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{{Short description|None}}
{{EngvarB|date=August 2014}}
{{Use dmy dates|date=December 2022}}
{{Infobox economy
| country = Ireland
| image = Dublin Docklands - panoramio (2).jpg
| image_size = 310
| caption = The [[International Financial Services Centre, Dublin|International Financial Services Centre]] in [[Dublin]]
| currency = [[Euro]] (EUR, €)
| year = Calendar year
| organs = [[European Union|EU]], [[World Trade Organization|WTO]] and [[Organisation for Economic Co-operation and Development|OECD]]
| group = {{plainlist|
* [[Developed country|Advanced economy]]<ref>{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/groups-and-aggregates|title=Classification of Economies in the World Economic Outlook (WEO)|publisher=[[International Monetary Fund]]|website=imf.org|access-date=1 November 2024}}</ref>
* [[World Bank high-income economy|High-income economy]]<ref>{{cite web|url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups|title=World Bank Country and Lending Groups|publisher=[[World Bank]]|website=datahelpdesk.worldbank.org|access-date=1 November 2024|archive-date=28 October 2019|archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups|url-status=live}}</ref>
}}
| population = {{increase}} 5,149,139 ([[2022 census of Ireland|2022 census]])<ref name=":1">{{cite web|url=https://www.cso.ie/en/releasesandpublications/ep/p-cpsr/censusofpopulation2022-summaryresults|title=Census of Population 2022 - Summary Results|website=cso.ie|publisher=[[Central Statistics Office (Ireland)]]|date=30 May 2023}}</ref>
| gdp = {{plainlist|
* {{increase}} $587.220 billion ([[GDP (nominal)|nominal]]; 2025)<ref name="IMFWEO_IR">{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=178,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,&sy=2022&ey=2029&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=World Economic Outlook Database October 2024|publisher=[[International Monetary Fund]]|website=imf.org|access-date=31 October 2024}}</ref>
* {{increase}} $720.310 billion ([[Purchasing power parity|PPP]]; 2025)<ref name="IMFWEO_IR"/>
}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|25th (nominal; 2024)]]
* [[List of countries by GDP (PPP)|41st (PPP; 2024)]]
}}
| growth = {{plainlist|
* {{decrease}} -5.5% (2023)<ref name="IMFWEO_IR"/>
* {{decrease}} -0.2% {{abbr|(2024f)|2024 forecast}}<ref name="IMFWEO_IR"/>
* {{increase}} 2.3% {{abbr|(2025f)|2025 forecast}}<ref name="IMFWEO_IR"/>
}}
| per capita = {{plainlist|
* {{increase}} $107,243 (nominal; 2025)<ref name="IMFWEO_IR"/>
* {{increase}} $133,550 (PPP; 2025)<ref name="IMFWEO_IR"/>
}}
| per capita rank = {{plainlist|
* [[List of countries by GDP (nominal) per capita|3rd (nominal; 2025)]]
* [[List of countries by GDP (PPP) per capita|3rd (PPP; 2024)]]
}}
| cpi = {{steady}} 77 out of 100 points (2023)<ref name="ti_2023">{{cite web|url=https://www.transparency.org/en/cpi/2023|date=30 January 2024|title=Corruption Perceptions Index|website=[[Transparency International]]|access-date=1 November 2024|archive-date=30 January 2024|archive-url=https://web.archive.org/web/20240130062042/https://www.transparency.org/en/cpi/2023|url-status=live}}</ref> ([[Corruption Perceptions Index#Ranking over Time|11th]])
| sectors = {{plainlist|
* [[agriculture]]: 0.9%
* [[Industrial sector|industry]]: 37.6%
* [[Service (economics)|services]]: 56.6%
* (2023 {{abbr|est.|estimate}})<ref name="CIATWF_IR">{{cite web|url=https://www.cia.gov/the-world-factbook/countries/ireland|title=Ireland - The World Factbook|publisher=[[Central Intelligence Agency]]|website=cia.gov|access-date=1 November 2024|archive-date=9 January 2021|archive-url=https://web.archive.org/web/20210109164445/https://www.cia.gov/the-world-factbook/countries/ireland/|url-status=live}}</ref>
}}
| inflation = {{plainlist|
* 8.1% (2022)<ref name="IMFWEO_IR"/>
* 5.2% (2023)<ref name="IMFWEO_IR"/>
* 1.7% {{abbr|(2024f)|2024 forecast}}<ref name="IMFWEO_IR"/>
}}
| poverty = {{plainlist|
* {{decreasePositive}} 6.7% (consistent poverty in 2017) Poverty line in 2022: €13,400/year<ref>{{citation|title=Compare your income - Perception of income inequality in OECD countries|url=https://www.compareyourincome.org/}}</ref><ref name="cso.ie">{{cite web|url=https://www.cso.ie/en/releasesandpublications/ep/p-rsdgi/regionalsdgsireland2017/ph/#indicatorTitle_177809|publisher=[[Central Statistics Office (Ireland)]]|website=cso.ie|title=Poverty & Health|access-date=12 January 2020|archive-date=16 April 2019|archive-url=https://web.archive.org/web/20190416154909/https://www.cso.ie/en/releasesandpublications/ep/p-rsdgi/regionalsdgsireland2017/ph/#indicatorTitle_177809|url-status=live}}</ref>
* {{decreasePositive}} 19.2% at risk of poverty or social exclusion (AROPE, 2023)<ref>{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/ilc_pecs01__custom_12841378/default/table?lang=en|title=Persons at risk of poverty or social exclusion |publisher=[[Eurostat]]|website=ec.europa.eu/eurostat|access-date=22 September 2024}}</ref>
}}
| gini = {{increaseNegative}} 27.4 {{color|green|low}} (2023, [[Eurostat]])<ref>{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/ilc_di12/default/table?lang=en&category=livcon.ilc.ilc_ie.ilc_iei|title=Gini coefficient of equivalised disposable income by age|publisher=[[Eurostat]]|website=ec.europa.eu/eurostat|access-date=22 September 2024}}</ref>
| hdi = {{plainlist|
* {{increase}} 0.950 {{color|darkgreen|very high}} (2022)<ref name="hdi">{{cite web|url=https://hdr.undp.org/data-center/specific-country-data#/countries/IRL|title=Human Development Index (HDI)|publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]]|website=hdr.undp.org|access-date=22 September 2024}}</ref> ([[List of countries by Human Development Index|7th]])
* {{decrease}} 0.886 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted HDI|IHDI (6th)]] (2022)<ref name="hdi"/>
}}
| labour = {{plainlist|
* {{increase}} 2,690,000 (2023)<ref>{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/lfsi_emp_a__custom_12842435/default/table?lang=en|title=Employment and activity by sex and age - annual data|publisher=[[Eurostat]]|website=ec.europa.eu/eurostat|access-date=1 November 2024}}</ref>
* {{increase}} 77.5% employment rate (2023)<ref>{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/lfsi_emp_a__custom_12842460/default/table?lang=en|title=Employment and activity by sex and age - annual data|publisher=[[Eurostat]]|website=ec.europa.eu/eurostat|access-date=1 November 2024}}</ref>
}}
| occupations = {{plainlist|
* [[agriculture]]: 5%
* [[Industrial sector|industry]]: 11%
* [[Service (economics)|services]]: 84%
* (2015 {{abbr|est.|estimate}})<ref name="CIATWF_IR"/>
}}
| unemployment = {{plainlist|
* {{increaseNegative}} 4.2% (October 2024)<ref>{{cite web|url=https://ec.europa.eu/eurostat/databrowser/view/UNE_RT_M__custom_118016/bookmark/table?lang=en&bookmarkId=efcf7c9f-c4d7-4bc2-8c74-962ead60acfc|title=Unemployment by sex and age - monthly data|publisher=[[Eurostat]]|website=ec.europa.eu/eurostat|date=8 November 2024|access-date=14 November 2024}}</ref>
* {{increaseNegative}} 10.6% youth unemployment (October 2024)<ref>{{cite web|title=Unemployment by sex and age - monthly data|url=https://ec.europa.eu/eurostat/databrowser/view/UNE_RT_M__custom_12842131/default/table?lang=en|website=ec.europa.eu/eurostat|publisher=[[Eurostat]]|date=8 November 2024|access-date=14 November 2024}}</ref>
}}
| average gross salary = [[List of European countries by average wage|€4,002]] monthly (2023-Q1)
| average net salary = [[List of European countries by average wage|€3,086]] monthly (2023-Q1)
| industries = {{hlist| [[Pharmaceuticals]]|[[chemicals]]|[[computer hardware]]|[[software]]|[[food products]]|[[beverages]] and [[brewing]]|[[medical devices]] }}
| exports = {{plainlist|
* {{increase}} Goods - €208.208 billion (2022)<ref name="cso.ie2"/>
* {{increase}} Services - €337.282 billion (2022)<ref name="serviceExportsImports">{{cite web |url=https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq42022/goodsandservices/ |title=International Accounts Q4 2022 |date=3 March 2023 |publisher=cso.ie |access-date=25 May 2023 |archive-date=25 May 2023 |archive-url=https://web.archive.org/web/20230525173921/https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq42022/goodsandservices/ |url-status=live }}</ref>}}
| export-goods = {{plainlist|
*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)<ref name="cso.ie2"/>}}
| export-partners = {{plainlist|
* {{flag|European Union}} {{Increase}} 38.73%
* {{flag|United States}} {{Decrease}} 30.27%
* {{flag|Germany}} {{Increase}} 12.11%
* {{flag|Belgium}} {{Decrease}} 8.45%
* {{flag|United Kingdom}} (excluding Northern Ireland) {{Decrease}} 8.25%
* {{flag|Netherlands}} {{Increase}} 6.83%
* {{flag|China}} {{Decrease}} 6.62%
* {{flag|France}} {{Increase}} 3.44%
* {{flag|Italy}} {{Decrease}} 2.18%
*(2022)<ref name="cso.ie2">{{cite web |url=https://www.cso.ie/en/releasesandpublications/ep/p-gei/goodsexportsandimportsdecember2022/#:~:text=The%20first%20estimates%20for%202022,compared%20with%20December%20last%20year. |title=Goods Exports and Imports December 2022 - CSO - Central Statistics Office |date=15 February 2023 |publisher=Cso.ie |access-date=4 May 2023 |archive-date=25 March 2023 |archive-url=https://web.archive.org/web/20230325135806/https://www.cso.ie/en/releasesandpublications/ep/p-gei/goodsexportsandimportsdecember2022/ |url-status=live }}</ref>}}
| imports = {{plainlist|
* {{increaseNegative}} Goods - €140.199 billion (2022)<ref name="cso.ie2"/>
* {{increaseNegative}} Services - €354.051 billion (2022)<ref name="serviceExportsImports"/>}}
| import-goods = {{plainlist|
*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)<ref name="cso.ie2"/>}}
| import-partners = {{plainlist|
* {{flag|European Union}} {{Decrease}} 30.28%
* {{flag|United Kingdom}} (excluding Northern Ireland) {{Increase}} 17.15%
* {{flag|United States}} {{Decrease}} 15.49%
* {{flag|China}} {{Increase}} 10.37%
* {{flag|France}} {{Decrease}} 8.69%
* {{flag|Germany}} {{Increase}} 7.44%
* {{flag|Switzerland}} {{Decrease}} 4.57%
* {{flag|Netherlands}} {{Decrease}} 3.39%
* {{flag|Japan}} {{Increase}} 2.26%
*(2022)<ref name="cso.ie2"/>}}
| current account = {{decrease}} $17 billion (2022 est.)<ref name="auto2">{{cite web | url=https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq12022final/ | title=International Accounts Q1 2022 Final - CSO - Central Statistics Office | date=15 July 2022 }}</ref>
| FDI = {{plainlist|
* {{increase}} €1.32 trillion (Q4 2022)<ref name="fdiHomeAbroad">{{cite web |url=https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq42022/foreigndirectinvestment/#:~:text=The%20stock%20of%20FDI%20assets,1%2C320.8bn%20in%20Q4%202022.|title=International Accounts Q4 2022|date=3 March 2023 |publisher=cso.ie |access-date=25 May 2023 |archive-date=25 May 2023 |archive-url=https://web.archive.org/web/20230525193259/https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq42022/foreigndirectinvestment/ |url-status=live }}</ref>
* {{increase}} Abroad: €1.11 trillion (Q4 2022)<ref name="fdiHomeAbroad"/>}}
| gross external debt = {{increaseNegative}} €2.954 trillion (June 2022)<ref name="cso.ie3">{{cite web|url=https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq22022/internationalinvestmentposition/|publisher=cso.ie|title=International Accounts Q2 2022
|date=2 September 2022 |access-date=25 May 2023 |archive-date=25 May 2023|archive-url=https://web.archive.org/web/20230525191959/https://www.cso.ie/en/releasesandpublications/ep/p-ia/internationalaccountsq22022/internationalinvestmentposition/|url-status=live}}</ref>
| NIIP = {{decrease}} −€610 billion (July 2022)<ref name="auto2"/>
| debt = {{plainlist|
* {{decreasePositive}} 44.7% of GDP (2022)<ref name="GovDebt"/>
* {{decreasePositive}} €224.8 billion (2022)<ref name="GovDebt">{{cite web |title=Government Finance Statistics - Annual 2017 to 2022 | date=20 April 2023 |url=https://www.cso.ie/en/releasesandpublications/ep/p-gfsa/governmentfinancestatistics-annual2017to2022april2023results/keyfindings/#:~:text=The%20general%20government%20finances%20rebounded,billion%20(16.8%25)%20on%202021. |publisher=cso.ie |access-date=25 May 2023 |archive-date=25 May 2023 |archive-url=https://web.archive.org/web/20230525202837/https://www.cso.ie/en/releasesandpublications/ep/p-gfsa/governmentfinancestatistics-annual2017to2022april2023results/keyfindings/ |url-status=live }}</ref>}}
| balance = {{plainlist|
*€8.0 billion surplus (2022)<ref name="GovDebt"/>
*+1.6% of GDP (2022)<ref name="GovDebt"/>}}
| revenue = {{plainlist|
* {{increase}} €115.506 billion<ref name="GovDebt"/>
*22.98% of GDP (2022)<ref name="GovDebt"/>}}
| expenses = {{plainlist|
* {{increaseNegative}} €107.473 billion<ref name="GovDebt"/>
*21.38% of GDP (2022)<ref name="GovDebt"/>}}
| reserves = {{decrease}} $12.905 billion (2023 {{abbr|est.|estimate}})<ref name="CIATWF_IR"/>
| credit = {{plainlist|
*[[Standard & Poor's]]:<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0605/706181-irish-credit-rating/|title=Standard & Poor's raises Ireland's credit rating to A+|work=[[RTÉ]]|date=5 June 2015|access-date=7 June 2015|archive-date=19 June 2015|archive-url=https://web.archive.org/web/20150619085932/http://www.rte.ie/news/business/2015/0605/706181-irish-credit-rating/|url-status=live}}</ref>
*A+ (Domestic)
*A+ (Foreign)
*AAA* (T&C Assessment)
*Outlook: Stable
*[[Moody's]]:<ref>{{cite web|url=http://www.ntma.ie/business-areas/funding-and-debt-management/credit-ratings/|title=Fitch restores A grade to Irish economy|publisher=Treasury Management Agency|access-date=3 March 2016|archive-url=https://web.archive.org/web/20160304031412/http://www.ntma.ie/business-areas/funding-and-debt-management/credit-ratings/|archive-date=4 March 2016|url-status=dead}}</ref>
*A2
*Outlook: Stable
*[[Fitch Group|Fitch]]:
*AA-
*Outlook: Stable
* Scope:<ref>{{cite news| title=Scope affirms the Republic of Ireland’s long-term foreign-currency rating at AA with Stable Outlook
|publisher=Scope Ratings|url=https://scoperatings.com/ratings-and-research/rating/EN/179105|access-date=1 August 2025}}</ref>
* AA
* Outlook: Stable}}
| aid = {{plainlist|
*€900 million from [[European Structural and Investment Funds]] (2007–2013)<ref>{{Cite web |url=http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/ie_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20171225203037/http://ec.europa.eu/regional_policy/sources/docgener/informat/country2009/ie_en.pdf |archive-date=25 December 2017 |url-status=live }}</ref>
*€3.36 billion from [[European Structural and Investment Funds]] (2014–2020)<ref>{{Cite web |url=https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_ie_en.pdf |title=Archived copy |access-date=25 December 2017 |archive-url=https://web.archive.org/web/20170420135423/https://ec.europa.eu/regional_policy/sources/policy/what/investment-policy/esif-country-factsheet/esi_funds_country_factsheet_ie_en.pdf |archive-date=20 April 2017 |url-status=live }}</ref>}}
}}
