireland has 14 of the top 15 lessors by fleet size. [187] [188]

Alcoholic beverage industry

The drinks industry employs approximately 92,000 people and contributes 2 billion euro annually to the Irish economy [189] making it one of the biggest sectors. It supports jobs in agriculture, distilling and brewing. It is subdivided into 5 areas; beer (employing 1,800 people directly and 35,000 indirectly), [190] cider (supporting 5,000 jobs), [191] spirits (supporting 14,700 jobs), [192] whiskey (employing 748 people with turnover of 400 million euro) [193] and wine (employing 1,100 directly). [194] [ third-party source needed ]

Engineering

Waterford Crystal glass factory Waterford Crystal factory - Glassblower - geograph.org.uk - 500772.jpg
Waterford Crystal glass factory

The multinational engineering sector employs over 18,500 people and contributes approximately 4.2 billion euro annually. [195] This includes approximately 180 companies in areas such of industrial products and services, aerospace, automotive and clean tech.[ citation needed ]

Energy generation

Bord Gáis is responsible for the supply and distribution of natural gas, which was first brought ashore in 1976 from the Kinsale Head gas field. Electrical generation from peat consumption, as a percent of total electrical generation, was reduced from 18.8% to 6.1%, between 1990 and 2004. [196] A 2006 forecast by Sustainable Energy Ireland predicts that oil will no longer be used for electrical generation but natural gas will be dominant at 71.3% of the total share, coal at 9.2%, and renewable energy at 8.2% of the market. [196] New or potential sources include the Corrib gas field and the Shannon Liquefied Natural Gas terminal. [197]

Ireland is one of a group of countries that are likely[ citation needed ] to benefit geopolitically from a global transition to renewable energy. It is ranked number 12 among 156 countries in the index of geopolitical gains and losses after energy transition (the "GeGaLo Index"). [198]

Exports

Exports play an important role in Ireland's economic growth. The country is one of the largest exporters of pharmaceuticals, medical devices and software-related goods and services in the world. [199]

A series of significant discoveries of base metal deposits have been made, including the giant ore deposit at Tara Mine. Zinc-lead ores are also currently mined from two other underground operations in Lisheen and Galmoy. Ireland now ranks as the seventh largest producer of zinc concentrates in the world, and the twelfth largest producer of lead concentrates. The combined output from these mines make Ireland the largest zinc producer in Europe and the second largest producer of lead. [200]

In its Globalization Index 2010 published in January 2011 Ernst and Young with the Economist Intelligence Unit ranked Ireland second after Hong Kong. The index ranks 60 countries according to their degree of globalisation relative to their GDP. [201] While the Irish economy had significant debt problems in 2011, exporting remained a success.

Financial services

The financial services sector employs approximately 35,000 people and contributes 2 billion euro in taxes annually to the economy. [202] Ireland is the seventh largest provider of wholesale financial services in Europe. [202] A number of these firms are located at the International Financial Services Centre (IFSC) in Dublin.

Information and communications technology

The Information and communications technology (ICT) sector employs over 37,000 people and generates 35 billion annually. The top ten ICT companies are located in Ireland, with over 200 companies in total. [203] [ clarification needed ] A number of these ICT companies are based in Dublin at developments like the Silicon Docks. This includes Google, Facebook, Twitter, LinkedIn, Amazon, eBay, PayPal and Microsoft; several of which have their EMEA / Europe & Middle East headquarters in Ireland. Others operate their European headquarters from Cork, including Apple, EMC and Johnson Controls.

Medical technologies

The Medical technology (MedTech) sector employs nearly 25,000 people and generates 9.4 billion Euro annually, with over one hundred companies in the country. [204] [ third-party source needed ]

Pharmaceuticals

The pharmaceutical sector employs approximately 50,000 people and is responsible for 55 billion euro of exports. [205] [ third-party source needed ] A number of these companies are based in County Cork, at Little Island and Ringaskiddy.

Software

The software sector employs approximately 24,000 people and contributes 16 billion Euro to the economy. Ireland is the world's second largest exporter of software.[ citation needed ] The top 10 global technology firms have operations in Ireland including Apple, Google, Facebook and Microsoft. Ireland is home to over 900 software companies. [206] [ third-party source needed ]

Primary sector

The primary sector of the economy (including agriculture, forestry, mining and fishing) constitutes about 5% of Irish GDP, and 8% of Irish employment.[ citation needed ] One of Ireland's main agricultural resources is its large fertile pastures, particularly in the midland and southern regions.

According to Teagasc , the Irish agri-food sector generated 7% of gross value added (€13.9 billion) during 2016, and accounted for 8.5% of national employment and 9.8% of Ireland's merchandise exports. [207] This included cattle, beef, and dairy product exports. Ireland's agri-food exports include several high-value dairy brands, [208] and are led by a number of Irish companies including Kerry Group, Glanbia, Greencore and Ornua. [209]

In the late nineteenth century, the island was mostly deforested. In 2005, after years of national afforestation programmes, about 9% of Ireland has become forested. [210] It is still one of the least forested countries in the EU and heavily relies on imported wood. [211] Its coastline – once abundant in fish, particularly cod – has suffered overfishing and since 1995 the fisheries industry has focused more on aquaculture. Freshwater salmon and trout stocks in Ireland's waterways have also been depleted but are being better managed. [212] Ireland is a major exporter of zinc to the EU and mining also produces significant quantities of lead and alumina. [213]

Beyond this, the country has significant deposits of gypsum, limestone, and smaller quantities of copper, silver, gold, barite, and dolomite. [214] Peat extraction has historically been important, especially from midland bogs, however more efficient fuels and environmental protection of bogs has reduced peat's importance to the economy. [215] Natural gas extraction occurs in the Kinsale Gas Field and the Corrib Gas Field in the southern and western counties, [216] where there is 19.82 bn cubic metres of proven reserves. [214]

Agriculture

Cattle auction in Castleisland Castleisland-Viehmarkt-02-Versteigerungshalle-2017-gje.jpg
Cattle auction in Castleisland

In 2017, agriculture was estimated to contribute approximately 1% of GDP. [217]

During 2019, Ireland produced (in addition to smaller productions of other agricultural products), 1.4 million tons of barley, 595 thousand tons of wheat, 382 thousand tons of potato, and 193 thousand tons of oats. [218] In the same year, Ireland produced 8.2 billion liters of cow's milk (making it the 20th largest producer in the world), 304 thousand tons of pork, 141 thousand tons of chicken meat, and 66 thousand tons of lamb meat. [219]

Secondary and tertiary sectors

The construction sector in Ireland has been severely affected by the Irish property bubble and the 2008-2013 Irish banking crisis and as a result contributes less to the economy than during the period 2002–2007.

