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Ireland

Ireland Statistics

In 2018 Ireland was the number 30 economy in the world in terms of GDP (current US$). Ireland is a small, modern, trade-dependent economy. The economy of the Republic of Ireland is primarily a knowledge economy, focused on services into high-tech, life sciences, financial services and agribusiness including agri-food.
Ireland is an open economy (6th on the Index of Economic Freedom), and ranks first for high-value foreign direct investment (FDI) flows. In the global GDP per capita tables, Ireland ranks 5th of 187 in the IMF table and 6th of 175 in the World Bank ranking. Foreign-owned multinationals make up a significant percentage of Ireland’s GDP.
$ 1 crores
GDP
1 lakhs
Population (2019)
1
Area ( km. sq. )
Government Authority

i-pm

Micheál Martin

Prime Minister of Ireland
Highlights


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Import Of Ireland

In 2018 Ireland imported a total of $98.9B, making it the number 36th trade destination in the world.
Main Import Countries

Export Of Ireland

In 2018 Ireland exported a total of $175B, making it the number 31st exporter in the world.
Main Export Countries

Major Sectors

Pharmaceutical and Medical Software and ICT Industries Financial Service Industry Export and Trade Industry

The pharmaceutical and medical technology industry is one of the fastest growing industries in Ireland as a result of the high demand, steep competition, and emerging start-ups. The medical technology and research sector has over 100 companies responsible for the employment of about 25,000 people and generating 9.4 billion euros annually. The pharmaceutical industry, on the other hand, employs nearly 50,000 and generates about 60 billion euros of export annually. Most of the pharma companies are based in Ringaskiddy and Little Island. Biologics is the fastest growing sector within the pharma industry with expansions and several start-ups taking place.

The success of the technology industry in Ireland has resulted from the increase in the number of foreign companies setting up their offices in the country, especially in Dublin. Due to the impending Brexit, more and more fintech companies are moving to Dublin. The ICT sector employs over 35,000 people, generating about 35 billion euros annually. Ireland has over 200 ICT companies including most of the top ten largest ICT companies. Most of these companies are based in Dublin and include Facebook, Google, eBay, Amazon, LinkedIn, Twitter, PayPal, and Microsoft. The software sector generates over 16 billion euros annually and employs about 20,000 people. Ireland is the second-largest exporter of software in the world. Some of the top ten global technology firms like Apple have their operations in Ireland.

Although the financial service sector was greatly affected by the Financial Crisis of 2008, the sector has since recovered and is currently experiencing considerable growth which is set to continue into the coming years. The sector employs nearly 35,000 people and generates an average of 2 billion euros in taxes. The country continues to attract, develop, and retain financial services, thanks to the continued foreign direct investments. Ireland is Europe’s 7th largest provider of wholesale financial services. Most of the financial companies can be found at the International Financial Service Centre in Dublin. There are over 60 credit institutions in Ireland and the banking sector is dominated by Bank of Ireland, AIB Bank, and Ulster Bank.

Trade and export are the main components of the economy of Ireland. All the manufactured products must be sold for the country to earn revenue. In 2009, trade in the country was worth about 270 billion euros, generated mainly from service and merchandise trade. Export plays a significant role in the growth of the economy. Ireland is among the largest exporter of software-related goods, medical devices, and pharmaceuticals. The country is also the largest producer of zinc and the second-largest producer of lead in Europe. These minerals contribute greatly to Ireland’s export earnings.

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