The '''economy of Ireland''' is a [[Developed country|highly developed]] [[knowledge economy]], focused on services in [[High tech|high-tech]], [[List of life sciences|life sciences]], [[financial services]] and [[agribusiness]], including [[Food industry|agrifood]]. [[Republic of Ireland|Ireland]] is an [[open economy]] (3rd on the [[Index of Economic Freedom]]),<ref>{{Cite web|title=Country Rankings: World & Global Economy Rankings on Economic Freedom|url=https://www.heritage.org/index/ranking|access-date=2022-11-12|website=www.heritage.org|language=en|archive-date=21 May 2020|archive-url=https://web.archive.org/web/20200521231822/https://www.heritage.org/index/ranking|url-status=unfit}}</ref> and ranks first for high-value [[foreign direct investment]] (FDI) flows.<ref>{{cite news|url=https://www.irishtimes.com/business/economy/ireland-named-best-country-for-high-value-fdi-for-sixth-year-in-a-row-1.3204594|title=Ireland named best country for high-value FDI for sixth year in a row|newspaper=Irish Times|date=31 August 2017|access-date=8 April 2018|archive-date=1 April 2019|archive-url=https://web.archive.org/web/20190401134403/https://www.irishtimes.com/business/economy/ireland-named-best-country-for-high-value-fdi-for-sixth-year-in-a-row-1.3204594|url-status=live}}</ref> In the global [[List of countries by GDP (PPP) per capita|GDP per capita tables]], Ireland ranks 2nd of 192 in the [[International Monetary Fund|IMF]] table and 4th of 187 in the [[World Bank]] ranking.<ref name="IMF">{{Cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2020/October/weo-report?c=512,914,612,614,311,213,911,314,193,122,912,313,419,513,316,913,124,339,638,514,218,963,616,223,516,918,748,618,624,522,622,156,626,628,228,924,233,632,636,634,238,662,960,423,935,128,611,321,243,248,469,253,642,643,939,734,644,819,172,132,646,648,915,134,652,174,328,258,656,654,336,263,268,532,944,176,534,536,429,433,178,436,136,343,158,439,916,664,826,542,967,443,917,544,941,446,666,668,672,946,137,546,674,676,548,556,678,181,867,682,684,273,868,921,948,943,686,688,518,728,836,558,138,196,278,692,694,962,142,449,564,565,283,853,288,293,566,964,182,359,453,968,922,714,862,135,716,456,722,942,718,724,576,936,961,813,726,199,733,184,524,361,362,364,732,366,144,146,463,528,923,738,578,537,742,866,369,744,186,925,869,746,926,466,112,111,298,927,846,299,582,487,474,754,698,&s=PPPPC,&sy=2020&ey=2020&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=World Economic Outlook - GDP per capita|date=October 2020|work=International Monetary Fund|access-date=2022-11-12|archive-date=1 November 2020|archive-url=https://web.archive.org/web/20201101015039/https://www.imf.org/en/Publications/WEO/weo-database/2020/October/weo-report?c=512,914,612,614,311,213,911,314,193,122,912,313,419,513,316,913,124,339,638,514,218,963,616,223,516,918,748,618,624,522,622,156,626,628,228,924,233,632,636,634,238,662,960,423,935,128,611,321,243,248,469,253,642,643,939,734,644,819,172,132,646,648,915,134,652,174,328,258,656,654,336,263,268,532,944,176,534,536,429,433,178,436,136,343,158,439,916,664,826,542,967,443,917,544,941,446,666,668,672,946,137,546,674,676,548,556,678,181,867,682,684,273,868,921,948,943,686,688,518,728,836,558,138,196,278,692,694,962,142,449,564,565,283,853,288,293,566,964,182,359,453,968,922,714,862,135,716,456,722,942,718,724,576,936,961,813,726,199,733,184,524,361,362,364,732,366,144,146,463,528,923,738,578,537,742,866,369,744,186,925,869,746,926,466,112,111,298,927,846,299,582,487,474,754,698,&s=PPPPC,&sy=2020&ey=2020&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|url-status=live}}</ref><ref name="data.worldbank.org">{{cite web |url=https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?most_recent_value_desc=true |title=PPP (current international $) |publisher=World Bank |website=data.worldbank.org |access-date=7 July 2020 |archive-date=12 August 2020 |archive-url=https://web.archive.org/web/20200812191422/https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?most_recent_value_desc=true |url-status=live }}</ref>
Social expenditure stood at [[Welfare state#Effects|roughly 13.4% of GDP]] in 2024.<ref name="Kenworthy">{{Cite journal |jstor = 3005973|title = Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment|journal = Social Forces|volume = 77|issue = 3|pages = 1119–1139|last1 = Kenworthy|first1 = Lane|year = 1999|doi = 10.2307/3005973|url = http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-url = https://web.archive.org/web/20130810134045/http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-date = 10 August 2013|url-status = live}}</ref><ref name="Bradley et al.">{{Cite journal |jstor = 3088901|title = Determinants of Relative Poverty in Advanced Capitalist Democracies|journal = American Sociological Review|volume = 68|issue = 1|pages = 22–51|last1 = Moller|first1 = Stephanie|last2 = Huber|first2 = Evelyne|last3 = Stephens|first3 = John D.|last4 = Bradley|first4 = David|last5 = Nielsen|first5 = François|year = 2003|doi = 10.2307/3088901}}</ref><ref>{{Cite web | url=https://www.oecd.org/social/expenditure.htm | title=Social Expenditure – Aggregated data|work=[[Organisation for Economic Co-operation and Development]]}}</ref> Following a period of continuous growth at an annual level from 1984 to 2007,<ref>{{cite news| url=http://www.indexmundi.com/ireland/gdp_real_growth_rate.html| title=Ireland GDP – real growth rate| work=Index Mundi| access-date=22 April 2012| archive-date=13 April 2018| archive-url=https://web.archive.org/web/20180413125041/https://www.indexmundi.com/ireland/gdp_real_growth_rate.html| url-status=live}}</ref> the [[post-2008 Irish economic downturn]] 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.<ref name="CSO Quarterly National Accounts: Q1-2012">{{cite web |url=http://www.cso.ie/en/media/csoie/releasespublications/documents/latestheadlinefigures/qna_q12012.pdf |title=Quarterly National Accounts -Quarter 1 2012 |publisher=CSO |date=12 July 2012 |access-date=12 July 2012 |archive-url=https://web.archive.org/web/20120805163950/http://www.cso.ie/en/media/csoie/releasespublications/documents/latestheadlinefigures/qna_q12012.pdf |archive-date=5 August 2012 |url-status=dead }}</ref>
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.<ref name="CSO Quarterly National Accounts: Q1-2013">{{cite web|url=http://www.cso.ie/en/media/csoie/releasespublications/documents/latestheadlinefigures/qna_q12013.pdf |title=Quarterly National Accounts -Quarter 1 2013|publisher=CSO |date=27 June 2013 |accessdate=15 September 2013|url-status=dead|archiveurl=https://web.archive.org/web/20140221083722/https://www.cso.ie/en/media/csoie/releasespublications/documents/latestheadlinefigures/qna_q12013.pdf|archivedate=21 February 2014}}</ref> 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.<ref>{{cite news | url=http://ec.europa.eu/economy_finance/eu/forecasts/2013_spring/ie.html | title=European Economic Forecast Spring 2013 | publisher=European Commission | work=Economic forecasts | date=3 May 2013 | access-date=15 September 2013 | archive-date=4 March 2016 | archive-url=https://web.archive.org/web/20160304200935/http://ec.europa.eu/economy_finance/eu/forecasts/2013_spring/ie.html | url-status=live }}</ref> An inflated 2015 GDP growth of 26.3% (GNP growth of 18.7%) was officially partially ascribed to [[Corporation tax in the Republic of Ireland#Corporate tax inversions|tax inversion]] practices by multinationals switching domiciles.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2016-07-13/-leprechaun-economics-earn-ireland-ridicule-443-million-bill|title='Leprechaun Economics' Earn Ireland Ridicule, $443 Million Bill|newspaper=Bloomberg.com|date=13 July 2016|via=www.bloomberg.com|access-date=29 July 2017|archive-date=14 July 2016|archive-url=https://web.archive.org/web/20160714155406/https://www.bloomberg.com/news/articles/2016-07-13/-leprechaun-economics-earn-ireland-ridicule-443-million-bill|url-status=live}}</ref> 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 [[Gross National Income|GNI]], [[Gross National Product|GNP]] and [[Gross Domestic Product|GDP]]) by the tax practices of some multinationals, led the [[Central Bank of Ireland]] to propose an alternative measure ([[Modified gross national income|modified GNI]] or GNI*)<ref name="cb1">{{cite web|url=https://www.rte.ie/news/analysis-and-comment/2017/0204/850115-leprechaun-economics/|title=Leprechaun-proofing economic data|publisher=RTE News|date=4 February 2017|access-date=19 March 2018|archive-date=4 February 2017|archive-url=https://web.archive.org/web/20170204124457/https://www.rte.ie/news/analysis-and-comment/2017/0204/850115-leprechaun-economics/|url-status=live}}</ref> to more accurately reflect the true state of the economy from that year onwards.<ref name="cso1">{{cite news|url=https://www.irishtimes.com/business/economy/cso-paints-a-very-different-picture-of-irish-economy-with-new-measure-1.3155462|title=CSO paints a very different picture of Irish economy with new measure|newspaper=Irish Times|date=15 July 2017|access-date=29 March 2018|archive-date=21 January 2019|archive-url=https://web.archive.org/web/20190121164330/https://www.irishtimes.com/business/economy/cso-paints-a-very-different-picture-of-irish-economy-with-new-measure-1.3155462|url-status=live}}</ref><ref name="cso6">{{cite news|url=https://www.independent.ie/business/irish/new-economic-leprechaun-on-loose-as-rate-of-growth-plunges-35932663.html|title=New economic Leprechaun on loose as rate of growth plunges|newspaper=Irish Independent|date=15 July 2017|access-date=29 March 2018|archive-date=25 October 2019|archive-url=https://web.archive.org/web/20191025081035/https://www.independent.ie/business/irish/new-economic-leprechaun-on-loose-as-rate-of-growth-plunges-35932663.html|url-status=live}}</ref>
Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of the top 20 Irish firms (by turnover),<ref name="times">{{cite news| url=http://www.top1000.ie/companies| title=Ireland's Top 1000 Companies| newspaper=Irish Times| date=2018| access-date=8 April 2018| archive-date=17 September 2019| archive-url=https://web.archive.org/web/20190917165911/https://www.top1000.ie/companies| url-status=live}}</ref> employing 23% of the private sector labour-force,<ref name="oecdx">{{cite web|url=http://www.oecd.org/investment/IRELAND-trade-investment-statistical-country-note.pdf|title=IRELAND Trade and Statistical Note 2017|publisher=OECD|date=2017|access-date=10 April 2018|archive-date=10 April 2018|archive-url=https://web.archive.org/web/20180410201752/http://www.oecd.org/investment/IRELAND-trade-investment-statistical-country-note.pdf|url-status=live}}</ref> and paying 80% of the collected corporation tax.<ref name="RTE">{{cite web|url=https://www.rte.ie/news/business/2017/0621/884543-corporation/|title=20 multinationals paid half of all Corporation tax paid in 2016|publisher=RTE News|date=21 June 2017|access-date=9 April 2018|archive-date=21 June 2017|archive-url=https://web.archive.org/web/20170621192623/https://www.rte.ie/news/business/2017/0621/884543-corporation/|url-status=live}}</ref><ref>{{cite web|url=https://fora.ie/multinational-tax-ireland-2767900-May2016/|title=Most of Ireland's huge corporate tax haul last year came from foreign firms|publisher=sunday Business Post FORA|date=14 May 2016|access-date=9 April 2018|archive-date=17 May 2017|archive-url=https://web.archive.org/web/20170517014005/https://fora.ie/multinational-tax-ireland-2767900-May2016/|url-status=live}}</ref>
==Economic contributors and measures==
Foreign-owned multinationals make up a significant percentage of Ireland's GDP.<ref name="RTE"/> The "[[Corporation tax in the Republic of Ireland#Multinational tax schemes|multinational tax schemes]]" used by some of these multinational firms contribute to a distortion in Ireland's economic statistics; including [[Gross National Income|GNI]], [[Gross National Product|GNP]] and [[Gross Domestic Product|GDP]].<ref>{{cite web|url=https://www.centralbank.ie/docs/default-source/publications/quarterly-bulletins/quarterly-bulletin-no-2-2017.pdf|title=Quarterly Bulletin Comment (page 7)|publisher=Central Bank of Ireland|date=April 2017|access-date=10 April 2018|archive-date=17 December 2017|archive-url=https://web.archive.org/web/20171217052045/https://www.centralbank.ie/docs/default-source/publications/quarterly-bulletins/quarterly-bulletin-no-2-2017.pdf|url-status=live}}</ref><ref name="ber">{{cite web|url=https://www.socialeurope.eu/wp-content/uploads/2017/01/p_imk_wp_175_2017.pdf|title=CRISIS RECOVERY IN A COUNTRY WITH A HIGH PRESENCE OF FOREIGN OWNED COMPANIES|publisher=IMK Institute, Berlin|date=January 2017|access-date=30 March 2018|archive-date=19 February 2017|archive-url=https://web.archive.org/web/20170219202558/https://www.socialeurope.eu/wp-content/uploads/2017/01/p_imk_wp_175_2017.pdf|url-status=live}}</ref> 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).<ref name="CD1">{{cite web|url=http://www.finance.gov.ie/wp-content/uploads/2018/03/OECD-survey.pdf|title=OECD Ireland Survey 2018 (Page 34 Debt Metrics)|publisher=OECD|date=March 2018|access-date=8 April 2018|archive-date=8 March 2018|archive-url=https://web.archive.org/web/20180308164015/http://www.finance.gov.ie/wp-content/uploads/2018/03/OECD-survey.pdf|url-status=live}}</ref><ref name="debt1"/><ref name="grek"/> This disconnect led to the 2017 development by the [[Central Bank of Ireland]] of Irish [[Modified gross national income|modified GNI]] (or GNI*)<ref name="cb1"/> for measuring the Irish economy (2016 GDP is 143% of Irish 2016 GNI*,<ref name="cso1"/><ref name="cso6"/> and OECD Irish gross public debt-to-GNI* is 116.5%).<ref name="CD1"/><ref name="eurostat1">{{cite web|url=http://www.cso.ie/en/media/csoie/newsevents/documents/reportoftheeconomicstatisticsreviewgroup/Globalisation_at_work_in_statistics.pdf|title=Globalisation at work in statistics — Questions arising from the 'Irish case'|publisher=EuroStat|date=December 2017|access-date=30 March 2018|archive-date=12 July 2017|archive-url=https://web.archive.org/web/20170712195000/http://www.cso.ie/en/media/csoie/newsevents/documents/reportoftheeconomicstatisticsreviewgroup/Globalisation_at_work_in_statistics.pdf|url-status=live}}</ref><ref name="cantill"/> Ireland's [[List of countries by GDP (PPP) per capita|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.<ref>{{cite web | url = https://www.irishtimes.com/business/economy/irish-workers-now-ranked-as-most-productive-in-world-1.3783173 | publisher = The Irish Times | website = irishtimes.com | title = Irish workers now ranked as most productive in world | date = 5 February 2019 | access-date = 8 May 2019 | archive-date = 5 February 2019 | archive-url = https://web.archive.org/web/20190205213748/https://www.irishtimes.com/business/economy/irish-workers-now-ranked-as-most-productive-in-world-1.3783173 | url-status = live }}</ref>
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).<ref>{{cite news|url=https://www.irishexaminer.com/business/banks-continue-to-grow-deposits-as-loan-books-shrink-215666.html|title=Irish Banks continue to grow deposits as loan books shrink|newspaper=Irish Examiner|date=December 2012|access-date=14 April 2018|archive-date=12 April 2018|archive-url=https://web.archive.org/web/20180412082058/https://www.irishexaminer.com/business/banks-continue-to-grow-deposits-as-loan-books-shrink-215666.html|url-status=live}}</ref> Global capital markets, who ignored Ireland's private sector credit, and OECD/IMF warnings, when Irish GDP was rising during the Celtic Tiger, retracted during the [[post-2008 Irish economic downturn]], leading to a deep decline in Irish property values.<ref name="ber" /><ref>{{cite web|url=https://www.imf.org/external/pubs/ft/scr/2016/cr16258.pdf|title=IRELAND FINANCIAL SYSTEM STABILITY ASSESSMENT 2016|publisher=International Monetary Fund|date=July 2016|access-date=8 April 2018|archive-date=29 March 2017|archive-url=https://web.archive.org/web/20170329130553/https://www.imf.org/external/pubs/ft/scr/2016/cr16258.pdf|url-status=live}}</ref>
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]],<ref name="eee">{{cite news|url=https://www.irishtimes.com/business/economy/europe-points-finger-at-ireland-over-tax-avoidance-1.3417948|title=Europe points finger at Ireland over tax avoidance|newspaper=Irish Times|date=7 March 2018|access-date=19 March 2018|archive-date=7 March 2018|archive-url=https://web.archive.org/web/20180307095256/https://www.irishtimes.com/business/economy/europe-points-finger-at-ireland-over-tax-avoidance-1.3417948|url-status=live}}</ref> 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.<ref name="cb1"/><ref>{{cite web|url=http://www.cso.ie/en/csolatestnews/eventsconferencesseminars/resrg/|title=Report of the Economic Statistics Review Group|publisher=Central Statistics Office|date=4 February 2017|access-date=19 March 2018|archive-date=30 March 2017|archive-url=https://web.archive.org/web/20170330191755/http://www.cso.ie/en/csolatestnews/eventsconferencesseminars/resrg/|url-status=live}}</ref>