While there are over 60 credit institutions incorporated in Ireland, [220] the banking system is dominated by the AIB Bank, Bank of Ireland and Ulster Bank. [221] There is a large Credit Union movement within the country which offers an alternative to the banks. The Irish Stock Exchange is in Dublin, however, due to its small size, many firms also maintain listings on either the London Stock Exchange or the NASDAQ. That being said, the Irish Stock Exchange has a leading position as a listing domicile for cross-border funds. By accessing the Irish Stock Exchange, investment companies can market their shares to a wider range of investors (under MiFID although this will change somewhat with the introduction of the AIFM Directive. Service providers abound for the cross-border funds business and Ireland has been recently rated with a DAW Index score of 4 in 2012. Similarly, the insurance industry in Ireland is a leader in both retail markets and corporate customers in the EU, in large part due to the International Financial Services Centre. [222]

Taxation and welfare

Welfare benefits

As of December 2007, Ireland's net unemployment benefits for long-term unemployed people across four family types (single people, lone parents, single-income couples with and without children) was the third highest of the OECD countries (jointly with Iceland) after Denmark and Switzerland. [223] Jobseeker's Allowance or Jobseeker's Benefit for a single person in Ireland is €208 per week, as of January 2022.

As of 2018, state provided (contributory) old age pensions had a maximum weekly rate of €248.30 for a single pensioner aged between 66 and 80. The maximum weekly rate for the state pension (non-contributory) was €237 for a single pensioner aged between 66 and 80. [224]

Wealth distribution and taxation

Total tax revenue as a percentage of GDP for Ireland over the past several decades compared to other highly developed states. Tax revenue as a percentage of GDP (1985-2014).png
Total tax revenue as a percentage of GDP for Ireland over the past several decades compared to other highly developed states.

The percentage of the population at risk of relative poverty was 21% in 2004 – one of the highest rates in the European Union. [225] Ireland's inequality of income distribution score on the Gini coefficient scale was 30.4 in 2000, slightly below the OECD average of 31. [226] Sustained increases in the value of residential property during the 1990s and up to late 2006 was a key factor in the increase in personal wealth in Ireland, with Ireland ranking second only to Japan in personal wealth in 2006. [227]

From 1975 to 2005, tax revenues fluctuated at around 30% of GDP (see graph right).

Currency

Before the introduction of the euro notes and coins in January 2002, Ireland used the Irish pound or punt. In January 1999 Ireland was one of eleven European Union member states which launched the European Single Currency, the euro. Euro banknotes are issued in €5, €10, €20, €50, €100, €200 and €500 denominations and share the common design used across Europe, however like other countries in the eurozone, Ireland has its own unique design on one face of euro coins. [228] The government decided on a single national design for all Irish coin denominations, which show a Celtic harp, a traditional symbol of Ireland, decorated with the year of issue and the word Éire which means "Ireland" in the Irish language.

See also

Related Research Articles

<span class="mw-page-title-main">Economy of the Czech Republic</span>

The economy of the Czech Republic is a developed export-oriented social market economy based in services, manufacturing, and innovation that maintains a high-income welfare state and the European social model. The Czech Republic participates in the European Single Market as a member of the European Union, and is therefore a part of the economy of the European Union. It uses its own currency, the Czech koruna, instead of the euro. It is a member of the Organisation for Economic Co-operation and Development (OECD). The Czech Republic ranks 16th in inequality-adjusted human development and 24th in World Bank Human Capital Index, ahead of countries such as the United States, the United Kingdom or France. It was described by The Guardian as "one of Europe's most flourishing economies".

<span class="mw-page-title-main">Economy of Denmark</span>

The economy of Denmark is a modern high-income and highly developed mixed economy. The economy of Denmark is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. The nominal gross national income per capita was the ninth-highest in the world at $68,827 in 2023.

<span class="mw-page-title-main">Economy of Greece</span>

The economy of Greece is the 53rd largest in the world, with a nominal gross domestic product (GDP) of $242.385 billion per annum. In terms of purchasing power parity, Greece is the world's 54th largest economy, at $416.969 billion per annum. As of 2022, Greece is the sixteenth-largest economy in the European Union. According to the International Monetary Fund's figures for 2023, Greece's GDP per capita is $23,173 at nominal value and $39,864 at purchasing power parity.

<span class="mw-page-title-main">Republic of Ireland</span> Country in north-western Europe

Ireland, also known as the Republic of Ireland, is a country in north-western Europe consisting of 26 of the 32 counties of the island of Ireland. The capital and largest city is Dublin, on the eastern side of the island. Around 2.1 million of the country's population of 5.15 million people reside in the Greater Dublin Area. The sovereign state shares its only land border with Northern Ireland, which is part of the United Kingdom. It is otherwise surrounded by the Atlantic Ocean, with the Celtic Sea to the south, St George's Channel to the south-east, and the Irish Sea to the east. It is a unitary, parliamentary republic. The legislature, the Oireachtas, consists of a lower house, Dáil Éireann; an upper house, Seanad Éireann; and an elected President who serves as the largely ceremonial head of state, but with some important powers and duties. The head of government is the Taoiseach, who is elected by the Dáil and appointed by the President; the Taoiseach in turn appoints other government ministers.

<span class="mw-page-title-main">Economy of Poland</span>

The economy of Poland is an industrialised, mixed economy with a developed market that serves as the sixth-largest in the European Union by nominal GDP and fifth-largest by GDP (PPP). Poland boasts the extensive public services characteristic of most developed economies. Since 1988, Poland has pursued a policy of economic liberalisation but retained an advanced public welfare system. This includes universal free public healthcare and education, extensive provisions of free public childcare, and parental leave. The country is considered by many to be a successful post-communist state. It is classified as a high-income economy by the World Bank, ranking 20th worldwide in terms of GDP (PPP), 21st in terms of GDP (nominal), and 21st in the 2023 Economic Complexity Index.

<span class="mw-page-title-main">Economy of Slovakia</span>

The economy of Slovakia is based upon Slovakia becoming an EU member state in 2004, and adopting the euro at the beginning of 2009. Its capital, Bratislava, is the largest financial centre in Slovakia. As of Q1 2018, the unemployment rate was 5.72%.

<span class="mw-page-title-main">Economy of Spain</span>

The economy of Spain is a highly developed social market economy. It’s the world's 15th largest by nominal GDP and the sixth-largest in Europe. Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization. In 2021, Spain was the twentieth-largest exporter in the world and the sixteenth-largest importer. Spain is listed 27th in the United Nations Human Development Index and 37th in GDP per capita by the World Bank. Some of the main areas of economic activity are the automotive industry, medical technology, chemicals, shipbuilding, tourism and the textile industry.

Corporate haven, corporate tax haven, or multinational tax haven is used to describe a jurisdiction that multinational corporations find attractive for establishing subsidiaries or incorporation of regional or main company headquarters, mostly due to favourable tax regimes, and/or favourable secrecy laws, and/or favourable regulatory regimes.

<span class="mw-page-title-main">Central Bank of Ireland</span> Central Bank of Ireland

The Central Bank of Ireland is the Irish member of the Eurosystem and has been the monetary authority for the Republic of Ireland from 1943 to 1998, issuing the Irish pound. It is also the country's main financial regulatory authority, and since 2014 has been Ireland's national competent authority within European Banking Supervision.

<span class="mw-page-title-main">Gross national income</span> Total domestic and foreign economic output claimed by residents of a country

The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign residents, minus income earned in the domestic economy by nonresidents.

