TRADE
Ireland is a member of the European Union. Over the year its manufacturing
sector has steadily overtaken agriculture in importance in the country's
economy. Important industries are brewing (Guinness), whiskey production
(Jameson), dairy products (Glanbia), clothing, textiles, chemicals,
pharmaceuticals, machinery, transport equipment, glass and crystal (Waterford)
and computer software.
A number of leading companies based in Ireland are world leaders in their field.
Important companies are Smurfit, the world leader in containerboard and
corrugated containers, Glanbia, the Kerry Group, Eircom and the Bank of Ireland.
Some agricultural products are barley, wheat, turnips, potatoes, sugar beet,
beef and dairy products. Natural resources include copper, gypsum, lead,
limestone, natural gas, peat and silver.
ECONOMIC OVERVIEW
Ireland is a small, modern, trade-dependent economy with growth averaging a robust 7% in 1995-2004. Agriculture, once the most important sector, is now dwarfed by industry and services. Industry accounts for 46% of GDP, about 80% of exports, and 29% of the labour force.
Although exports remain the primary engine for Ireland's growth, the economy has also benefited from a rise in consumer spending, construction, and business investment. Per capita GDP is 10% above that of the four big European economies and the second highest in the EU behind Luxembourg.
Over the past decade, the Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, reduce government spending, increase labour force skills, and promote foreign investment. Ireland joined in circulating the euro on 1 January 2002 along with 11 other EU nations.