Given the importance of US multinationals to Ireland's economy (80% of Irish multinational employment, and 14 of the 20 largest Irish firms<ref name="idax">{{cite web|url=https://www.idaireland.com/docs/publications/ida_strategy_final|title=Winning FDI 2015-2019 Strategy|publisher=IDA Ireland|date=March 2015|access-date=8 April 2018|archive-date=15 September 2017|archive-url=https://web.archive.org/web/20170915015432/https://www.idaireland.com/docs/publications/ida_strategy_final|url-status=live}}</ref><ref name="iday">{{cite web|url=https://www.idaireland.com/newsroom/publications/ireland-s-economic-and-competitiveness-update-q1|title=IDA Ireland Competitiveness|publisher=IDA Ireland|date=March 2018|access-date=8 April 2018|archive-date=5 April 2018|archive-url=https://web.archive.org/web/20180405153100/https://www.idaireland.com/newsroom/publications/ireland-s-economic-and-competitiveness-update-q1|url-status=live}}</ref>), the passing of the [[Tax Cuts and Jobs Act of 2017]] is a challenge to Ireland.<ref name="challenge">{{cite news|url=https://www.irishtimes.com/business/economy/trump-s-us-tax-reform-a-significant-challenge-for-ireland-1.3310866|title=Trump's US tax reform a significant challenge for Ireland|newspaper=Irish Times|date=30 November 2017|access-date=8 April 2018|archive-date=25 June 2018|archive-url=https://web.archive.org/web/20180625213509/https://www.irishtimes.com/business/economy/trump-s-us-tax-reform-a-significant-challenge-for-ireland-1.3310866|url-status=live}}</ref><ref name="home"/> Parts of the US [[Tax Cuts and Jobs Act of 2017|TCJA]] are targeted at Irish [[Corporation tax in the Republic of Ireland#Multinational tax schemes|multinational tax schemes]], especially the move to a modern "territorial tax" system,<ref name="uk1">{{cite web|url=https://taxfoundation.org/tax-reform-uk-reversed-tide-corporate-tax-inversions/|title=How Tax Reform solved UK inversions|publisher=Tax Foundation|date=14 October 2014|access-date=17 April 2018|archive-date=12 April 2018|archive-url=https://web.archive.org/web/20180412233648/https://taxfoundation.org/tax-reform-uk-reversed-tide-corporate-tax-inversions/|url-status=live}}</ref><ref name="hert">{{Cite web|title = A Territorial Tax System Would Create Jobs and Raise Wages for U.S. Workers|url = https://www.heritage.org/taxes/report/territorial-tax-system-would-create-jobs-and-raise-wages-us-workers|publisher = The Heritage Foundation|date = 12 September 2013|access-date = 9 April 2018|archive-date = 8 March 2017|archive-url = https://web.archive.org/web/20170308185613/https://www.heritage.org/taxes/report/territorial-tax-system-would-create-jobs-and-raise-wages-us-workers|url-status = unfit}}</ref> the introduction of a lower FDII tax on [[intellectual property]], and the counter-Irish GILTI tax regime.<ref name="trump">{{cite news|url=https://www.irishtimes.com/business/donald-trump-singles-out-ireland-in-tax-speech-1.3310149?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fdonald-trump-singles-out-ireland-in-tax-speech-1.3310149|title=Donald Trump singles out Ireland in tax speech|newspaper=Irish Times|date=29 November 2017|access-date=8 April 2018|archive-date=3 April 2018|archive-url=https://web.archive.org/web/20180403112427/https://www.irishtimes.com/business/donald-trump-singles-out-ireland-in-tax-speech-1.3310149?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Fdonald-trump-singles-out-ireland-in-tax-speech-1.3310149|url-status=live}}</ref><ref name="hbr">{{cite magazine|url=https://hbr.org/ideacast/2017/12/breaking-down-the-new-u-s-corporate-tax-law|title=Breaking Down the New U.S. Corporate Tax Law|magazine=Harvard Business Review|date=26 December 2017|access-date=8 April 2018|archive-date=22 July 2018|archive-url=https://web.archive.org/web/20180722112253/https://hbr.org/ideacast/2017/12/breaking-down-the-new-u-s-corporate-tax-law|url-status=live}}</ref> Additionally, the EU's proposed Digital Sales Tax<ref>{{cite web|url=http://www.europarl.europa.eu/news/en/press-room/20180309IPR99422/meps-approve-new-eu-corporate-tax-plan-which-embraces-digital-presence|title=MEPs approve new EU corporate tax plan which embraces "digital presence"|publisher=European Parliament|date=15 March 2018|access-date=8 April 2018|archive-date=16 March 2018|archive-url=https://web.archive.org/web/20180316171804/http://www.europarl.europa.eu/news/en/press-room/20180309IPR99422/meps-approve-new-eu-corporate-tax-plan-which-embraces-digital-presence|url-status=live}}</ref> and stated desire for a [[Common Consolidated Corporate Tax Base]],<ref>{{cite web|url=http://www.thejournal.ie/eu-digital-tax-ireland-2-2-3918628-Mar2018/|title=What the EU's new taxes on the tech giants mean - and how they would hurt Ireland|publisher=thejournal.ie|date=24 March 2018|access-date=8 April 2018|archive-date=29 March 2018|archive-url=https://web.archive.org/web/20180329085428/http://www.thejournal.ie/eu-digital-tax-ireland-2-2-3918628-Mar2018/|url-status=live}}</ref> is also seen as an attempt to restrict the use of the Irish multinational tax schemes by US technology firms.<ref name="cofxx">{{cite news |url=https://www.independent.ie/business/brexit/shakeup-of-eu-tax-rules-a-more-serious-threat-to-ireland-than-brexit-36130545.html |title=Shake-up of EU tax rules a 'more serious threat' to Ireland than Brexit |newspaper=Irish Independent |date=14 September 2017 |access-date=8 April 2018 |archive-date=16 November 2019 |archive-url=https://web.archive.org/web/20191116015310/https://www.independent.ie/business/brexit/shakeup-of-eu-tax-rules-a-more-serious-threat-to-ireland-than-brexit-36130545.html |url-status=live }}</ref><ref name="euu2">{{cite news|url=https://www.irishtimes.com/business/economy/why-ireland-faces-a-fight-on-the-corporate-tax-front-1.3426080|title=Why Ireland faces a fight on the corporate tax front|newspaper=Irish Times|date=14 March 2018|access-date=8 April 2018|archive-date=30 March 2019|archive-url=https://web.archive.org/web/20190330093554/https://www.irishtimes.com/business/economy/why-ireland-faces-a-fight-on-the-corporate-tax-front-1.3426080|url-status=live}}</ref><ref name="euu1">{{cite news|url=https://www.independent.ie/business/irish/eu-digital-levy-could-hit-tech-fdi-and-tax-revenue-here-36725944.html|title=EU digital levy could hit tech FDI and tax revenue here|newspaper=Irish Independent|date=21 March 2018|access-date=8 April 2018|archive-date=26 June 2019|archive-url=https://web.archive.org/web/20190626090803/https://www.independent.ie/business/irish/eu-digital-levy-could-hit-tech-fdi-and-tax-revenue-here-36725944.html|url-status=live}}</ref>
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.<ref>{{cite web|url=https://www.ft.com/content/51a2e9bf-f654-333c-8ae8-b5155eea9ea0|title=Irish government debt four times pre-crisis level, NTMA says|date=10 July 2017|access-date=8 April 2018|archive-date=11 October 2017|archive-url=https://web.archive.org/web/20171011023003/https://www.ft.com/content/51a2e9bf-f654-333c-8ae8-b5155eea9ea0|url-status=live}}</ref><ref>{{cite web|url=https://www.irishexaminer.com/ireland/42-of-europes-banking-crisis-paid-by-ireland-219703.html|title=42% of Europe's banking crisis paid by Ireland|date=16 January 2013|access-date=8 April 2018|archive-date=18 January 2013|archive-url=https://web.archive.org/web/20130118025227/https://www.irishexaminer.com/ireland/42-of-europes-banking-crisis-paid-by-ireland-219703.html|url-status=live}}</ref> 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.<ref name="debt1">{{cite news|url=https://www.independent.ie/irish-news/politics/national-debt-now-44000-per-head-35904197.html|title=Net National debt now €44000 per head, 2nd highest in the World|newspaper=Irish Independent|date=7 July 2017|access-date=8 April 2018|archive-date=14 November 2019|archive-url=https://web.archive.org/web/20191114065147/https://www.independent.ie/irish-news/politics/national-debt-now-44000-per-head-35904197.html|url-status=live}}</ref><ref name="grek">{{cite news|url=https://www.irishtimes.com/business/economy/who-owes-more-money-the-irish-or-the-greeks-1.2236034|title=Who owes more money - the Irish or the Greeks?|newspaper=Irish Times|date=4 June 2015|access-date=30 March 2018|archive-date=31 July 2019|archive-url=https://web.archive.org/web/20190731231102/https://www.irishtimes.com/business/economy/who-owes-more-money-the-irish-or-the-greeks-1.2236034|url-status=live}}</ref><ref name="auto">{{cite news|url=https://www.irishtimes.com/business/economy/why-do-the-irish-still-owe-more-than-the-greeks-1.3001026|title=Why do the Irish still owe more than the Greeks?|newspaper=Irish Times|date=7 March 2017|access-date=30 March 2018|archive-date=7 July 2019|archive-url=https://web.archive.org/web/20190707161122/https://www.irishtimes.com/business/economy/why-do-the-irish-still-owe-more-than-the-greeks-1.3001026|url-status=live}}</ref><ref>{{cite news|url=https://www.independent.ie/business/personal-finance/latest-news/irelands-colossal-level-of-indebtedness-leaves-any-new-government-with-precious-little-room-for-manoeuvre-34633087.html|title=Ireland's colossal level of indebtedness leaves any new government with precious little room for manoeuvre|newspaper=Irish Independent|date=16 April 2016|access-date=8 April 2018|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116085125/https://www.independent.ie/business/personal-finance/latest-news/irelands-colossal-level-of-indebtedness-leaves-any-new-government-with-precious-little-room-for-manoeuvre-34633087.html|url-status=live}}</ref><ref>{{cite web|url=http://www.fiscalcouncil.ie/wp-content/uploads/2017/07/Fiscal-Assessment-Report-June-2017-Presentation.pdf|title=Irish public debt levels 4th highest in EU28 June 2017 FAR Slide 7|publisher=Irish Fiscal Advisory Council|date=June 2017|access-date=8 April 2018|archive-date=23 October 2017|archive-url=https://web.archive.org/web/20171023214019/http://www.fiscalcouncil.ie/wp-content/uploads/2017/07/Fiscal-Assessment-Report-June-2017-Presentation.pdf|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/business/economy/irish-household-debt-falls-but-still-among-highest-in-europe-1.3216828?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Firish-household-debt-falls-but-still-among-highest-in-europe-1.3216828|title=Irish household debt still amongst the highest in Europe|newspaper=Irish Times|date=11 September 2017|access-date=8 April 2018|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116024148/https://www.irishtimes.com/business/economy/irish-household-debt-falls-but-still-among-highest-in-europe-1.3216828?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Firish-household-debt-falls-but-still-among-highest-in-europe-1.3216828|url-status=live}}</ref>
==History==
{{Main|Economic history of the Republic of Ireland}}
[[File:Historical economic growth of Ireland and the UK.jpg|thumb|right|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 [[Anglo-Irish Trade War|Economic War]] with Britain in the 1930s, and a policy of import substitution. During the 1950s, 400,000 people emigrated from Ireland.<ref name="tiger"/> It became increasingly clear that economic nationalism was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation.<ref name="tiger"/> 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.<ref name="tiger"/>
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.<ref name="tiger"/> During the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their marginal income,<ref name="tcdtax">{{cite web|url=http://www.tcd.ie/Economics/TEP/1998/985.pdf|title=Taxations And savings in Ireland|last=O'Toole|first=Francis|author2=Warrington|work=Trinity Economic Papers Series|publisher=Trinity College, Dublin|page=19|access-date=17 June 2008|archive-date=24 June 2008|archive-url=https://web.archive.org/web/20080624202457/http://www.tcd.ie/Economics/TEP/1998/985.pdf|url-status=live}}</ref> 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.<ref name="tiger">{{unfit|1=[https://web.archive.org/web/20100303165903/http://www.heritage.org/Research/WorldwideFreedom/bg1945.cfm "How Ireland became the Celtic Tiger"]}}, Sean Dorgan, the chief executive of IDA. 23 June 2006</ref>
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) ===
{{main|Celtic Tiger}}
[[File:Ireland GDP.webp|thumb|275px|Ireland GDP
{{legend-line|#FF883E solid 3px|Real GDP (chained 2010 [[Euro|Euros]])}}
{{legend-line|#169B62 solid 3px|Nominal GDP}}
]]
Historian [[R. F. Foster (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 [[IDA Ireland|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.<ref>R. F. Foster, ''Luck and the Irish: A Brief History of Change 1970-2000'' (2007), pp 7-36.</ref>
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 [[corporatism|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.<ref name="Ireland' 2009">[[Charles Emrys Smith|Charles Smith]], article: 'Ireland', in Wankel, C. (ed.) ''Encyclopedia of Business in Today's World'', California, USA, 2009.</ref>
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.<ref name="finfacts.com">{{cite web |url= http://www.finfacts.com/Private/bestprice/irishconsumerprices.pdf |title= Consumer Prices Bi-annual Average Price Analysis Dublin and Outside Dublin: 1 May 2006 |access-date= 23 September 2009 |archive-date= 6 September 2005 |archive-url= https://web.archive.org/web/20050906093435/http://www.finfacts.com/Private/bestprice/irishconsumerprices.pdf |url-status= live }} {{small|(170 KB)}} – CSO</ref> 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 [[Consumer price index|CPI]]) or 3.6% (as measured by the [[Harmonised Index of Consumer Prices|HICP]])<ref name=IrishInd7Aug08>{{cite news | last =Guider | first =Ian | title =Inflation falls to 4.4pc | work =[[Irish Independent]] | date =7 August 2008 | url =http://www.independent.ie/business/irish/inflation-falls-to-44pc-1448874.html | access-date =8 August 2008 | archive-date =8 January 2009 | archive-url =https://web.archive.org/web/20090108091009/http://www.independent.ie/business/irish/inflation-falls-to-44pc-1448874.html | url-status =live }}</ref><ref name=CSO7Aug2008>{{cite web |url= http://www.cso.ie/releasespublications/documents/prices/current/cpi.pdf |title= Consumer Price Index July 2008 (Dublin & Cork, 7 August 2008 |access-date= 23 September 2009 |archive-date= 26 September 2009 |archive-url= https://web.archive.org/web/20090926191149/http://www.cso.ie/releasespublications/documents/prices/current/cpi.pdf |url-status= live }} {{small|(142 KB)}} – [[Central Statistics Office (Ireland)|Central Statistics Office]]. Retrieved on 8 August 2008.</ref> 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.<ref name="2009forfasACR">{{cite web|title=Annual Competitiveness Report 2008, Volume One: Benchmarking Ireland's Performance |publisher=NCC |year=2009 |url=http://www.forfas.ie/media/ncc090108_acr_2008.pdf |access-date=1 July 2009 |url-status=dead |archive-url=https://web.archive.org/web/20110511175910/http://www.forfas.ie/media/ncc090108_acr_2008.pdf |archive-date=11 May 2011 |df=dmy }}</ref> A 2005 study by ''The Economist'' found Ireland to have the best [[quality of life]] in the world.<ref name="economist.com">{{cite news |url= http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf |title= The Economist Intelligence Unit's quality-of-life index |newspaper= [[The Economist]] |access-date= 23 September 2009 |archive-date= 2 August 2012 |archive-url= https://web.archive.org/web/20120802135752/http://www.economist.com/media/pdf/QUALITY_OF_LIFE.pdf |url-status= live }} {{small|(67.1 KB)}} – The Economist</ref>
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.<ref name="oecd_survey">{{cite web
|title = Economic Survey of Ireland 2006: Keeping public finances on track
|publisher = OECD
|year = 2006
|url = http://www.oecd.org/document/50/0,3343,en_33873108_33873500_36173106_1_1_1_1,00.html
|access-date = 30 July 2007
|archive-date = 31 October 2007
|archive-url = https://web.archive.org/web/20071031045748/http://www.oecd.org/document/50/0,3343,en_33873108_33873500_36173106_1_1_1_1,00.html
|url-status = live
}}</ref><ref name="rte_article_slowdown">{{cite web
|title = House slowdown sharper than expected
|website = RTÉ
|date = 3 August 2007
|url = http://www.rte.ie/news/2007/0803/economy1-business.html
|access-date = 6 August 2007
|archive-date = 26 October 2012
|archive-url = https://web.archive.org/web/20121026111758/http://www.rte.ie/news/2007/0803/economy1-business.html
|url-status = live