<span class="mw-page-title-main">Economy of the European Union</span>

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $19.35 trillion (nominal) in 2024 and $26.64 trillion(PPP) representing around one sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy.

<span class="mw-page-title-main">Corporation tax in the Republic of Ireland</span> Irish corporate tax regime

Ireland's Corporate Tax System is a central component of Ireland's economy. In 2016–17, foreign firms paid 80% of Irish corporate tax, employed 25% of the Irish labour force, and created 57% of Irish OECD non-farm value-add. As of 2017, 25 of the top 50 Irish firms were U.S.–controlled businesses, representing 70% of the revenue of the top 50 Irish firms. By 2018, Ireland had received the most U.S. § Corporate tax inversions in history, and Apple was over one–fifth of Irish GDP. Academics rank Ireland as the largest tax haven; larger than the Caribbean tax haven system.

<span class="mw-page-title-main">Taxation in the Republic of Ireland</span> Irish tax code

Taxation in Ireland in 2017 came from Personal Income taxes, and Consumption taxes, being VAT and Excise and Customs duties. Corporation taxes represents most of the balance, but Ireland's Corporate Tax System (CT) is a central part of Ireland's economic model. Ireland summarises its taxation policy using the OECD's Hierarchy of Taxes pyramid, which emphasises high corporate tax rates as the most harmful types of taxes where economic growth is the objective. The balance of Ireland's taxes are Property taxes and Capital taxes.

A tax haven is a term, sometimes used negatively and for political reasons, to describe a place with very low tax rates for non-domiciled investors, even if the official rates may be higher.

<span class="mw-page-title-main">Post-2008 Irish economic downturn</span> Economic downturn in Ireland

The post-2008 Irish economic downturn in the Republic of Ireland, coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international financial crisis of 2007–2008 greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, as did unemployment, escalated to levels not seen since that decade.

<span class="mw-page-title-main">Greek government-debt crisis</span> Sovereign debt crisis faced by Greece (2009–2018)

Greece faced a sovereign debt crisis in the aftermath of the financial crisis of 2007–2008. Widely known in the country as The Crisis, it reached the populace as a series of sudden reforms and austerity measures that led to impoverishment and loss of income and property, as well as a small-scale humanitarian crisis. In all, the Greek economy suffered the longest recession of any advanced mixed economy to date. As a result, the Greek political system has been upended, social exclusion increased, and hundreds of thousands of well-educated Greeks have left the country.

<span class="mw-page-title-main">Leprechaun economics</span> Term used to describe a distortion of Irelands GDP by Apple Inc restructuring

Leprechaun economics was a term coined by economist Paul Krugman to describe the 26.3 per cent rise in Irish 2015 GDP, later revised to 34.4 per cent, in a 12 July 2016 publication by the Irish Central Statistics Office (CSO), restating 2015 Irish national accounts. At that point, the distortion of Irish economic data by tax-driven accounting flows reached a climax. In 2020, Krugman said the term was a feature of all tax havens.

<span class="mw-page-title-main">Modified gross national income</span> Metric to measure the Irish economy by excluding globalisation effects

Modified gross national income is a metric used by the Central Statistics Office (Ireland) to measure the Irish economy rather than GNI or GDP. GNI* is GNI minus the depreciation on Intellectual Property, depreciation on leased aircraft and the net factor income of redomiciled PLCs.

<span class="mw-page-title-main">Ireland as a tax haven</span> Allegation that Ireland facilitates tax base erosion and profit shifting

Ireland has been labelled as a tax haven or corporate tax haven in multiple financial reports, an allegation which the state has rejected in response. Ireland is on all academic "tax haven lists", including the § Leaders in tax haven research, and tax NGOs. Ireland does not meet the 1998 OECD definition of a tax haven, but no OECD member, including Switzerland, ever met this definition; only Trinidad & Tobago met it in 2017. Similarly, no EU–28 country is amongst the 64 listed in the 2017 EU tax haven blacklist and greylist. In September 2016, Brazil became the first G20 country to "blacklist" Ireland as a tax haven.