}}</ref><ref name="ptsb_index">{{cite web
|title = Latest Report: Latest edition of permanent tsb / ESRI House price index – May 2007
|publisher = Permanent TSB, ESRI
|url=http://www.permanenttsb.ie/house-price-index/
|archive-url=https://web.archive.org/web/20070828130818/http://www.permanenttsb.ie/house-price-index/
|archive-date=28 August 2007
|access-date = 10 August 2007}}
</ref>
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".<ref name="2009forfasACR" /><ref>{{cite web |url= http://www.cso.ie/releasespublications/documents/labour_market/current/eusilc.pdf |title= EU Survey on Income and Living Conditions (EU-SILC) |access-date= 29 November 2010 |archive-url= https://web.archive.org/web/20061107202252/http://www.cso.ie/releasespublications/documents/labour_market/current/eusilc.pdf |archive-date= 7 November 2006 |url-status= dead }} {{small|(161 KB)}} CSO, 2004.</ref>
=== Economic downturn (2008–2013) ===
{{Main|Post-2008 Irish economic downturn|Post-2008 Irish banking crisis}}
[[File:Ireland bond prices.webp|thumb|300px|Ireland bond prices, [[Inverted yield curve]] in 2011<ref>[https://www.researchgate.net/figure/a-Irish-yield-curve-dynamics-around-2011-loan-amendments-b-Portuguese-yield-curve_fig2_342609297 Figure 3. Irish yield curve]</ref>
{{legend-line|#FF8200 solid 3px|15 year bond}}
{{legend-line|#009A44 solid 3px|10 year bond}}
{{legend-line|#88FA4E solid 3px|5 year bond}}
{{legend-line|#970E53 solid 3px|3 year bond}}
]]
It was the first country in the EU to officially enter a [[recession]] related after the [[2008 financial crisis]], per the [[Central Statistics Office (Ireland)|Central Statistics Office]].<ref name="Central Statistics Office Ireland">{{cite web |url=http://www.cso.ie |title=CSO – Central Statistics Office Ireland |publisher=Central Statistics Office Ireland |date=9 November 2004 |access-date=9 July 2009 |archive-date=4 April 2016 |archive-url=https://web.archive.org/web/20160404131758/http://cso.ie/ |url-status=live }}</ref> At this point, Ireland now had the second-highest level of household debt in the world (190% of household income).<ref>{{cite news |url=https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/11/cnirish111.xml |archive-url=https://web.archive.org/web/20080315082854/http://www.telegraph.co.uk/money/main.jhtml?xml=%2Fmoney%2F2008%2F03%2F11%2Fcnirish111.xml |url-status=dead |archive-date=15 March 2008 |title=Irish banks may need life-support as property prices crash |author=Ambrose Evans-Pritchard |work=[[The Daily Telegraph]] |date=13 March 2008 |access-date=13 March 2008 |___location=London }}</ref> 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.<ref>{{cite web |url=http://www.rte.ie/news/2010/0825/economy.html |title=Ireland's credit rating downgraded |publisher=RTÉ.ie |date=25 August 2010 |access-date=12 November 2010 |archive-date=26 August 2010 |archive-url=https://web.archive.org/web/20100826140700/http://www.rte.ie/news/2010/0825/economy.html |url-status=live }}</ref> 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".<ref>{{cite web |url=https://www.irishtimes.com/newspaper/breaking/2010/1124/breaking2.html |title=Ireland's credit rating downgraded |publisher=irishtimes.ie |date=24 November 2010 |access-date=10 January 2011 |archive-date=26 November 2010 |archive-url=https://web.archive.org/web/20101126143438/https://www.irishtimes.com/newspaper/breaking/2010/1124/breaking2.html |url-status=live }}</ref><ref>{{cite web |url=http://www.standardandpoors.com/prot/ratings/entity-ratings/en/eu/?entityID=269941§orCode=SOV |title=Ireland's credit rating downgraded |publisher=standardandpoors.com |date=23 November 2010 |access-date=10 January 2011 |archive-date=7 September 2011 |archive-url=https://web.archive.org/web/20110907155504/http://www.standardandpoors.com/servlet/ContentServer/login/en/us |url-status=live }}</ref>
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.<ref>{{cite news |url=https://www.independent.co.uk/news/business/news/ireland-out-of-recession-as-exports-jump-2015128.html |title=Ireland out of recession as exports jump |work=[[The Independent]] |date=1 July 2010 |access-date=4 August 2010 |___location=London |archive-date=25 September 2010 |archive-url=https://web.archive.org/web/20100925134934/http://www.independent.co.uk/news/business/news/ireland-out-of-recession-as-exports-jump-2015128.html |url-status=live }}</ref><ref>{{cite news |url=http://www.businessday.co.za/articles/Content.aspx?id=113356 |title=Ireland out of recession but needs faster growth |work=BusinessDay |date=1 July 2010 |access-date=4 August 2010 |archive-date=6 March 2012 |archive-url=https://web.archive.org/web/20120306040711/http://www.businessday.co.za/articles/Content.aspx?id=113356 |url-status=live }}</ref><ref name="Irish economy contracts by 1.2%">{{cite news | url=https://www.bbc.co.uk/news/business-11397875 | work=BBC News | title=Irish economy contracts by 1.2% | date=23 September 2010 | access-date=20 June 2018 | archive-date=27 August 2020 | archive-url=https://web.archive.org/web/20200827211826/https://www.bbc.co.uk/news/business-11397875 | url-status=live }}</ref> However the economy experienced Q2 negative growth of −1.2%,<ref name="Irish economy contracts by 1.2%"/> 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.<ref>{{cite news |url=http://www.businessday.co.za/articles/Content.aspx?id=113356 |title=Shrinking Irish economy heightens debt risk |agency=Reuters |date=24 March 2011 |access-date=4 April 2011 |archive-date=6 March 2012 |archive-url=https://web.archive.org/web/20120306040711/http://www.businessday.co.za/articles/Content.aspx?id=113356 |url-status=live }}</ref> 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%).<ref name="europa">{{cite web|url=http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-12112010-AP/EN/4-12112010-AP-EN.PDF |title=New Eurostat website - Eurostat – Industrial production down by 0.9% in euro area and Ireland will exit its bail out program in December 2013 |publisher=epp.eurostat.ec.europa.eu |access-date=1 December 2015 |url-status=dead |archive-url=https://web.archive.org/web/20120921073458/http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/4-12112010-AP/EN/4-12112010-AP-EN.PDF |archive-date=21 September 2012 }}</ref>
[[File:IMG 187w.jpg|thumb|250px|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,<ref>{{cite news | author =Andras Gergely | title =Irish finmin sees bank liquidity, not solvency issue | url =https://www.reuters.com/article/bondsNews/idUSN0131770620081001 | date =1 October 2008 | work =Reuters | access-date =1 July 2017 | archive-date =22 September 2021 | archive-url =https://web.archive.org/web/20210922130957/https://www.reuters.com/article/bondsNews/idUSN0131770620081001 | url-status =live }}</ref> is [[solvency]]. The question concerning solvency had arisen due to domestic problems in the [[Irish property bubble|Irish property market]]. Irish financial institutions had substantial exposure to property developers in their loan portfolio.<ref name="asset_dive">{{cite news | last =Collins | first =Liam | title =Top developers see asset values dive two-thirds | url =http://www.independent.ie/national-news/top-developers-see-asset-values-dive-twothirds-1496605.html | date =12 October 2008 | newspaper =[[Irish Independent]] | access-date =12 October 2008 | archive-date =11 August 2011 | archive-url =https://web.archive.org/web/20110811044716/http://www.independent.ie/national-news/top-developers-see-asset-values-dive-twothirds-1496605.html | url-status =live }}</ref> 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.<ref>{{cite web | title = Unemployment rising at record rate | url = http://www.rte.ie/news/2008/1001/jobs.html | date = 1 October 2008 | website = [[RTÉ]] | access-date = 13 October 2008 | archive-date = 2 October 2008 | archive-url = https://web.archive.org/web/20081002025722/http://www.rte.ie/news/2008/1001/jobs.html | url-status = live }}</ref>
Irish property developers [[Speculation|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)<ref>{{cite web | title =Irish Agricultural Land Research | url =http://www.savills.ie/pdfs/articles/166.pdf | date =May 2008 | publisher =Savills Hamilton Osbourne King | access-date =8 October 2008 | archive-url =https://web.archive.org/web/20081029181016/http://www.savills.ie/pdfs/articles/166.pdf | archive-date =29 October 2008 | url-status =dead | df =dmy-all }}</ref> which is several multiples above the value of equivalent land in other European countries.{{Citation needed|date=April 2009}} 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.''"<ref name="solvency">{{cite web|title=Just How Sound is the Irish Banking System? |author=Morgan Kelly, Professor of Economics, [[University College Dublin]] |url=http://www.ucd.ie/economics/staff/mkelly/papers/solvency.pdf |url-status=dead |archive-url=https://web.archive.org/web/20071127131315/http://www.ucd.ie/economics/staff/mkelly/papers/solvency.pdf |archive-date=27 November 2007 }}</ref>
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<ref>{{cite news|last=Oliver |first=Emmet |title=New waive of Irish banking |url=http://www.tribune.ie/business/news/article/2008/aug/31/new-waive-of-irish-banking/ |date=31 August 2008 |newspaper=[[Sunday Tribune]] |access-date=1 October 2008 |url-status=dead |archive-url=https://web.archive.org/web/20090228201051/http://www.tribune.ie/business/news/article/2008/aug/31/new-waive-of-irish-banking/ |archive-date=28 February 2009 }}</ref> in fear of provoking the (inevitable) bankruptcy of many property developers<ref>{{cite news|title=Banks call in leading developers ahead of property write-downs |url=http://www.tribune.ie/business/news/article/2008/oct/12/banks-call-in-leading-developers-ahead-of-property/ |date=12 October 2008 |newspaper=[[Sunday Tribune]] |url-status=dead |archive-url=https://web.archive.org/web/20081016093518/http://www.tribune.ie/business/news/article/2008/oct/12/banks-call-in-leading-developers-ahead-of-property/ |archive-date=16 October 2008 }}</ref> 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''".<ref name="asset_dive"/> Furthermore, the banks' "impairment" (bad debt) provisions are still at very low levels.<ref>{{cite web | title =AIB Half-Yearly Financial Report 2008 | url =http://www.aibgroup.com/servlet/ContentServer?pagename=AIB_Investor_Relations/AIB_Press_Releas/aib_d_press_releases&cid=1216645875820&c=AIB_Press_Releas&channel=IRCA&position=first | date =30 July 2008 | publisher =Allied Irish Banks | access-date =18 September 2008 | archive-date =30 October 2008 | archive-url =https://web.archive.org/web/20081030003045/http://www.aibgroup.com/servlet/ContentServer?pagename=AIB_Investor_Relations%2FAIB_Press_Releas%2Faib_d_press_releases&cid=1216645875820&c=AIB_Press_Releas&channel=IRCA&position=first | url-status =live }}</ref><ref>{{cite web|title=Reports and Accounts for the year ended 31 March 2008 |url=http://online.hemscottir.com/ir/bir/ar_2008/ar.jsp?page=73&zoom=1.0&layout=single |date=10 June 2008 |page=73 |publisher=Bank of Ireland |access-date=11 October 2008 |url-status=dead |archive-url=https://web.archive.org/web/20110711163636/http://online.hemscottir.com/ir/bir/ar_2008/ar.jsp?page=73&zoom=1.0&layout=single |archive-date=11 July 2011 }}</ref>
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''".<ref>{{cite web | title =Government Decision to Safeguard Irish Banking System | url =http://www.taoiseach.gov.ie/index.asp?locID=586&docID=4026 | date =30 September 2008 | publisher =Government of Ireland, Department of the [[Taoiseach]] | access-date =13 October 2008 | archive-date =26 June 2022 | archive-url =https://web.archive.org/web/20220626213037/http://www.taoiseach.gov.ie/eng/?locID=586 | url-status =live }}</ref> 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.<ref>{{cite news|title=Seven Deadly Sins... (of omission) |url=http://www.tribune.ie/business/article/2008/oct/05/seven-deadly-sins-of-omission/ |date=5 October 2008 |newspaper=[[Sunday Tribune]] |url-status=dead |archive-url=https://web.archive.org/web/20081010195505/http://www.tribune.ie/business/article/2008/oct/05/seven-deadly-sins-of-omission/ |archive-date=10 October 2008 }}</ref>
Despite the Government guarantees to the banks, their shareholder value continued to decline and on 2009-01-15, the Government<ref>{{cite web |url=https://www.irishtimes.com/newspaper/breaking/2009/0119/breaking19.html |title=Anglo Irish directors step down, bank downgraded |publisher=Irishtimes.com |date=19 January 2009 |access-date=24 November 2010 |archive-date=22 May 2011 |archive-url=https://web.archive.org/web/20110522003222/https://www.irishtimes.com/newspaper/breaking/2009/0119/breaking19.html |url-status=live }}</ref> [[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<ref>{{cite web |url=https://www.irishtimes.com/newspaper/breaking/2009/0119/breaking36.html |title=Bank shares lose half their value in market 'carnage' |publisher=Irishtimes.com |date=1 January 2009 |access-date=24 November 2010 |archive-date=12 August 2011 |archive-url=https://web.archive.org/web/20110812125332/https://www.irishtimes.com/newspaper/breaking/2009/0119/breaking36.html |url-status=live }}</ref> by between 47 and 50% in one day. As of 11 October 2008, leaked reports of possible actions by the government<ref>{{cite news | author =Charlie Weston | title =State mortgage plan for first-time buyers | url =http://www.independent.ie/national-news/state-mortgage-plan-for-firsttime-buyers-1496202.html | date =11 October 2008 | newspaper =Irish Independent | access-date =11 October 2008 | archive-date =12 October 2008 | archive-url =https://web.archive.org/web/20081012025610/http://www.independent.ie/national-news/state-mortgage-plan-for-firsttime-buyers-1496202.html | url-status =live }}</ref> 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]].<ref>{{cite news | last1=Carswell | first1=Simon | last2=Reddan | first2=Fiona | title=Another traumatic day for investors in Irish banks | url=https://www.irishtimes.com/newspaper/finance/2008/1008/1223335465924.html | date=7 October 2008 | newspaper=Irish Times | access-date=7 October 2008 | archive-date=14 November 2011 | archive-url=https://web.archive.org/web/20111114194444/http://www.irishtimes.com/newspaper/finance/2008/1008/1223335465924.html | url-status=live }}</ref> The 3.18%<ref>{{cite news|title=NIB figures hint at depth of bad debt problems |url=http://www.tribune.ie/business/article/2008/oct/12/nib-figures-hint-at-depth-of-bad-debt-problems/ |date=12 October 2008 |newspaper=[[Sunday Tribune]] |url-status=dead |archive-url=https://web.archive.org/web/20081019105728/http://www.tribune.ie/business/article/2008/oct/12/nib-figures-hint-at-depth-of-bad-debt-problems/ |archive-date=19 October 2008 }}</ref> 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<ref name="asset_dive"/>
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.<ref>{{cite web|url=http://www.rte.ie/news/2010/1128/imf-business.html|title=Extra year for Ireland under €85 billion plan|date=28 November 2010|work=RTÉ.ie|access-date=3 March 2015|archive-date=29 November 2010|archive-url=https://web.archive.org/web/20101129203553/http://www.rte.ie/news/2010/1128/imf-business.html|url-status=live}}</ref> 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 supply and sanitation in the Republic of Ireland|water charges]] are to be introduced in 2015.<ref name="rte">{{cite web|url=http://www.rte.ie/news/2010/1124/economy_tracker.html|title=Govt four-year plan unveiled - As it happened - RTÉ News|date=24 November 2010 |publisher=rte.ie|access-date=1 December 2015|archive-date=25 November 2010|archive-url=https://web.archive.org/web/20101125220105/http://www.rte.ie/news/2010/1124/economy_tracker.html|url-status=live}}</ref><ref name="rte2">{{cite web|url=http://www.rte.ie/news/2010/1104/budget.html|title=Budget adjustment for 2011 to total €6bn - RTÉ News|date=4 November 2010 |publisher=rte.ie|access-date=1 December 2015|archive-date=12 November 2010|archive-url=https://web.archive.org/web/20101112043030/http://www.rte.ie/news/2010/1104/budget.html|url-status=live}}</ref> 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.
<ref name="cso">{{cite web |url=http://www.cso.ie/en/releasesandpublications/er/gfsa/governmentfinancestatisticsoctober2014/ |title=Government Finance Statistics October 2014 - CSO - Central Statistics Office |date=14 October 2014 |publisher=cso.ie |access-date=1 December 2015 |archive-date=2 November 2014 |archive-url=https://web.archive.org/web/20141102154408/http://www.cso.ie/en/releasesandpublications/er/gfsa/governmentfinancestatisticsoctober2014/ |url-status=live }}</ref> In addition Ireland's [[unemployment rate]] fell from a peak of 15.1% in February 2012 to 10.6% in December 2014.<ref name="cso2">{{cite web |url=http://www.cso.ie/en/releasesandpublications/er/lr/liveregisterdecember2014/ |title=Live Register December 2014 - CSO - Central Statistics Office |date=7 January 2015 |publisher=cso.ie |access-date=1 December 2015 |archive-date=9 January 2015 |archive-url=https://web.archive.org/web/20150109234415/http://www.cso.ie/en/releasesandpublications/er/lr/liveregisterdecember2014/ |url-status=live }}</ref> 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.<ref name="ActionPlanforJobs2014">{{cite news|title=Kenny, Gilmore and Bruton on hand for job actions plan launch|url=http://www.irelandnews.net/index.php/sid/220259283/scat/aba4168066a10b8d/ht/Kenny-Gilmorre-and-Bruton-on-hand-for-job-actions-plan-launch|access-date=27 February 2014|publisher=Ireland News. Net|archive-url=https://web.archive.org/web/20140304050441/http://www.irelandnews.net/index.php/sid/220259283/scat/aba4168066a10b8d/ht/Kenny-Gilmorre-and-Bruton-on-hand-for-job-actions-plan-launch|archive-date=4 March 2014|url-status=dead}}</ref>
===Signs of recovery (2014–2016)===
The term "Celtic Phoenix" was coined by journalist and satirist [[Paul Howard (journalist)|Paul Howard]],<ref>{{cite news|url=http://www.independent.ie/opinion/soapbox-is-the-boom-really-back-30842425.html|title=Soapbox... Is the boom really back? ...and Is the so-called 'Celtic Phoenix' all it's cracked up to be?|last=Sweeney|first=Tanya|work=[[Irish Independent]]|date=19 December 2014|access-date=20 May 2015|archive-date=24 May 2015|archive-url=https://web.archive.org/web/20150524175235/http://www.independent.ie/opinion/soapbox-is-the-boom-really-back-30842425.html|url-status=live}}</ref> 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.<ref>{{cite web|url=http://www.shelflife.ie/rise-of-the-celtic-phoenix/|title=Rise of the Celtic Phoenix?|publisher=Shelflife Magazine|date=16 September 2014|access-date=24 May 2015|archive-date=20 May 2015|archive-url=https://web.archive.org/web/20150520233716/http://www.shelflife.ie/rise-of-the-celtic-phoenix/|url-status=live}}</ref><ref>{{cite news|url=http://www.independent.ie/irish-news/news/ireland-is-a-spending-nation-once-again-as-celtic-phoenix-rises-30531688.html|title=Ireland is a spending nation once again as Celtic Phoenix rises|newspaper=Irish Independent|date=24 August 2014|access-date=30 April 2015|archive-date=16 November 2017|archive-url=https://web.archive.org/web/20171116192714/https://www.independent.ie/irish-news/news/ireland-is-a-spending-nation-once-again-as-celtic-phoenix-rises-30531688.html|url-status=live}}</ref>
In late 2013, Ireland exited an [[Post-2008 Irish economic downturn#Exit from bailout|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.<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0312/686549-cso-gdp-growth|title=GDP growth of 4.8% makes Ireland fastest growing EU economy|publisher=RTÉ News|date=12 March 2015|access-date=5 June 2015|archive-date=13 March 2015|archive-url=https://web.archive.org/web/20150313043508/http://www.rte.ie/news/business/2015/0312/686549-cso-gdp-growth|url-status=live}}</ref> Contributing factors to growth included a recovering construction sector, quantitative easing, a weak euro, and low oil prices.<ref>{{cite news|url=https://www.irishtimes.com/business/economy/irish-economic-growth-outpacing-rest-of-europe-says-ibec-1.2173163|title=Irish economic growth outpacing rest of Europe, says Ibec|date=13 April 2015|newspaper=The Irish Times|access-date=20 February 2020|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304093345/http://www.irishtimes.com/business/economy/irish-economic-growth-outpacing-rest-of-europe-says-ibec-1.2173163|url-status=live}}</ref><ref>{{cite news|url=http://www.independent.ie/business/rise-of-new-orders-for-battered-irish-construction-sector-indicates-recovery-30077982.html|date=10 March 2014|newspaper=Irish Independent|title=Rise of new orders for 'battered' Irish construction sector indicates recovery|access-date=5 June 2015|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116204025/https://www.independent.ie/business/rise-of-new-orders-for-battered-irish-construction-sector-indicates-recovery-30077982.html|url-status=live}}</ref> This growth helped to reduce national debt to 109% of GDP, and the budget deficit fell to 3.1% in the fourth quarter.<ref>{{cite news|url=http://www.irishtimes.com/business/economy/strong-growth-sees-national-debt-fall-to-109-of-gdp-1.2182317|title=Strong growth sees national debt fall to 109% of GDP|newspaper=Irish Times|date=20 April 2015|access-date=27 August 2015|archive-date=16 July 2016|archive-url=https://web.archive.org/web/20160716003237/http://www.irishtimes.com/business/economy/strong-growth-sees-national-debt-fall-to-109-of-gdp-1.2182317|url-status=live}}</ref>
The headline unemployment rate remained steady at 10%, though the youth unemployment rate remained higher than the EU average, at over 20%.<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0429/697564-live-register-figures/|title=Unemployment steady at 10% in April - CSO|date=29 April 2015|publisher=RTÉ News|access-date=27 August 2015|archive-date=1 May 2015|archive-url=https://web.archive.org/web/20150501160033/http://www.rte.ie/news/business/2015/0429/697564-live-register-figures/|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/business/economy/ireland-tops-the-european-poll-for-reducing-unemployment-rates-1.2195156|title=Ireland tops the European poll for reducing unemployment rates|date=30 April 2015|newspaper=The Irish Times|access-date=20 February 2020|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304110314/http://www.irishtimes.com/business/economy/ireland-tops-the-european-poll-for-reducing-unemployment-rates-1.2195156|url-status=live}}</ref> Emigration had continued to play a significant factor in unemployment statistics, though the emigration rate also began to fall in 2014.<ref>{{cite web|url=http://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2014/|title=Population and Migration Estimates|publisher=Central Statistics Office|date=26 August 2014|access-date=27 August 2015|archive-date=31 August 2014|archive-url=https://web.archive.org/web/20140831031200/http://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2014/|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/news/social-affairs/emigration-of-irish-nationals-falls-20-in-year-to-april-1.1908275|date=26 August 2014|newspaper=The Irish Times|title=Emigration of Irish nationals falls 20% in year to April|access-date=20 February 2020|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116104054/https://www.irishtimes.com/news/social-affairs/emigration-of-irish-nationals-falls-20-in-year-to-april-1.1908275|url-status=live}}</ref>
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.<ref>{{cite news|url=https://www.irishtimes.com/business/economy/property-prices-nationally-up-15-per-cent-in-12-months-1.1939910|title=Property prices nationally up 15 percent in 12 months|newspaper=The Irish Times|date=24 September 2014|access-date=20 February 2020|archive-date=31 March 2018|archive-url=https://web.archive.org/web/20180331173443/https://www.irishtimes.com/business/economy/property-prices-nationally-up-15-per-cent-in-12-months-1.1939910|url-status=live}}</ref> By early 2015, house price increases nationally began to outpace those in Dublin. [[Cork (city)|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.<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0407/692463-property-prices-daft/|title=Dublin property price growth fell below national average in first three months of 2015|publisher=RTÉ News|date=7 April 2015|access-date=27 August 2015|archive-date=8 April 2015|archive-url=https://web.archive.org/web/20150408143706/http://www.rte.ie/news/business/2015/0407/692463-property-prices-daft/|url-status=live}}</ref> 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.<ref>{{cite news|url=https://www.irishtimes.com/news/social-affairs/dublin-city-social-housing-list-tops-20-000-1.2224318|title=Dublin city social housing list tops 20,000|last=Kelly|first=Olivia|newspaper=[[The Irish Times]]|date=25 May 2015|access-date=25 May 2015|archive-date=17 July 2015|archive-url=https://web.archive.org/web/20150717184235/http://www.irishtimes.com/news/social-affairs/dublin-city-social-housing-list-tops-20-000-1.2224318|url-status=live}}</ref> In May 2015, the [[Insolvency in Ireland|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.<ref>{{cite web|url=http://www.rte.ie/news/2015/0527/704193-mortgage-arrears/|title=37,000 mortgages in arrears of over 720 days|website=[[RTÉ.ie]] |date=27 May 2015|access-date=28 May 2015|archive-date=28 May 2015|archive-url=https://web.archive.org/web/20150528100345/http://www.rte.ie/news/2015/0527/704193-mortgage-arrears/|url-status=live}}</ref>
On 14 October 2014, Minister for Finance [[Michael Noonan (Fine Gael politician)|Michael Noonan]] and Minister for Public Expenditure and Reform [[Brendan Howlin]] introduced the [[Irish budget, 2015|budget for 2015]], the first in seven years to include tax cuts and spending increases.<ref>{{cite web|url=http://www.rte.ie/news/budget/keypoints/|title=Budget Key Points|date=14 October 2014|publisher=RTÉ News|access-date=27 August 2015|archive-date=24 September 2015|archive-url=https://web.archive.org/web/20150924152010/http://www.rte.ie/news/budget/keypoints/|url-status=live}}</ref> 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.<ref>{{cite web|url=http://www.independent.ie/business/budget/news/budget-2015-give-and-take-30665621.html|title=Budget 2015: Give and take|date=15 October 2014|work=Irish Independent|access-date=15 October 2014|archive-date=15 October 2014|archive-url=https://web.archive.org/web/20141015041913/http://www.independent.ie/business/budget/news/budget-2015-give-and-take-30665621.html|url-status=live}}</ref><ref>{{cite web |url= http://www.rte.ie/news/2014/1014/652100-budget-2015/ |title= Budget 2015: as it happened |date= 14 October 2014 |work= RTÉ News |access-date= 15 October 2014 |archive-date= 15 October 2014 |archive-url= https://web.archive.org/web/20141015014011/http://www.rte.ie/news/2014/1014/652100-budget-2015/ |url-status= live }}</ref><ref>{{cite web|url= http://www.irishexaminer.com/ireland/noonan-denies-budget-framed-for-election-291364.html|title= Noonan denies budget framed for election|date= 14 October 2014|work= Irish Examiner|access-date= 15 October 2014|archive-date= 12 November 2014|archive-url= https://web.archive.org/web/20141112033747/http://www.irishexaminer.com/ireland/noonan-denies-budget-framed-for-election-291364.html|url-status= live}}</ref><ref>{{cite web|url=http://liveblog.irishtimes.com/bdfb23bf73/LIVE-Budget-2015/|title=Budget 2015|date=14 October 2014|work=Irish Times|access-date=15 October 2014|archive-date=14 October 2014|archive-url=https://web.archive.org/web/20141014183013/http://liveblog.irishtimes.com/bdfb23bf73/LIVE-Budget-2015/|url-status=live}}</ref>
In April 2015, during a "Spring Economic Statement", Noonan and Howlin outlined the government's plans and projections up to the year 2020.<ref>{{cite web|url=http://www.rte.ie/news/2015/0428/697213-spring-economic-statement/|publisher=RTÉ News|title=Expansionary budgets until 2020 are possible - Spring Economic Statement|date=28 April 2015|access-date=27 August 2015|archive-date=28 April 2015|archive-url=https://web.archive.org/web/20150428182038/http://www.rte.ie/news/2015/0428/697213-spring-economic-statement/|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/news/politics/spring-statement-the-main-points-1.2191937|title=Spring statement: the main points|newspaper=The Irish Times|date=28 April 2015|access-date=20 February 2020|archive-date=27 August 2016|archive-url=https://web.archive.org/web/20160827020415/http://www.irishtimes.com/news/politics/spring-statement-the-main-points-1.2191937|url-status=live}}</ref> This included policy statements on expansionary budgets, deficit management plans and proposed cuts to the Universal Social Charge and other taxes.<ref>{{cite web |url= http://www.finance.gov.ie/news-centre/speeches/current-minister/spring-economic-statement-speech-minister-finance-mr-michael |publisher= Department of Finance |title= Spring Economic Statement Speech by the Minister for Finance |date= 28 April 2015 |url-status= dead |archive-url= https://web.archive.org/web/20150602061157/http://www.finance.gov.ie/news-centre/speeches/current-minister/spring-economic-statement-speech-minister-finance-mr-michael |archive-date= 2 June 2015 |df= dmy-all }}</ref>