References

  1. "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 17 June 2019. Retrieved 29 September 2019.
  2. "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. "Census of Population 2022 – Preliminary Results". www.cso.ie. 23 June 2022.
  4. 1 2 3 4 "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  5. 1 2 3 "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund . 11 April 2023.
  6. 1 2 3 "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 1 April 2019.
  7. 1 2 3 "Inflation rates in Ireland". worlddata.info. WorldData. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  8. Compare your income - Perception of income inequality in OECD countries
  9. "Poverty & Health". cso.ie. Archived from the original on 16 April 2019. Retrieved 12 January 2020.
  10. "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Archived from the original on 11 November 2020. Retrieved 18 August 2020.
  11. "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Archived from the original on 20 March 2019. Retrieved 15 April 2020.
  12. "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 27 June 2016. Retrieved 12 November 2022.
  13. "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Archived from the original on 25 June 2016. Retrieved 12 November 2022.
  14. 1 2 "Labour Force Survey Quarter 1 2023". cso.ie. CSO. 24 May 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  15. "Unemployment rate falls to 21-year low of 4.2% in July - CSO". rte.ie. 4 August 2022.
  16. "Unemployment rate by age group". data.oecd.org. OECD. Archived from the original on 14 April 2021. Retrieved 7 September 2020.
  17. 1 2 3 4 5 6 "Goods Exports and Imports December 2022 - CSO - Central Statistics Office". Cso.ie. 15 February 2023. Archived from the original on 25 March 2023. Retrieved 4 May 2023.
  18. 1 2 "International Accounts Q4 2022". cso.ie. 3 March 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  19. 1 2 "International Accounts Q4 2022". cso.ie. 3 March 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  20. 1 2 "International Accounts Q1 2022 Final - CSO - Central Statistics Office". 15 July 2022.
  21. "International Accounts Q2 2022". cso.ie. 2 September 2022. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  22. 1 2 3 4 5 6 7 8 "Government Finance Statistics - Annual 2017 to 2022". cso.ie. 20 April 2023. Archived from the original on 25 May 2023. Retrieved 25 May 2023.
  23. "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  24. "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  25. "Standard & Poor's raises Ireland's credit rating to A+". RTÉ . 5 June 2015. Archived from the original on 19 June 2015. Retrieved 7 June 2015.
  26. "Fitch restores A grade to Irish economy". Treasury Management Agency. Archived from the original on 4 March 2016. Retrieved 3 March 2016.
  27. "Scope affirms Ireland's credit ratings at AA-; Outlook revised to Positive". Scope Ratings. Retrieved 1 April 2023.
  28. "Country Rankings: World & Global Economy Rankings on Economic Freedom". www.heritage.org. Archived from the original on 21 May 2020. Retrieved 12 November 2022.
  29. "Ireland named best country for high-value FDI for sixth year in a row". Irish Times. 31 August 2017. Archived from the original on 1 April 2019. Retrieved 8 April 2018.
  30. "World Economic Outlook - GDP per capita". International Monetary Fund. October 2020. Archived from the original on 1 November 2020. Retrieved 12 November 2022.
  31. "PPP (current international $)". data.worldbank.org. World Bank. Archived from the original on 12 August 2020. Retrieved 7 July 2020.
  32. "Ireland GDP – real growth rate". Index Mundi. Archived from the original on 13 April 2018. Retrieved 22 April 2012.
  33. "Quarterly National Accounts -Quarter 1 2012" (PDF). CSO. 12 July 2012. Archived from the original (PDF) on 5 August 2012. Retrieved 12 July 2012.
  34. "Quarterly National Accounts -Quarter 1 2013" (PDF). CSO. 27 June 2013. Archived from the original (PDF) on 21 February 2014. Retrieved 15 September 2013.
  35. "European Economic Forecast Spring 2013". Economic forecasts. European Commission. 3 May 2013. Archived from the original on 4 March 2016. Retrieved 15 September 2013.
  36. "'Leprechaun Economics' Earn Ireland Ridicule, $443 Million Bill". Bloomberg.com. 13 July 2016. Archived from the original on 14 July 2016. Retrieved 29 July 2017 via www.bloomberg.com.
  37. 1 2 3 4 "Leprechaun-proofing economic data". RTE News. 4 February 2017. Archived from the original on 4 February 2017. Retrieved 19 March 2018.
  38. 1 2 3 "CSO paints a very different picture of Irish economy with new measure". Irish Times. 15 July 2017. Archived from the original on 21 January 2019. Retrieved 29 March 2018.
  39. 1 2 3 "New economic Leprechaun on loose as rate of growth plunges". Irish Independent. 15 July 2017. Archived from the original on 25 October 2019. Retrieved 29 March 2018.
  40. 1 2 "Ireland's Top 1000 Companies". Irish Times. 2018. Archived from the original on 17 September 2019. Retrieved 8 April 2018.
  41. 1 2 "IRELAND Trade and Statistical Note 2017" (PDF). OECD. 2017. Archived (PDF) from the original on 10 April 2018. Retrieved 10 April 2018.
  42. 1 2 "20 multinationals paid half of all Corporation tax paid in 2016". RTE News. 21 June 2017. Archived from the original on 21 June 2017. Retrieved 9 April 2018.
  43. "Most of Ireland's huge corporate tax haul last year came from foreign firms". sunday Business Post FORA. 14 May 2016. Archived from the original on 17 May 2017. Retrieved 9 April 2018.
  44. "Quarterly Bulletin Comment (page 7)" (PDF). Central Bank of Ireland. April 2017. Archived (PDF) from the original on 17 December 2017. Retrieved 10 April 2018.
  45. 1 2 3 4 "CRISIS RECOVERY IN A COUNTRY WITH A HIGH PRESENCE OF FOREIGN OWNED COMPANIES" (PDF). IMK Institute, Berlin. January 2017. Archived (PDF) from the original on 19 February 2017. Retrieved 30 March 2018.
  46. 1 2 "OECD Ireland Survey 2018 (Page 34 Debt Metrics)" (PDF). OECD. March 2018. Archived (PDF) from the original on 8 March 2018. Retrieved 8 April 2018.
  47. 1 2 "Net National debt now €44000 per head, 2nd highest in the World". Irish Independent. 7 July 2017. Archived from the original on 14 November 2019. Retrieved 8 April 2018.
  48. 1 2 3 "Who owes more money - the Irish or the Greeks?". Irish Times. 4 June 2015. Archived from the original on 31 July 2019. Retrieved 30 March 2018.
  49. 1 2 3 "Globalisation at work in statistics — Questions arising from the 'Irish case'" (PDF). EuroStat. December 2017. Archived (PDF) from the original on 12 July 2017. Retrieved 30 March 2018.
  50. 1 2 "Lies, damned lies and the national accounts headline figures". The Irish Times. 16 December 2017. Archived from the original on 13 June 2018. Retrieved 9 April 2018.
  51. "Irish workers now ranked as most productive in world". irishtimes.com. The Irish Times. 5 February 2019. Archived from the original on 5 February 2019. Retrieved 8 May 2019.
  52. "Irish Banks continue to grow deposits as loan books shrink". Irish Examiner. December 2012. Archived from the original on 12 April 2018. Retrieved 14 April 2018.
  53. "IRELAND FINANCIAL SYSTEM STABILITY ASSESSMENT 2016" (PDF). International Monetary Fund. July 2016. Archived (PDF) from the original on 29 March 2017. Retrieved 8 April 2018.