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]].<ref>{{cite news|url=http://www.independent.ie/business/irish/german-finance-minister-wolfgang-schaeuble-germany-jealous-of-irish-growth-figures-30707713.html|title=German Finance Minister Wolfgang Schaeuble: 'Germany jealous of Irish growth figures'|newspaper=Irish Independent|date=31 October 2014|access-date=27 August 2015|archive-date=10 March 2016|archive-url=https://web.archive.org/web/20160310064308/http://www.independent.ie/business/irish/german-finance-minister-wolfgang-schaeuble-germany-jealous-of-irish-growth-figures-30707713.html|url-status=live}}</ref> 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.<ref>{{cite news|url=https://www.irishtimes.com/news/politics/oireachtas/enda-kenny-says-irish-economy-strengthening-but-remains-fragile-1.2081867|newspaper=The Irish Times|date=28 January 2015|title=Enda Kenny says Irish economy strengthening but remains fragile|access-date=20 February 2020|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304105810/http://www.irishtimes.com/news/politics/oireachtas/enda-kenny-says-irish-economy-strengthening-but-remains-fragile-1.2081867|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/news/politics/no-going-back-to-boom-and-bust-says-kenny-1.2131248|date=9 March 2015|newspaper=The Irish Times|title=No going back to boom and bust, says Kenny|access-date=20 February 2020|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116071930/https://www.irishtimes.com/news/politics/no-going-back-to-boom-and-bust-says-kenny-1.2131248|url-status=live}}</ref><ref>{{cite news|url=http://www.irishexaminer.com/ireland/enda-kenny-2015-is-the-year-of-rural-recovery-316346.html|title=Enda Kenny: 2015 is the year of rural recovery|newspaper=Irish Examiner|date=6 March 2015|access-date=27 August 2015|archive-date=17 November 2018|archive-url=https://web.archive.org/web/20181117000329/https://www.irishexaminer.com/ireland/enda-kenny-2015-is-the-year-of-rural-recovery-316346.html|url-status=live}}</ref> 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.<ref>[https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2992671 Ireland's Parliamentary Budget Office: Role and Scope in the Oireachtas] {{Webarchive|url=https://web.archive.org/web/20180603185820/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2992671 |date=3 June 2018 }}. Social Science Research Network (SSRN). Accessed 18 July 2017.</ref><ref>{{cite news|url=http://www.independent.ie/business/irish/budget-2016-european-commission-warns-any-extra-revenues-be-used-to-cut-debt-31219278.html|title=Budget 2016: European Commission warns any extra revenues be used to cut debt|newspaper=Irish Independent|date=13 May 2015|access-date=27 August 2015|archive-date=4 March 2019|archive-url=https://web.archive.org/web/20190304111159/https://www.independent.ie/business/irish/budget-2016-european-commission-warns-any-extra-revenues-be-used-to-cut-debt-31219278.html|url-status=live}}</ref>
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.<ref>{{cite news |url=http://www.afr.com/news/world/celtic-phoenix--irelands-economy-emerges-from-ashes-20150317-1m0seb |date=17 March 2015 |title=Celtic phoenix - Ireland's economy emerges from ashes |newspaper=Australian Financial Review |access-date=27 August 2015 |archive-date=21 July 2015 |archive-url=https://web.archive.org/web/20150721174610/http://www.afr.com/news/world/celtic-phoenix--irelands-economy-emerges-from-ashes-20150317-1m0seb |url-status=live }}</ref><ref>{{cite news|url=https://www.irishtimes.com/business/economy/imf-sounds-warning-note-over-economic-recovery-1.2197615|title=IMF sounds warning note over economic recovery|newspaper=The Irish Times|date=2 May 2015|access-date=20 February 2020|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304075514/http://www.irishtimes.com/business/economy/imf-sounds-warning-note-over-economic-recovery-1.2197615|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/news/politics/oireachtas/t%C3%A1naiste-joan-burton-warns-ireland-s-economic-recovery-is-not-secure-1.2193459|newspaper=The Irish Times|date=29 April 2015|title=Tánaiste Joan Burton warns Ireland's economic recovery is not secure|access-date=20 February 2020|archive-date=18 November 2018|archive-url=https://web.archive.org/web/20181118123056/https://www.irishtimes.com/news/politics/oireachtas/t%C3%A1naiste-joan-burton-warns-ireland-s-economic-recovery-is-not-secure-1.2193459|url-status=live}}</ref> Other commentators have noted that recovery figures do not account for emigration, youth unemployment, child poverty, homelessness and other factors.<ref>{{cite web |url=http://www.broadsheet.ie/2016/01/20/the-phoney-celtic-phoenix/ |title=The Phoney Celtic Phoenix |date=20 January 2016 |publisher=Broadsheet.ie |access-date=20 January 2016 |archive-date=22 January 2016 |archive-url=https://web.archive.org/web/20160122085307/http://www.broadsheet.ie/2016/01/20/the-phoney-celtic-phoenix/ |url-status=live }}</ref>
On 23 June 2016, the [[2016 United Kingdom European Union membership referendum|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.<ref>{{cite news|url=https://www.irishtimes.com/news/ireland/irish-news/what-does-brexit-nightmare-mean-for-ireland-1.2697702|title=What does 'Brexit nightmare' mean for Ireland?|date=24 June 2016|newspaper=The Irish Times|access-date=20 February 2020|archive-date=1 September 2020|archive-url=https://web.archive.org/web/20200901061421/https://www.irishtimes.com/news/ireland/irish-news/what-does-brexit-nightmare-mean-for-ireland-1.2697702|url-status=live}}</ref><ref>{{cite web|url=http://www.rte.ie/news/2016/0623/797662-brexit-blog/|date=23 June 2016|title=Britain votes to leave EU: What does it mean for Ireland?|publisher=RTÉ.ie|access-date=14 August 2016|archive-date=24 June 2016|archive-url=https://web.archive.org/web/20160624111305/http://www.rte.ie/news/2016/0623/797662-brexit-blog/|url-status=live}}</ref> Other commentators, for example the Financial Times, suggested that some London-based financial institutions might move operations to [[Dublin]] after [[Brexit]].<ref>{{cite news|url=https://www.irishtimes.com/business/financial-services/brexit-move-could-see-flood-of-funds-shift-to-dublin-ft-1.2687034|title=Brexit: Move could see flood of funds shift to Dublin - FT|date=16 June 2016|newspaper=The Irish Times|access-date=20 February 2020|archive-date=16 November 2018|archive-url=https://web.archive.org/web/20181116072133/https://www.irishtimes.com/business/financial-services/brexit-move-could-see-flood-of-funds-shift-to-dublin-ft-1.2687034|url-status=live}}</ref>
[[File:2020 EU ratio of GNI to GDP.png|thumb|Ireland has one of the most disparate GNI to GDP ratios in the EU.<ref>{{Cite web |title=GDP (current US$) {{!}} Data |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.CD |access-date=2022-05-13 |website=data.worldbank.org}}</ref><ref>{{Cite web |title=GNI per capita, Atlas method (current US$) {{!}} Data |url=https://data.worldbank.org/indicator/ny.gnp.pcap.cd?year_high_desc=true |access-date=2022-05-13 |website=data.worldbank.org}}</ref>]]
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.<ref>{{cite web |url= http://analysis.rte.ie/european/2016/07/23/blog-the-real-story-behind-irelands-leprechaun-economics-fiasco/ |website= RTÉ |title= The real story behind Ireland's 'Leprechaun' economics fiasco |date= 25 July 2016 |access-date= 14 August 2016 |archive-date= 24 July 2016 |archive-url= https://web.archive.org/web/20160724162453/http://analysis.rte.ie/european/2016/07/23/blog-the-real-story-behind-irelands-leprechaun-economics-fiasco/ |url-status= live }}</ref> The figures were widely ridiculed<ref name="farcical">{{cite news | url= http://www.independent.ie/business/irish/leprechaun-economics-irelands-26pc-growth-spurt-laughed-off-as-farcical-34879232.html | newspaper= Irish Independent | date= 13 July 2016 | title= 'Leprechaun economics' - Ireland's 26pc growth spurt laughed off as 'farcical' | access-date= 14 August 2016 | archive-date= 6 August 2020 | archive-url= https://web.archive.org/web/20200806035830/https://www.independent.ie/business/irish/leprechaun-economics-irelands-26pc-growth-spurt-laughed-off-as-farcical-34879232.html | url-status= live }}</ref><ref>{{cite news | url= https://www.irishtimes.com/business/agribusiness-and-food/meat-company-s-relocation-to-ireland-unlikely-to-affect-gdp-1.2750772 | newspaper= Irish Times | date= 10 August 2016 | title= Meat company's relocation to Ireland unlikely to affect GDP | access-date= 20 February 2020 | archive-date= 14 June 2018 | archive-url= https://web.archive.org/web/20180614021205/https://www.irishtimes.com/business/agribusiness-and-food/meat-company-s-relocation-to-ireland-unlikely-to-affect-gdp-1.2750772 | url-status= live }}</ref><ref>{{cite news |url= http://www.independent.ie/business/irish/irish-gdp-growth-at-staggering-263pc-last-year-economist-says-figures-are-meaningless-34876688.html |newspaper= Irish Independent |date= 12 July 2016 |title= Irish GDP growth at staggering 26.3pc last year, economist says figures are 'meaningless' |access-date= 25 September 2016 |archive-date= 10 May 2020 |archive-url= https://web.archive.org/web/20200510191739/https://www.independent.ie/business/irish/irish-gdp-growth-at-staggering-263pc-last-year-economist-says-figures-are-meaningless-34876688.html |url-status= live }}</ref><ref>{{cite news|url=https://www.ft.com/content/8a1ebc9c-4846-11e6-8d68-72e9211e86ab|title=Irish tell a tale of 26.3% growth spurt|newspaper=Financial Times|date=12 July 2016|access-date=30 March 2018|archive-date=19 March 2018|archive-url=https://web.archive.org/web/20180319213733/https://www.ft.com/content/8a1ebc9c-4846-11e6-8d68-72e9211e86ab|url-status=live}}</ref><ref>{{cite web|url=https://www.reuters.com/article/us-ireland-economy/leprechaun-economics-leaves-irish-growth-story-in-limbo-idUSKCN0ZT21K|title='Leprechaun economics' leaves Irish growth story in limbo|publisher=Reuters News|date=13 July 2016|access-date=30 March 2018|archive-date=30 March 2018|archive-url=https://web.archive.org/web/20180330012532/https://www.reuters.com/article/us-ireland-economy/leprechaun-economics-leaves-irish-growth-story-in-limbo-idUSKCN0ZT21K|url-status=live}}</ref><ref>{{cite web|url=https://www.bloomberg.com/news/articles/2016-07-13/-leprechaun-economics-earn-ireland-ridicule-443-million-bill|title='Leprechaun Economics' Earn Ireland Ridicule, $443 Million Bill|publisher=Bloomberg News|date=13 July 2016|access-date=29 July 2017|archive-date=14 July 2016|archive-url=https://web.archive.org/web/20160714155406/https://www.bloomberg.com/news/articles/2016-07-13/-leprechaun-economics-earn-ireland-ridicule-443-million-bill|url-status=live}}</ref> including by Nobel Prize winning economist [[Paul Krugman]] who labelled them "[[leprechaun economics]]".<ref>{{cite web|url=https://twitter.com/paulkrugman/status/752841032870551552|title=Leprechaun Economics|publisher=Paul Krugman (Twitter)|date=12 July 2016|access-date=30 March 2018|archive-date=16 June 2018|archive-url=https://web.archive.org/web/20180616095311/https://twitter.com/paulkrugman/status/752841032870551552|url-status=live}}</ref> 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.<ref>{{cite web|url=https://www.rte.ie/news/business/2016/0712/801870-cso-on-economy/|title=Economy grew by 'dramatic' 26% last year after considerable asset reclassification|publisher=RTE News|date=12 July 2016|access-date=30 March 2018|archive-date=19 March 2018|archive-url=https://web.archive.org/web/20180319213959/https://www.rte.ie/news/business/2016/0712/801870-cso-on-economy/|url-status=live}}</ref> 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").<ref name="co1">{{cite web|url=http://economic-incentives.blogspot.ie/2018/01/what-apple-did-next.html|title=What Apple did next|publisher=Seamus Coffey, University College Cork|date=24 January 2014|access-date=30 March 2018|archive-date=30 March 2018|archive-url=https://web.archive.org/web/20180330153810/http://economic-incentives.blogspot.ie/2018/01/what-apple-did-next.html|url-status=live}}</ref> 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),<ref name="ber"/><ref name="auto1">{{cite web|url=http://economic-incentives.blogspot.ie/2013/04/gdp-and-international-comparisons.html|title=International GNI to GDP Comparisons|publisher=Seamus Coffey, University College Cork|date=29 April 2013|access-date=30 March 2018|archive-date=19 March 2018|archive-url=https://web.archive.org/web/20180319213831/http://economic-incentives.blogspot.ie/2013/04/gdp-and-international-comparisons.html|url-status=live}}</ref> the size of this increase drew attention to the level of distortion US "[[Corporation tax in the Republic of Ireland#Multinational tax schemes|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.<ref name="grek"/><ref name="auto"/>