  54. 1 2 "Europe points finger at Ireland over tax avoidance". Irish Times. 7 March 2018. Archived from the original on 7 March 2018. Retrieved 19 March 2018.
  55. "Report of the Economic Statistics Review Group". Central Statistics Office. 4 February 2017. Archived from the original on 30 March 2017. Retrieved 19 March 2018.
  56. 1 2 "Winning FDI 2015-2019 Strategy". IDA Ireland. March 2015. Archived from the original on 15 September 2017. Retrieved 8 April 2018.
  57. 1 2 "IDA Ireland Competitiveness". IDA Ireland. March 2018. Archived from the original on 5 April 2018. Retrieved 8 April 2018.
  58. 1 2 "Trump's US tax reform a significant challenge for Ireland". Irish Times. 30 November 2017. Archived from the original on 25 June 2018. Retrieved 8 April 2018.
  59. 1 2 "US corporations could be saying goodbye to Ireland". Irish Times. 17 January 2018. Archived from the original on 9 April 2018. Retrieved 4 July 2021.
  60. 1 2 "How Tax Reform solved UK inversions". Tax Foundation. 14 October 2014. Archived from the original on 12 April 2018. Retrieved 17 April 2018.
  61. 1 2 "A Territorial Tax System Would Create Jobs and Raise Wages for U.S. Workers". The Heritage Foundation. 12 September 2013. Archived from the original on 8 March 2017. Retrieved 9 April 2018.
  62. 1 2 "Donald Trump singles out Ireland in tax speech". Irish Times. 29 November 2017. Archived from the original on 3 April 2018. Retrieved 8 April 2018.
  63. 1 2 "Breaking Down the New U.S. Corporate Tax Law". Harvard Business Review. 26 December 2017. Archived from the original on 22 July 2018. Retrieved 8 April 2018.
  64. "MEPs approve new EU corporate tax plan which embraces "digital presence"". European Parliament. 15 March 2018. Archived from the original on 16 March 2018. Retrieved 8 April 2018.
  65. "What the EU's new taxes on the tech giants mean - and how they would hurt Ireland". thejournal.ie. 24 March 2018. Archived from the original on 29 March 2018. Retrieved 8 April 2018.
  66. 1 2 "Shake-up of EU tax rules a 'more serious threat' to Ireland than Brexit". Irish Independent. 14 September 2017. Archived from the original on 16 November 2019. Retrieved 8 April 2018.
  67. 1 2 "Why Ireland faces a fight on the corporate tax front". Irish Times. 14 March 2018. Archived from the original on 30 March 2019. Retrieved 8 April 2018.
  68. 1 2 "EU digital levy could hit tech FDI and tax revenue here". Irish Independent. 21 March 2018. Archived from the original on 26 June 2019. Retrieved 8 April 2018.
  69. "Irish government debt four times pre-crisis level, NTMA says". 10 July 2017. Archived from the original on 11 October 2017. Retrieved 8 April 2018.
  70. "42% of Europe's banking crisis paid by Ireland". 16 January 2013. Archived from the original on 18 January 2013. Retrieved 8 April 2018.
  71. 1 2 "Why do the Irish still owe more than the Greeks?". Irish Times. 7 March 2017. Archived from the original on 7 July 2019. Retrieved 30 March 2018.
  72. "Ireland's colossal level of indebtedness leaves any new government with precious little room for manoeuvre". Irish Independent. 16 April 2016. Archived from the original on 16 November 2018. Retrieved 8 April 2018.
  73. "Irish public debt levels 4th highest in EU28 June 2017 FAR Slide 7" (PDF). Irish Fiscal Advisory Council. June 2017. Archived (PDF) from the original on 23 October 2017. Retrieved 8 April 2018.
  74. "Irish household debt still amongst the highest in Europe". Irish Times. 11 September 2017. Archived from the original on 16 November 2018. Retrieved 8 April 2018.
  75. 1 2 3 4 5 "How Ireland became the Celtic Tiger" Archived 3 March 2010 at the Wayback Machine , Sean Dorgan, the chief executive of IDA. 23 June 2006
  76. O'Toole, Francis; Warrington. "Taxations And savings in Ireland" (PDF). Trinity Economic Papers Series. Trinity College, Dublin. p. 19. Archived (PDF) from the original on 24 June 2008. Retrieved 17 June 2008.
  77. R. F. Foster, Luck and the Irish: A Brief History of Change 1970-2000 (2007), pp 7-36.
  78. Charles Smith, article: 'Ireland', in Wankel, C. (ed.) Encyclopedia of Business in Today's World, California, USA, 2009.
  79. "Consumer Prices Bi-annual Average Price Analysis Dublin and Outside Dublin: 1 May 2006" (PDF). Archived (PDF) from the original on 6 September 2005. Retrieved 23 September 2009. (170 KB) – CSO
  80. Guider, Ian (7 August 2008). "Inflation falls to 4.4pc". Irish Independent . Archived from the original on 8 January 2009. Retrieved 8 August 2008.
  81. "Consumer Price Index July 2008 (Dublin & Cork, 7 August 2008" (PDF). Archived (PDF) from the original on 26 September 2009. Retrieved 23 September 2009. (142 KB)Central Statistics Office. Retrieved on 8 August 2008.
  82. 1 2 "Annual Competitiveness Report 2008, Volume One: Benchmarking Ireland's Performance" (PDF). NCC. 2009. Archived from the original (PDF) on 11 May 2011. Retrieved 1 July 2009.
  83. "The Economist Intelligence Unit's quality-of-life index" (PDF). The Economist . Archived (PDF) from the original on 2 August 2012. Retrieved 23 September 2009. (67.1 KB) – The Economist
  84. "Economic Survey of Ireland 2006: Keeping public finances on track". OECD. 2006. Archived from the original on 31 October 2007. Retrieved 30 July 2007.
  85. "House slowdown sharper than expected". RTÉ. 3 August 2007. Archived from the original on 26 October 2012. Retrieved 6 August 2007.
  86. "Latest Report: Latest edition of permanent tsb / ESRI House price index – May 2007". Permanent TSB, ESRI. Archived from the original on 28 August 2007. Retrieved 10 August 2007.
  87. "EU Survey on Income and Living Conditions (EU-SILC)" (PDF). Archived from the original (PDF) on 7 November 2006. Retrieved 29 November 2010. (161 KB) CSO, 2004.
  88. Figure 3. Irish yield curve
  89. "CSO – Central Statistics Office Ireland". Central Statistics Office Ireland. 9 November 2004. Archived from the original on 4 April 2016. Retrieved 9 July 2009.
  90. Ambrose Evans-Pritchard (13 March 2008). "Irish banks may need life-support as property prices crash". The Daily Telegraph . London. Archived from the original on 15 March 2008. Retrieved 13 March 2008.
  91. "Ireland's credit rating downgraded". RTÉ.ie. 25 August 2010. Archived from the original on 26 August 2010. Retrieved 12 November 2010.
  92. "Ireland's credit rating downgraded". irishtimes.ie. 24 November 2010. Archived from the original on 26 November 2010. Retrieved 10 January 2011.
  93. "Ireland's credit rating downgraded". standardandpoors.com. 23 November 2010. Archived from the original on 15 February 2012. Retrieved 10 January 2011.
  94. "Ireland out of recession as exports jump". The Independent . London. 1 July 2010. Archived from the original on 25 September 2010. Retrieved 4 August 2010.
  95. "Ireland out of recession but needs faster growth". BusinessDay. 1 July 2010. Archived from the original on 6 March 2012. Retrieved 4 August 2010.
  96. 1 2 "Irish economy contracts by 1.2%". BBC News. 23 September 2010. Archived from the original on 27 August 2020. Retrieved 20 June 2018.
  97. "Shrinking Irish economy heightens debt risk". Reuters. 24 March 2011. Archived from the original on 6 March 2012. Retrieved 4 April 2011.
  98. "New Eurostat website - Eurostat – Industrial production down by 0.9% in euro area and Ireland will exit its bail out program in December 2013" (PDF). epp.eurostat.ec.europa.eu. Archived from the original (PDF) on 21 September 2012. Retrieved 1 December 2015.
  99. Andras Gergely (1 October 2008). "Irish finmin sees bank liquidity, not solvency issue". Reuters. Archived from the original on 22 September 2021. Retrieved 1 July 2017.
  100. 1 2 3 Collins, Liam (12 October 2008). "Top developers see asset values dive two-thirds". Irish Independent . Archived from the original on 11 August 2011. Retrieved 12 October 2008.
  101. "Unemployment rising at record rate". RTÉ . 1 October 2008. Archived from the original on 2 October 2008. Retrieved 13 October 2008.
  102. "Irish Agricultural Land Research" (PDF). Savills Hamilton Osbourne King. May 2008. Archived from the original (PDF) on 29 October 2008. Retrieved 8 October 2008.
  103. Morgan Kelly, Professor of Economics, University College Dublin. "Just How Sound is the Irish Banking System?" (PDF). Archived from the original (PDF) on 27 November 2007.{{cite web}}: CS1 maint: multiple names: authors list (link)
  104. Oliver, Emmet (31 August 2008). "New waive of Irish banking". Sunday Tribune . Archived from the original on 28 February 2009. Retrieved 1 October 2008.
  105. "Banks call in leading developers ahead of property write-downs". Sunday Tribune . 12 October 2008. Archived from the original on 16 October 2008.
  106. "AIB Half-Yearly Financial Report 2008". Allied Irish Banks. 30 July 2008. Archived from the original on 30 October 2008. Retrieved 18 September 2008.
  107. "Reports and Accounts for the year ended 31 March 2008". Bank of Ireland. 10 June 2008. p. 73. Archived from the original on 11 July 2011. Retrieved 11 October 2008.
  108. "Government Decision to Safeguard Irish Banking System". Government of Ireland, Department of the Taoiseach. 30 September 2008. Archived from the original on 26 June 2022. Retrieved 13 October 2008.
  109. "Seven Deadly Sins... (of omission)". Sunday Tribune . 5 October 2008. Archived from the original on 10 October 2008.
  110. "Anglo Irish directors step down, bank downgraded". Irishtimes.com. 19 January 2009. Archived from the original on 22 May 2011. Retrieved 24 November 2010.
  111. "Bank shares lose half their value in market 'carnage'". Irishtimes.com. 1 January 2009. Archived from the original on 12 August 2011. Retrieved 24 November 2010.
  112. Charlie Weston (11 October 2008). "State mortgage plan for first-time buyers". Irish Independent. Archived from the original on 12 October 2008. Retrieved 11 October 2008.
  113. Carswell, Simon; Reddan, Fiona (7 October 2008). "Another traumatic day for investors in Irish banks". Irish Times. Archived from the original on 14 November 2011. Retrieved 7 October 2008.
  114. "NIB figures hint at depth of bad debt problems". Sunday Tribune . 12 October 2008. Archived from the original on 19 October 2008.
  115. "Extra year for Ireland under €85 billion plan". RTÉ.ie. 28 November 2010. Archived from the original on 29 November 2010. Retrieved 3 March 2015.
  116. "Govt four-year plan unveiled - As it happened - RTÉ News". rte.ie. 24 November 2010. Archived from the original on 25 November 2010. Retrieved 1 December 2015.
  117. "Budget adjustment for 2011 to total €6bn - RTÉ News". rte.ie. 4 November 2010. Archived from the original on 12 November 2010. Retrieved 1 December 2015.
  118. "Government Finance Statistics October 2014 - CSO - Central Statistics Office". cso.ie. 14 October 2014. Archived from the original on 2 November 2014. Retrieved 1 December 2015.
  119. "Live Register December 2014 - CSO - Central Statistics Office". cso.ie. Archived from the original on 9 January 2015. Retrieved 1 December 2015.
  120. "Kenny, Gilmore and Bruton on hand for job actions plan launch". Ireland News. Net. Archived from the original on 4 March 2014. Retrieved 27 February 2014.
  121. Sweeney, Tanya (19 December 2014). "Soapbox... Is the boom really back? ...and Is the so-called 'Celtic Phoenix' all it's cracked up to be?". Irish Independent . Archived from the original on 24 May 2015. Retrieved 20 May 2015.
  122. "Rise of the Celtic Phoenix?". Shelflife Magazine. 16 September 2014. Archived from the original on 20 May 2015. Retrieved 24 May 2015.
  123. "Ireland is a spending nation once again as Celtic Phoenix rises". Irish Independent. 24 August 2014. Archived from the original on 16 November 2017. Retrieved 30 April 2015.
  124. "GDP growth of 4.8% makes Ireland fastest growing EU economy". RTÉ News. 12 March 2015. Archived from the original on 13 March 2015. Retrieved 5 June 2015.
  125. "Irish economic growth outpacing rest of Europe, says Ibec". The Irish Times. 13 April 2015. Archived from the original on 4 March 2016. Retrieved 20 February 2020.
  126. "Rise of new orders for 'battered' Irish construction sector indicates recovery". Irish Independent. 10 March 2014. Archived from the original on 16 November 2018. Retrieved 5 June 2015.
  127. "Strong growth sees national debt fall to 109% of GDP". Irish Times. 20 April 2015. Archived from the original on 16 July 2016. Retrieved 27 August 2015.
  128. "Unemployment steady at 10% in April - CSO". RTÉ News. 29 April 2015. Archived from the original on 1 May 2015. Retrieved 27 August 2015.
  129. "Ireland tops the European poll for reducing unemployment rates". The Irish Times. 30 April 2015. Archived from the original on 4 March 2016. Retrieved 20 February 2020.
  130. "Population and Migration Estimates". Central Statistics Office. 26 August 2014. Archived from the original on 31 August 2014. Retrieved 27 August 2015.
  131. "Emigration of Irish nationals falls 20% in year to April". The Irish Times. 26 August 2014. Archived from the original on 16 November 2018. Retrieved 20 February 2020.
  132. "Property prices nationally up 15 percent in 12 months". The Irish Times. 24 September 2014. Archived from the original on 31 March 2018. Retrieved 20 February 2020.
  133. "Dublin property price growth fell below national average in first three months of 2015". RTÉ News. 7 April 2015. Archived from the original on 8 April 2015. Retrieved 27 August 2015.
  134. Kelly, Olivia (25 May 2015). "Dublin city social housing list tops 20,000". The Irish Times . Archived from the original on 17 July 2015. Retrieved 25 May 2015.
  135. "37,000 mortgages in arrears of over 720 days". RTÉ.ie . 27 May 2015. Archived from the original on 28 May 2015. Retrieved 28 May 2015.
  136. "Budget Key Points". RTÉ News. 14 October 2014. Archived from the original on 24 September 2015. Retrieved 27 August 2015.
  137. "Budget 2015: Give and take". Irish Independent. 15 October 2014. Archived from the original on 15 October 2014. Retrieved 15 October 2014.
  138. "Budget 2015: as it happened". RTÉ News. 14 October 2014. Archived from the original on 15 October 2014. Retrieved 15 October 2014.
  139. "Noonan denies budget framed for election". Irish Examiner. 14 October 2014. Archived from the original on 12 November 2014. Retrieved 15 October 2014.
  140. "Budget 2015". Irish Times. 14 October 2014. Archived from the original on 14 October 2014. Retrieved 15 October 2014.