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.<ref name="cb1"/> 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%).<ref name="cso1"/><ref name="cso6"/> 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),<ref name="auto1"/> and the even stronger effect of the "capital allowances for intangible assets" scheme on distorting GNI/GNP/GDP,<ref name="eurostat1"/> noted that GNI* still materially over-stated the true Irish economy.<ref name="eurostat1"/><ref name="gni3">{{cite news|url=https://www.ft.com/content/dd3a6f1c-6aea-11e7-bfeb-33fe0c5b7eaa|title=Ireland's deglobalised data to calculate a smaller economy|newspaper=Financial Times|date=17 July 2017|access-date=30 March 2018|archive-date=30 March 2018|archive-url=https://web.archive.org/web/20180330012312/https://www.ft.com/content/dd3a6f1c-6aea-11e7-bfeb-33fe0c5b7eaa|url-status=live}}</ref> By 2017, a number of Irish financial commentators bemoaned the inaccuracy of Irish economic GDP/GNP statistics.<ref name="cantill">{{cite news|url=https://www.irishtimes.com/business/economy/lies-damned-lies-and-the-national-accounts-headline-figures-1.3329078|title=Lies, damned lies and the national accounts headline figures|newspaper=The Irish Times|date=16 December 2017|access-date=9 April 2018|archive-date=13 June 2018|archive-url=https://web.archive.org/web/20180613234303/https://www.irishtimes.com/business/economy/lies-damned-lies-and-the-national-accounts-headline-figures-1.3329078|url-status=live}}</ref><ref>{{cite web|url=http://www.thejournal.ie/readme/column-the-leprechauns-are-at-it-again-in-the-latest-gdp-figures-for-ireland-3280962-Mar2017/|title=Column: The Leprechauns are at it again in the latest GDP figures for Ireland|publisher=thejournal.ie|date=17 March 2017|access-date=9 April 2018|archive-date=9 April 2018|archive-url=https://web.archive.org/web/20180409233604/http://www.thejournal.ie/readme/column-the-leprechauns-are-at-it-again-in-the-latest-gdp-figures-for-ireland-3280962-Mar2017/|url-status=live}}</ref>
=== Challenge to low tax model (2017 onwards) ===
{{see also|Corporation tax in the Republic of Ireland#Multinational tax schemes}}
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 ("[[Double Irish arrangement#Backstop of capital allowances|capital allowances for intangible assets]]" in 2009). Schemes that were restricted became more available (i.e. "[[Irish Section 110 Special Purpose Vehicle (SPV)|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]]"<ref>{{cite web|url=http://www.thejournal.ie/oxfam-tax-haven-3133714-Dec2016/|title=Ireland named world's 6th worst corporate tax haven|publisher=journal.ie|date=12 December 2016|access-date=9 April 2018|archive-date=26 March 2018|archive-url=https://web.archive.org/web/20180326202524/http://www.thejournal.ie/oxfam-tax-haven-3133714-Dec2016/|url-status=live}}</ref><ref>{{cite web|url=https://www.oxfamireland.org/sites/default/files/upload/pdfs/mantras-myths-final.pdf|title=MANTRAS AND MYTHS: A true picture of the corporate tax system in Ireland|publisher=RTE News|date=February 2017|access-date=9 April 2018|archive-date=3 October 2017|archive-url=https://web.archive.org/web/20171003211040/https://www.oxfamireland.org/sites/default/files/upload/pdfs/mantras-myths-final.pdf|url-status=live}}</ref><ref>{{cite news|url=https://www.irishtimes.com/business/economy/oxfam-says-ireland-is-a-tax-haven-judged-by-eu-criteria-1.3307370?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Foxfam-says-ireland-is-a-tax-haven-judged-by-eu-criteria-1.3307370|title=Oxfam says Ireland is a tax haven judged by EU criteria|newspaper=Irish Times|date=28 November 2017|access-date=9 April 2018|archive-date=24 April 2018|archive-url=https://web.archive.org/web/20180424215233/https://www.irishtimes.com/business/economy/oxfam-says-ireland-is-a-tax-haven-judged-by-eu-criteria-1.3307370?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Foxfam-says-ireland-is-a-tax-haven-judged-by-eu-criteria-1.3307370|url-status=live}}</ref> and be blacklisted by Brazil.<ref>{{cite news|url=https://www.reuters.com/article/ireland-brazil-funds/blacklisted-by-brazil-dublin-funds-find-new-ways-to-invest-idUSL8N1MK2NX|title=Blacklisted by Brazil, Dublin funds find new ways to invest|work=Reuters|date=20 March 2017|access-date=9 April 2018|archive-date=14 June 2018|archive-url=https://web.archive.org/web/20180614121655/https://www.reuters.com/article/ireland-brazil-funds/blacklisted-by-brazil-dublin-funds-find-new-ways-to-invest-idUSL8N1MK2NX|url-status=live}}</ref> A major 2017 study into "[[offshore financial centers]]" identified Ireland as a top 5 global [[Conduit and Sink OFCs|Conduit OFC]].<ref>{{cite journal|title=Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network|publisher=Nature Magazine|date=24 July 2017|doi=10.1038/s41598-017-06322-9 |last1=Garcia-Bernardo |first1=Javier |last2=Fichtner |first2=Jan |last3=Takes |first3=Frank W. |last4=Heemskerk |first4=Eelke M. |journal=Scientific Reports |volume=7 |issue=1 |page=6246 |pmid=28740120 |pmc=5524793 |arxiv=1703.03016 |bibcode=2017NatSR...7.6246G }}</ref>
This made Ireland the most popular destination for US [[Corporation tax in the Republic of Ireland#Corporate tax inversions|corporate tax inversions]].<ref>{{cite web|url=https://www.bloomberg.com/graphics/tax-inversion-tracker/|title=Tracking Tax Runaways|publisher=Bloomberg News|date=1 March 2017|access-date=9 April 2018|archive-date=17 June 2020|archive-url=https://web.archive.org/web/20200617014206/https://www.bloomberg.com/graphics/tax-inversion-tracker/|url-status=live}}</ref> When Pfizer and Irish-based Allergan announced the largest corporate tax inversion in history at $160bn (84% of Ireland's 2016 GNI* of €190bn),<ref>{{cite news|url=https://www.independent.ie/business/irish/pfizer-pulls-out-of-140bn-irish-allergan-merger-34603518.html|title=Pfizer pulls out of €140bn Irish Allergan merger|newspaper=Irish Independent|date=6 April 2016|access-date=9 April 2018|archive-date=8 July 2018|archive-url=https://web.archive.org/web/20180708104847/https://www.independent.ie/business/irish/pfizer-pulls-out-of-140bn-irish-allergan-merger-34603518.html|url-status=live}}</ref> it forced the Obama administration to block US tax inversions. None have occurred since.<ref>{{cite web|url=https://www.bloomberg.com/quicktake/tax-inversion|title=Bloomberg Special TAX INVERSION|publisher=Bloomberg|date=2 May 2017|access-date=9 April 2018|archive-date=13 April 2018|archive-url=https://web.archive.org/web/20180413010306/https://www.bloomberg.com/quicktake/tax-inversion|url-status=live}}</ref>
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]]",<ref>{{cite news| url=https://www.ft.com/content/ba95cff0-4fcd-11e4-a0a4-00144feab7de| title=Brussels in crackdown on 'double Irish' tax loophole| newspaper=Financial Times| date=October 2014| access-date=9 April 2018| archive-date=22 July 2018| archive-url=https://web.archive.org/web/20180722112759/https://www.ft.com/content/ba95cff0-4fcd-11e4-a0a4-00144feab7de| url-status=live}}</ref> but it was replaced (Apple's "[[Double Irish arrangement#Backstop of capital allowances|capital allowances]]" and Microsoft's "[[Double Irish arrangement#Replacement by Single Malt|single malt]]").<ref name="guardian">{{cite news| url=https://theconversation.com/irelands-move-to-close-the-double-irish-tax-loophole-unlikely-to-bother-apple-google-33011| title=Ireland's move to close the 'double Irish' tax loophole unlikely to bother Apple, Google| newspaper=The Guardian| date=October 2014| access-date=9 April 2018| archive-date=22 July 2018| archive-url=https://web.archive.org/web/20180722114227/http://theconversation.com/irelands-move-to-close-the-double-irish-tax-loophole-unlikely-to-bother-apple-google-33011| url-status=live}}</ref><ref>{{Cite web|title = 'Impossible' structures: tax outcomes overlooked by the 2015 tax Spillover analysis|url = https://www.christianaid.ie/sites/default/files/2018-02/impossible-structures-tax-report.pdf|publisher = Christian Aid|date = November 2017|access-date = 9 April 2018|archive-date = 22 March 2018|archive-url = https://web.archive.org/web/20180322020723/https://www.christianaid.ie/sites/default/files/2018-02/impossible-structures-tax-report.pdf|url-status = live}}</ref>
By 2017, [[IDA Ireland]] estimated multinationals (US comprise 80%),<ref name="idax"/> 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 than could be accurately measured (i.e. new office construction, second order services etc.).<ref name="iday"/> 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.<ref name="ber" /> In addition, the OECD estimate that foreign multinationals employ one quarter of the Irish private sector workforce.<ref name="oecdx"/>
However, the US and the EU became more resolute to curb what they saw as excessive tax avoidance by US multinationals in Ireland.<ref name="eee"/><ref>{{cite news|title = The United States' new view of Ireland: 'tax haven'|url = https://www.irishtimes.com/life-and-style/abroad/the-united-states-new-view-of-ireland-tax-haven-1.2896469?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Fabroad%2Fthe-united-states-new-view-of-ireland-tax-haven-1.2896469|newspaper = Irish Times|date = January 2017|access-date = 9 April 2018|archive-date = 9 April 2018|archive-url = https://web.archive.org/web/20180409233603/https://www.irishtimes.com/life-and-style/abroad/the-united-states-new-view-of-ireland-tax-haven-1.2896469?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Fabroad%2Fthe-united-states-new-view-of-ireland-tax-haven-1.2896469|url-status = live}}</ref> 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.<ref>{{cite news |last1=Lavassani |first1=Kayvan |title=Data Science Reveals NAFTA's Problem |url=http://www.ia-forum.org/Files/Trade%20War%20v21.pdf |access-date=9 July 2018 |work=International Affairs Forum |agency=Center for International Relations |issue=June 2018 |publisher=Center for International Relations |date=June 2018 |archive-date=7 July 2018 |archive-url=https://web.archive.org/web/20180707010007/http://www.ia-forum.org/Files/Trade%20War%20v21.pdf |url-status=live }}</ref>{{Better source needed|reason=The reliability of this source is unclear - not helped by the fact that there are spelling and grammar mistakes in every sentence in which Ireland is mentioned in the PDF|date=July 2018}}
The US [[Tax Cuts and Jobs Act of 2017]] was passed with Ireland directly in mind.<ref name="trump"/> 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<ref name="uk1"/> - 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]]<ref name="times"/>).<ref name="hert"/> 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 "[[Corporation tax in the Republic of Ireland#Multinational tax schemes|multinational tax schemes]]".<ref name="challenge"/><ref name="home">{{cite news|title = US corporations could be saying goodbye to Ireland|url = https://www.irishtimes.com/business/economy/us-corporations-could-be-saying-goodbye-to-ireland-1.3359050?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Fus-corporations-could-be-saying-goodbye-to-ireland-1.3359050|newspaper = Irish Times|date = 17 January 2018|access-date = 4 July 2021|archive-date = 9 April 2018|archive-url = https://web.archive.org/web/20180409233616/https://www.irishtimes.com/business/economy/us-corporations-could-be-saying-goodbye-to-ireland-1.3359050?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Fbusiness%2Feconomy%2Fus-corporations-could-be-saying-goodbye-to-ireland-1.3359050|url-status = live}}</ref><ref name="hbr"/>
The EU Commission's impending 2018 "digital tax" is also designed to curb the Irish "multinational tax schemes". By taxing [[Revenue|turnover]], it acts as an "override" on the Irish "multinational tax schemes".<ref name="euu2"/><ref name="euu1"/> It has been described by Seamus Coffey, Chairperson of the [[Irish Fiscal Advisory Council]] as "a more serious threat to Ireland than [[Brexit]]".<ref name="cofxx"/>
== 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.<ref>{{cite web | url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=178,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects }}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1980
|25.3
|7,390.3
|21.4
|6,252.2
|{{Increase}}2.9%
|{{IncreaseNegative}}18.3%
|n/a
|n/a
|-
|1981
|{{Increase}}28.4
|{{Increase}}8,190.6
|{{Decrease}}20.4
|{{Decrease}}5,886.4
|{{Increase}}2.5%
|{{IncreaseNegative}}20.2%
|n/a
|n/a
|-
|1982
|{{Increase}}30.6
|{{Increase}}8,733.9
|{{Increase}}21.3
|{{Increase}}6,078.1
|{{Increase}}1.5%
|{{IncreaseNegative}}17.2%
|n/a
|n/a
|-
|1983
|{{Increase}}31.6
|{{Increase}}8,948.0
|{{Decrease}}20.6
|{{Decrease}}5,839.8
|{{Decrease}}-0.7%
|{{IncreaseNegative}}10.4%
|n/a
|n/a
|-
|1984
|{{Increase}}33.8
|{{Increase}}9,500.2
|{{Decrease}}19.9
|{{Decrease}}5,591.8
|{{Increase}}3.2%
|{{IncreaseNegative}}8.6%
|n/a
|n/a
|-
|1985
|{{Increase}}35.5
|{{Increase}}9,960.4
|{{Increase}}21.2
|{{Increase}}5,934.5
|{{Increase}}1.9%
|{{IncreaseNegative}}5.5%
|17.7%
|n/a
|-
|1986
|{{Increase}}36.4
|{{Increase}}10,202.3
|{{Increase}}28.5
|{{Increase}}7,993.2
|{{Increase}}0.4%
|{{Increase}}3.0%
|{{IncreaseNegative}}18.1%
|n/a
|-
|1987
|{{Increase}}38.7
|{{Increase}}10,817.3
|{{Increase}}33.7
|{{Increase}}9,419.5
|{{Increase}}3.6%
|{{Increase}}3.2%
|{{IncreaseNegative}}18.8%
|n/a
|-
|1988
|{{Increase}}41.2
|{{Increase}}11,586.1
|{{Increase}}36.9
|{{Increase}}10,365.3
|{{Increase}}3.0%
|{{Increase}}2.2%
|{{DecreasePositive}}18.4%
|n/a
|-
|1989
|{{Increase}}45.2
|{{Increase}}12,793.2
|{{Increase}}38.0
|{{Increase}}10,754.6
|{{Increase}}5.6%
|{{Increase}}4.0%
|{{DecreasePositive}}17.9%
|n/a
|-
|1990
|{{Increase}}50.6
|{{Increase}}14,310.4
|{{Increase}}48.2
|{{Increase}}13,644.8
|{{Increase}}7.7%
|{{Increase}}3.4%
|{{DecreasePositive}}17.2%
|n/a
|-
|1991
|{{Increase}}53.1
|{{Increase}}14,952.4
|{{Increase}}48.8
|{{Increase}}13,748.2
|{{Increase}}1.6%
|{{Increase}}3.1%
|{{IncreaseNegative}}19.0%
|n/a
|-
|1992
|{{Increase}}56.3
|{{Increase}}15,712.2
|{{Increase}}54.9
|{{Increase}}15,331.9
|{{Increase}}3.6%
|{{Increase}}3.2%
|{{DecreasePositive}}16.3%
|n/a
|-
|1993
|{{Increase}}58.9