  141. "Expansionary budgets until 2020 are possible - Spring Economic Statement". RTÉ News. 28 April 2015. Archived from the original on 28 April 2015. Retrieved 27 August 2015.
  142. "Spring statement: the main points". The Irish Times. 28 April 2015. Archived from the original on 27 August 2016. Retrieved 20 February 2020.
  143. "Spring Economic Statement Speech by the Minister for Finance". Department of Finance. 28 April 2015. Archived from the original on 2 June 2015.
  144. "German Finance Minister Wolfgang Schaeuble: 'Germany jealous of Irish growth figures'". Irish Independent. 31 October 2014. Archived from the original on 10 March 2016. Retrieved 27 August 2015.
  145. "Enda Kenny says Irish economy strengthening but remains fragile". The Irish Times. 28 January 2015. Archived from the original on 4 March 2016. Retrieved 20 February 2020.
  146. "No going back to boom and bust, says Kenny". The Irish Times. 9 March 2015. Archived from the original on 16 November 2018. Retrieved 20 February 2020.
  147. "Enda Kenny: 2015 is the year of rural recovery". Irish Examiner. 6 March 2015. Archived from the original on 17 November 2018. Retrieved 27 August 2015.
  148. Ireland's Parliamentary Budget Office: Role and Scope in the Oireachtas Archived 3 June 2018 at the Wayback Machine . Social Science Research Network (SSRN). Accessed 18 July 2017.
  149. "Budget 2016: European Commission warns any extra revenues be used to cut debt". Irish Independent. 13 May 2015. Archived from the original on 4 March 2019. Retrieved 27 August 2015.
  150. "Celtic phoenix - Ireland's economy emerges from ashes". Australian Financial Review. 17 March 2015. Archived from the original on 21 July 2015. Retrieved 27 August 2015.
  151. "IMF sounds warning note over economic recovery". The Irish Times. 2 May 2015. Archived from the original on 4 March 2016. Retrieved 20 February 2020.
  152. "Tánaiste Joan Burton warns Ireland's economic recovery is not secure". The Irish Times. 29 April 2015. Archived from the original on 18 November 2018. Retrieved 20 February 2020.
  153. "The Phoney Celtic Phoenix". Broadsheet.ie. 20 January 2016. Archived from the original on 22 January 2016. Retrieved 20 January 2016.
  154. "What does 'Brexit nightmare' mean for Ireland?". The Irish Times. 24 June 2016. Archived from the original on 1 September 2020. Retrieved 20 February 2020.
  155. "Britain votes to leave EU: What does it mean for Ireland?". RTÉ.ie. 23 June 2016. Archived from the original on 24 June 2016. Retrieved 14 August 2016.
  156. "Brexit: Move could see flood of funds shift to Dublin - FT". The Irish Times. 16 June 2016. Archived from the original on 16 November 2018. Retrieved 20 February 2020.
  157. "GDP (current US$) | Data". data.worldbank.org. Retrieved 13 May 2022.
  158. "GNI per capita, Atlas method (current US$) | Data". data.worldbank.org. Retrieved 13 May 2022.
  159. "The real story behind Ireland's 'Leprechaun' economics fiasco". RTÉ. 25 July 2016. Archived from the original on 24 July 2016. Retrieved 14 August 2016.
  160. "'Leprechaun economics' - Ireland's 26pc growth spurt laughed off as 'farcical'". Irish Independent. 13 July 2016. Archived from the original on 6 August 2020. Retrieved 14 August 2016.
  161. "Meat company's relocation to Ireland unlikely to affect GDP". Irish Times. 10 August 2016. Archived from the original on 14 June 2018. Retrieved 20 February 2020.
  162. "Irish GDP growth at staggering 26.3pc last year, economist says figures are 'meaningless'". Irish Independent. 12 July 2016. Archived from the original on 10 May 2020. Retrieved 25 September 2016.
  163. "Irish tell a tale of 26.3% growth spurt". Financial Times. 12 July 2016. Archived from the original on 19 March 2018. Retrieved 30 March 2018.
  164. "'Leprechaun economics' leaves Irish growth story in limbo". Reuters News. 13 July 2016. Archived from the original on 30 March 2018. Retrieved 30 March 2018.
  165. "'Leprechaun Economics' Earn Ireland Ridicule, $443 Million Bill". Bloomberg News. 13 July 2016. Archived from the original on 14 July 2016. Retrieved 29 July 2017.
  166. "Leprechaun Economics". Paul Krugman (Twitter). 12 July 2016. Archived from the original on 16 June 2018. Retrieved 30 March 2018.
  167. "Economy grew by 'dramatic' 26% last year after considerable asset reclassification". RTE News. 12 July 2016. Archived from the original on 19 March 2018. Retrieved 30 March 2018.
  168. "What Apple did next". Seamus Coffey, University College Cork. 24 January 2014. Archived from the original on 30 March 2018. Retrieved 30 March 2018.
  169. 1 2 "International GNI to GDP Comparisons". Seamus Coffey, University College Cork. 29 April 2013. Archived from the original on 19 March 2018. Retrieved 30 March 2018.
  170. "Ireland's deglobalised data to calculate a smaller economy". Financial Times. 17 July 2017. Archived from the original on 30 March 2018. Retrieved 30 March 2018.
  171. "Column: The Leprechauns are at it again in the latest GDP figures for Ireland". thejournal.ie. 17 March 2017. Archived from the original on 9 April 2018. Retrieved 9 April 2018.
  172. "Ireland named world's 6th worst corporate tax haven". journal.ie. 12 December 2016. Archived from the original on 26 March 2018. Retrieved 9 April 2018.
  173. "MANTRAS AND MYTHS: A true picture of the corporate tax system in Ireland" (PDF). RTE News. February 2017. Archived (PDF) from the original on 3 October 2017. Retrieved 9 April 2018.
  174. "Oxfam says Ireland is a tax haven judged by EU criteria". Irish Times. 28 November 2017. Archived from the original on 24 April 2018. Retrieved 9 April 2018.
  175. "Blacklisted by Brazil, Dublin funds find new ways to invest". Reuters. 20 March 2017. Archived from the original on 14 June 2018. Retrieved 9 April 2018.
  176. Garcia-Bernardo, Javier; Fichtner, Jan; Takes, Frank W.; Heemskerk, Eelke M. (24 July 2017). "Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network". Scientific Reports. Nature Magazine. 7 (1): 6246. arXiv: 1703.03016 . Bibcode:2017NatSR...7.6246G. doi:10.1038/s41598-017-06322-9. PMC   5524793 . PMID   28740120.
  177. "Tracking Tax Runaways". Bloomberg News. 1 March 2017. Archived from the original on 17 June 2020. Retrieved 9 April 2018.
  178. "Pfizer pulls out of €140bn Irish Allergan merger". Irish Independent. 6 April 2016. Archived from the original on 8 July 2018. Retrieved 9 April 2018.
  179. "Bloomberg Special TAX INVERSION". Bloomberg. 2 May 2017. Archived from the original on 13 April 2018. Retrieved 9 April 2018.
  180. "Brussels in crackdown on 'double Irish' tax loophole". Financial Times. October 2014. Archived from the original on 22 July 2018. Retrieved 9 April 2018.
  181. "Ireland's move to close the 'double Irish' tax loophole unlikely to bother Apple, Google". The Guardian. October 2014. Archived from the original on 22 July 2018. Retrieved 9 April 2018.
  182. "'Impossible' structures: tax outcomes overlooked by the 2015 tax Spillover analysis" (PDF). Christian Aid. November 2017. Archived (PDF) from the original on 22 March 2018. Retrieved 9 April 2018.
  183. "The United States' new view of Ireland: 'tax haven'". Irish Times. January 2017. Archived from the original on 9 April 2018. Retrieved 9 April 2018.
  184. Lavassani, Kayvan (June 2018). "Data Science Reveals NAFTA's Problem" (PDF). International Affairs Forum. No. June 2018. Center for International Relations. Center for International Relations. Archived (PDF) from the original on 7 July 2018. Retrieved 9 July 2018.
  185. "Report for Selected Countries and Subjects".
  186. "Industry Breakdown of Companies in Ireland". HitHorizons.
  187. "Aircraft Leasing & Financing. Industry in Ireland – Facts". IDA Ireland. Archived from the original on 13 September 2017. Retrieved 26 November 2018.
  188. McLoughlin, Gavin (17 April 2016). "Aircraft leasing: flying into the future". Irish Independent. Archived from the original on 27 November 2018. Retrieved 26 November 2018.
  189. "Alcohol Beverage Federation of Ireland (ABFI)". Archived from the original on 4 October 2014. Retrieved 29 December 2015.
  190. "Beer industry in Ireland - ABFI / Beer". Archived from the original on 7 October 2017. Retrieved 29 December 2015.
  191. "Cider industry in Ireland - ABFI / Cider". Archived from the original on 4 March 2016. Retrieved 29 December 2015.
  192. "Spirits industry in Ireland - ABFI / Spirits". Archived from the original on 4 March 2016. Retrieved 29 December 2015.
  193. "Economic impact - ABFI / Whiskey". Archived from the original on 4 March 2016. Retrieved 29 December 2015.
  194. "Wine industry in Ireland - ABFI / Wine". Archived from the original on 4 March 2016. Retrieved 29 December 2015.
  195. "Engineering". IDA Ireland. Archived from the original on 10 September 2017. Retrieved 13 May 2020.
  196. 1 2 Howley, Martin, Fergal O'Leary, and Brian Ó Gallachóir (January 2006). Energy in Ireland 1990 – 2004: Trends, issues, forecasts and indicators (pdf), p10, 20, 26.
  197. "Bord Gáis Homepage". Bord Gáis. Archived from the original on 11 February 2001. Retrieved 9 July 2009.
  198. Overland, Indra; Bazilian, Morgan; Ilimbek Uulu, Talgat; Vakulchuk, Roman; Westphal, Kirsten (2019). "The GeGaLo index: Geopolitical gains and losses after energy transition". Energy Strategy Reviews. 26: 100406. doi: 10.1016/j.esr.2019.100406 . hdl: 11250/2634876 .
  199. Hoffmann, Kevin (26 March 2005). "Ireland: How the Celtic Tiger Became the World's Software Export Champ". Der Spiegel . Archived from the original on 14 October 2008. Retrieved 9 July 2009.
  200. "Operational Irish Mines: Tara, Galmoy and Lisheen - Irish Natural Resources". Irish Natural Resources. 15 July 2008. Archived from the original on 15 May 2011. Retrieved 9 July 2009.
  201. "Winning in a polycentric world: globalization and the changing world of business - The Globalization Index 2010 summary - EY - Global". ey.com. Archived from the original on 8 December 2015. Retrieved 1 December 2015.
  202. 1 2 "Financial Services". IDA Ireland. Archived from the original on 6 September 2017. Retrieved 13 May 2020.
  203. "ICT". IDA Ireland. Archived from the original on 8 September 2017. Retrieved 13 May 2020.
  204. "Medical Technology". IDA Ireland. Archived from the original on 7 September 2017. Retrieved 13 May 2020.
  205. "Bio-Pharmaceuticals". IDA Ireland. Retrieved 13 May 2020.[ dead link ]
  206. "Software". IDA Ireland. Archived from the original on 10 September 2017. Retrieved 13 May 2020.
  207. "Agriculture in Ireland - The Irish Agri-Food Industry". teagasc.ie. Teagasc. Archived from the original on 7 March 2017. Retrieved 16 May 2019.
  208. "Kerrygold becomes Ireland's first billion euro food brand". irishtimes.com. Irish Times. 30 April 2019. Archived from the original on 1 May 2019. Retrieved 18 May 2019. The [Kerrygold] butter and dairy label, with its signature gold wrapping, exceeded €1 billion in revenues last year, confirming its status as one of the state's most successful food exports
  209. "How Ireland is turning into a food-processing giant". irishtimes.com. Irish Times. 31 March 2018. Archived from the original on 1 April 2018. Retrieved 18 May 2019. Ireland's food-processing behemoths have been driving the export boom [including] big players like Kerry, Glanbia, Greencore and Ornua
  210. World Resources Institute (2006). Forests, Grasslands and Drylands: Ireland. Archived 29 September 2007 at the Wayback Machine EarthTrends. Retrieved on 8 August 2006.
  211. Heritage Council of Ireland. 1. Historical Context Archived 19 June 2007 at the Wayback Machine & 2. Ireland's Forestry Policy. Archived 19 June 2007 at the Wayback Machine Forestry and the National Heritage. Retrieved on 8 August 2006.
  212. Indecon International Economic Consultants, for the Central Fisheries Board (April 2003) "An Economic/Socio-Economic Evaluation of Wild Salmon in Ireland" (PDF). Archived from the original on 26 March 2009. Retrieved 9 August 2006.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  213. Newman, Harold R. The Mineral Industry of Ireland Archived 7 March 2004 at the Wayback Machine (pdf). U.S. Geological Survey Minerals Yearbook – 2001.
  214. 1 2 CIA (2006). Ireland Archived 18 January 2021 at the Wayback Machine The World Factbook. Retrieved on 8 August 2006.
  215. Feehan, J, S. McIlveen (1997). The Atlas of the Irish Rural Landscape. Archived 3 October 2018 at the Wayback Machine Cork University Press.
  216. Bord Gáis (2006). 97&3nID=354&nID=364 Natural Gas In Ireland. [ permanent dead link ] Gas and the Environment. Retrieved on 8 August 2006.
  217. "The World Factbook - Composition, By Sector Of Origin". cia.gov. CIA. Archived from the original on 28 July 2018. Ireland / agriculture: 1% / industry: 38.2% / services: 60.7% (2017 est.)
  218. "Ireland production in 2019, by FAO". Archived from the original on 30 October 2018. Retrieved 29 April 2021.
  219. "Ireland's Livestock in 2019, by FAO". Archived from the original on 30 October 2018. Retrieved 29 April 2021.
  220. Department of Finance. Banking in Ireland Archived 9 May 2007 at the Wayback Machine Report of the Department of Finance: Central Bank Working Group on Strategic Issues facing the Irish Banking Sector. Retrieved on 7 August 2006.
  221. Adkins, Bernardine and Simon Taylor, (June 2005). Banks in Northern Ireland face Competition Commission investigation Archived 28 September 2006 at the Wayback Machine (pdf). Report & Review.
  222. International Monetary Fund, (20 February 2001). Insurance Supervision Report on the Observance of Standards and Codes (ROSC): Ireland. Archived 12 March 2001 at the Wayback Machine Retrieved on 8 August 2006.
  223. Finfacts Ireland. Archived 27 September 2011 at the Wayback Machine . Retrieved on 10 August 2008.
  224. DEASP. Archived 30 November 2018 at the Wayback Machine . Retrieved on 9 August 2019.
  225. Central Statistics Office, Ireland (June 2006). Measuring Ireland's Progress: 2005 Archived 23 February 2011 at the Wayback Machine (pdf). ISBN   0-7557-7142-7.
  226. OECD. Country statistical profiles 2006: Ireland. Archived 18 November 2007 at the Wayback Machine OECD Statistics. Retrieved on 7 August 2006.
  227. Finfacts Ireland. Archived 19 November 2007 at the Wayback Machine . Retrieved on 10 August 2008.
  228. "Design for Irish coin denominations". Myguideireland.com. Archived from the original on 28 January 2012. Retrieved 9 July 2009.

Further reading