|{{Increase}}16,366.5
|{{Decrease}}51.4
|{{Decrease}}14,262.8
|{{Increase}}2.3%
|{{Increase}}1.4%
|{{IncreaseNegative}}16.7%
|n/a
|-
|1994
|{{Increase}}63.7
|{{Increase}}17,643.1
|{{Increase}}55.8
|{{Increase}}15,455.4
|{{Increase}}5.9%
|{{Increase}}2.4%
|{{DecreasePositive}}15.1%
|n/a
|-
|1995
|{{Increase}}71.3
|{{Increase}}19,656.6
|{{Increase}}69.3
|{{Increase}}19,086.8
|{{Increase}}9.6%
|{{Increase}}2.5%
|{{DecreasePositive}}14.1%
|78.5%
|-
|1996
|{{Increase}}79.2
|{{Increase}}21,687.0
|{{Increase}}75.9
|{{Increase}}20,781.4
|{{Increase}}9.1%
|{{Increase}}2.2%
|{{DecreasePositive}}11.8%
|{{DecreasePositive}}69.8%
|-
|1997
|{{Increase}}89.3
|{{Increase}}24,177.2
|{{Increase}}83.0
|{{Increase}}22,468.6
|{{Increase}}10.7%
|{{Increase}}1.3%
|{{DecreasePositive}}9.9%
|{{DecreasePositive}}61.6%
|-
|1998
|{{Increase}}98.2
|{{Increase}}26,314.1
|{{Increase}}90.3
|{{Increase}}24,202.5
|{{Increase}}8.8%
|{{Increase}}2.1%
|{{DecreasePositive}}7.6%
|{{DecreasePositive}}51.4%
|-
|1999
|{{Increase}}110.1
|{{Increase}}29,164.8
|{{Increase}}99.0
|{{Increase}}26,233.7
|{{Increase}}10.5%
|{{Increase}}2.4%
|{{DecreasePositive}}5.9%
|{{DecreasePositive}}46.6%
|-
|2000
|{{Increase}}123.1
|{{Increase}}32,161.6
|{{Increase}}100.3
|{{Decrease}}26,186.3
|{{Increase}}9.4%
|{{IncreaseNegative}}5.3%
|{{DecreasePositive}}4.4%
|{{DecreasePositive}}36.4%
|-
|2001
|{{Increase}}132.6
|{{Increase}}34,095.8
|{{Increase}}109.3
|{{Increase}}28,120.1
|{{Increase}}5.3%
|{{Increase}}4.0%
|{{DecreasePositive}}4.2%
|{{DecreasePositive}}33.6%
|-
|2002
|{{Increase}}142.6
|{{Increase}}36,043.1
|{{Increase}}128.5
|{{Increase}}32,482.1
|{{Increase}}5.9%
|{{Increase}}4.7%
|{{IncreaseNegative}}4.7%
|{{DecreasePositive}}30.9%
|-
|2003
|{{Increase}}149.8
|{{Increase}}37,249.8
|{{Increase}}164.6
|{{Increase}}40,940.1
|{{Increase}}3.0%
|{{Increase}}4.0%
|{{IncreaseNegative}}4.9%
|{{DecreasePositive}}29.8%
|-
|2004
|{{Increase}}164.3
|{{Increase}}40,064.2
|{{Increase}}194.3
|{{Increase}}47,389.3
|{{Increase}}6.8%
|{{Increase}}2.3%
|{{DecreasePositive}}4.8%
|{{DecreasePositive}}28.1%
|-
|2005
|{{Increase}}179.1
|{{Increase}}42,650.8
|{{Increase}}212.0
|{{Increase}}50,476.5
|{{Increase}}5.7%
|{{Increase}}2.2%
|{{DecreasePositive}}4.6%
|{{DecreasePositive}}26.1%
|-
|2006
|{{Increase}}193.9
|{{Increase}}44,867.9
|{{Increase}}232.2
|{{Increase}}53,738.8
|{{Increase}}5.0%
|{{Increase}}2.7%
|{{IncreaseNegative}}4.8%
|{{DecreasePositive}}23.6%
|-
|2007
|{{Increase}}209.7
|{{Increase}}47,173.0
|{{Increase}}270.1
|{{Increase}}60,770.1
|{{Increase}}5.3%
|{{Increase}}2.9%
|{{IncreaseNegative}}5.0%
|{{IncreaseNegative}}23.9%
|-
|2008
|{{Decrease}}204.1
|{{Decrease}}45,200.0
|{{Increase}}275.4
|{{Increase}}60,990.0
|{{Decrease}}-4.5%
|{{Increase}}3.1%
|{{IncreaseNegative}}6.8%
|{{IncreaseNegative}}42.5%
|-
|2009
|{{Decrease}}195.0
|{{Decrease}}42,875.5
|{{Decrease}}236.2
|{{Decrease}}51,943.5
|{{Decrease}}-5.1%
|{{Increase}}-1.7%
|{{IncreaseNegative}}12.6%
|{{IncreaseNegative}}61.8%
|-
|2010
|{{Increase}}200.6
|{{Increase}}43,918.7
|{{Decrease}}222.1
|{{Decrease}}48,620.6
|{{Increase}}1.7%
|{{Increase}}-1.6%
|{{IncreaseNegative}}14.6%
|{{IncreaseNegative}}86.2%
|-
|2011
|{{Increase}}206.5
|{{Increase}}45,040.6
|{{Increase}}239.0
|{{Increase}}52,122.1
|{{Increase}}0.8%
|{{Increase}}1.2%
|{{IncreaseNegative}}15.4%
|{{IncreaseNegative}}110.5%
|-
|2012
|{{Increase}}213.4
|{{Increase}}46,335.2
|{{Decrease}}225.8
|{{Decrease}}49,029.3
|{{Decrease}}0.0%
|{{Increase}}1.9%
|{{IncreaseNegative}}15.5%
|{{IncreaseNegative}}119.6%
|-
|2013
|{{Increase}}221.2
|{{Increase}}47,773.4
|{{Increase}}238.3
|{{Increase}}51,472.1
|{{Increase}}1.1%
|{{Increase}}0.5%
|{{DecreasePositive}}13.8%
|{{IncreaseNegative}}120.0%
|-
|2014
|{{Increase}}238.2
|{{Increase}}51,032.0
|{{Increase}}259.2
|{{Increase}}55,542.0
|{{Increase}}8.6%
|{{Increase}}0.3%
|{{DecreasePositive}}11.9%
|{{DecreasePositive}}104.3%
|-
|2015
|{{Increase}}324.9
|{{Increase}}68,918.0
|{{Increase}}291.8
|{{Increase}}61,902.7
|{{Increase}}24.4%
|{{Increase}}-0.1%
|{{DecreasePositive}}9.9%
|{{DecreasePositive}}76.7%
|-
|2016
|{{Increase}}340.2
|{{Increase}}71,290.9
|{{Increase}}299.0
|{{Increase}}62,668.1
|{{Increase}}2.0%
|{{Increase}}-0.2%
|{{DecreasePositive}}8.4%
|{{DecreasePositive}}74.3%
|-
|2017
|{{Increase}}376.4
|{{Increase}}78,002.3
|{{Increase}}336.3
|{{Increase}}69,685.3
|{{Increase}}9.0%
|{{Increase}}0.3%
|{{DecreasePositive}}6.8%
|{{DecreasePositive}}67.6%
|-
|2018
|{{Increase}}418.2
|{{Increase}}85,607.1
|{{Increase}}385.9
|{{Increase}}78,988.6
|{{Increase}}8.5%
|{{Increase}}0.7%
|{{DecreasePositive}}5.8%
|{{DecreasePositive}}63.0%
|-
|2019
|{{Increase}}448.9
|{{Increase}}90,696.9
|{{Increase}}399.4
|{{Increase}}80,690.2
|{{Increase}}5.4%
|{{Increase}}0.9%
|{{DecreasePositive}}5.0%
|{{DecreasePositive}}57.2%
|-
|2020
|{{Increase}}482.4
|{{Increase}}96,618.9
|{{Increase}}425.5
|{{Increase}}85,225.1
|{{Increase}}6.2%
|{{Increase}}-0.5%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}58.4%
|-
|2021
|{{Increase}}570.7
|{{Increase}}113,267.8
|{{Increase}}504.5
|{{Increase}}100,129.5
|{{Increase}}13.6%
|{{Increase}}2.4%
|{{IncreaseNegative}}6.3%
|{{DecreasePositive}}55.3%
|-
|2022
|{{Increase}}666.3
|{{Increase}}131,034.1
|{{Increase}}519.8
|{{Increase}}102,217.4
|{{Increase}}9.0%
|{{IncreaseNegative}}8.4%
|{{DecreasePositive}}4.7%
|{{DecreasePositive}}47.0%
|-
|2023
|{{Increase}}717.7
|{{Increase}}139,844.2
|{{Increase}}549.1
|{{Increase}}106,997.4
|{{Increase}}4.0%
|{{IncreaseNegative}}6.5%
|{{IncreaseNegative}}4.8%
|{{DecreasePositive}}42.8%
|-
|2024
|{{Increase}}762.1
|{{Increase}}147,149.5
|{{Increase}}594.2
|{{Increase}}114,728.2
|{{Increase}}4.0%
|{{Increase}}3.0%
|{{Steady}}4.8%
|{{DecreasePositive}}39.2%
|-
|2025
|{{Increase}}799.8
|{{Increase}}153,018.7
|{{Increase}}630.8
|{{Increase}}120,692.7
|{{Increase}}3.0%
|{{Increase}}2.0%
|{{Steady}}4.8%
|{{DecreasePositive}}36.5%
|-
|2026
|{{Increase}}839.5
|{{Increase}}159,163.6
|{{Increase}}670.7
|{{Increase}}127,144.3
|{{Increase}}3.0%
|{{Increase}}2.0%
|{{Steady}}4.8%
|{{DecreasePositive}}34.0%
|-
|2027
|{{Increase}}881.6
|{{Increase}}165,603.8
|{{Increase}}712.0
|{{Increase}}133,760.4
|{{Increase}}3.0%
|{{Increase}}2.0%
|{{Steady}}4.8%
|{{DecreasePositive}}31.3%
|}
==
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.<ref>{{cite web | url=https://www.hithorizons.com/eu/analyses/country-statistics/ireland| title=Industry Breakdown of Companies in Ireland | website=HitHorizons}}</ref>
===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.<ref>{{Cite web|url=https://www.idaireland.in/doing-business-here/industry-sectors/aviation-leasing|title=Aircraft Leasing & Financing. Industry in Ireland – Facts|website=IDA Ireland|access-date=2018-11-26|archive-date=13 September 2017|archive-url=https://web.archive.org/web/20170913031133/https://www.idaireland.in/doing-business-here/industry-sectors/aviation-leasing|url-status=live}}</ref><ref>{{Cite news|url=https://www.independent.ie/business/irish/aircraft-leasing-flying-into-the-future-34633108.html|title=Aircraft leasing: flying into the future|last=McLoughlin|first=Gavin|date=2016-04-17|work=Irish Independent|access-date=2018-11-26|archive-date=27 November 2018|archive-url=https://web.archive.org/web/20181127022637/https://www.independent.ie/business/irish/aircraft-leasing-flying-into-the-future-34633108.html|url-status=live}}</ref>
===Alcoholic beverage industry===
The drinks industry employs approximately 92,000 people and contributes 2 billion euro annually to the Irish economy<ref>{{cite web|url=http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesABFI/Home!OpenDocument|title=Alcohol Beverage Federation of Ireland (ABFI)|access-date=29 December 2015|archive-date=4 October 2014|archive-url=https://web.archive.org/web/20141004211004/http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesABFI/Home!OpenDocument|url-status=live}}</ref> 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),<ref>{{cite web|url=http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesBeer/Industry_in_Ireland~beer-industry-in-ireland!OpenDocument|title=Beer industry in Ireland - ABFI / Beer|access-date=29 December 2015|archive-date=7 October 2017|archive-url=https://web.archive.org/web/20171007064907/http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesBeer/Industry_in_Ireland~beer-industry-in-ireland!OpenDocument|url-status=live}}</ref> cider (supporting 5,000 jobs),<ref>{{cite web|url=http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesCider/Industry_in_Ireland~cider-industry-in-ireland!OpenDocument|title=Cider industry in Ireland - ABFI / Cider|access-date=29 December 2015|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304092904/http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesCider/Industry_in_Ireland~cider-industry-in-ireland!OpenDocument|url-status=live}}</ref> spirits (supporting 14,700 jobs),<ref>{{cite web|url=http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesSpirits/Industry_in_Ireland~spirits-industry-in-ireland!OpenDocument|title=Spirits industry in Ireland - ABFI / Spirits|access-date=29 December 2015|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304085346/http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesSpirits/Industry_in_Ireland~spirits-industry-in-ireland!OpenDocument|url-status=live}}</ref> whiskey (employing 748 people with turnover of 400 million euro)<ref>{{cite web|url=http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesWhiskey/Industry_in_Ireland~Whiskey_industry_in_Ireland~economic-impact!OpenDocument|title=Economic impact - ABFI / Whiskey|access-date=29 December 2015|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304084407/http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesWhiskey/Industry_in_Ireland~Whiskey_industry_in_Ireland~economic-impact!OpenDocument|url-status=live}}</ref>
and wine (employing 1,100 directly).<ref>{{cite web|url=http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesWine/Industry_in_Ireland~wine-industry-in-ireland!OpenDocument|title=Wine industry in Ireland - ABFI / Wine|access-date=29 December 2015|archive-date=4 March 2016|archive-url=https://web.archive.org/web/20160304115029/http://www.abfi.ie/Sectors/ABFI/ABFI.nsf/vPagesWine/Industry_in_Ireland~wine-industry-in-ireland!OpenDocument|url-status=live}}</ref>{{third-party inline|date=December 2015}}
===
[[File:Waterford Crystal factory - Glassblower - geograph.org.uk - 500772.jpg|thumb|[[Waterford Crystal]] glass factory]]
The multinational engineering sector employs over 18,500 people and contributes approximately 4.2 billion euro annually.<ref>{{cite web|url=https://www.idaireland.com/doing-business-here/industry-sectors/engineering|title=Engineering|website=IDA Ireland|access-date=13 May 2020|archive-date=10 September 2017|archive-url=https://web.archive.org/web/20170910194654/https://www.idaireland.com/doing-business-here/industry-sectors/engineering|url-status=live}}</ref> This includes approximately 180 companies in areas such of industrial products and services, aerospace, automotive and clean tech.{{citation needed|date=December 2015}}
===Energy generation===
{{main|Energy in the Republic of Ireland}}
[[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.<ref name=energy>Howley, Martin, Fergal O'Leary, and Brian Ó Gallachóir (January 2006). [https://web.archive.org/web/20061005155413/http://193.178.1.196/getFile.asp?FC_ID=1067&docID=68 Energy in Ireland 1990 – 2004: Trends, issues, forecasts and indicators] (pdf), p10, 20, 26.</ref> 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.<ref name=energy/> New or potential sources include the [[Corrib gas field]] and the [[Shannon LNG|Shannon Liquefied Natural Gas terminal]].<ref>{{cite web |url=http://www.bordgais.ie/ |title=Bord Gáis Homepage |publisher=[[Bord Gáis]] |access-date=9 July 2009 |archive-date=11 February 2001 |archive-url=https://web.archive.org/web/20010211181115/http://www.bordgais.ie/ |url-status=live }}</ref>
Ireland is one of a group of countries that are likely{{citation needed|date=January 2020}} 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").<ref>{{cite journal | last1 = Overland | first1 = Indra | last2 = Bazilian | first2 = Morgan | last3 = Ilimbek Uulu | first3 = Talgat | last4 = Vakulchuk | first4 = Roman | last5 = Westphal | first5 = Kirsten | date = 2019 | title = The GeGaLo index: Geopolitical gains and losses after energy transition | journal = Energy Strategy Reviews |volume = 26 | article-number = 100406 | doi = 10.1016/j.esr.2019.100406| doi-access = free | hdl = 11250/2634876 | hdl-access = free }}</ref>
===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.<ref>{{cite magazine |first=Kevin |last=Hoffmann |url=http://www.spiegel.de/international/spiegel/0,1518,348682,00.html |title=Ireland: How the Celtic Tiger Became the World's Software Export Champ |magazine=[[Der Spiegel]] |date=26 March 2005 |access-date=9 July 2009 |archive-date=14 October 2008 |archive-url=https://web.archive.org/web/20081014051917/http://www.spiegel.de/international/spiegel/0,1518,348682,00.html |url-status=live }}</ref>
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 Mine|Lisheen]] and [[Galmoy Mine|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.<ref>{{cite web |url=http://irishresources.wordpress.com/2008/07/15/irish-mines-now-operating-tara-galmoy-and-lisheen/ |title=Operational Irish Mines: Tara, Galmoy and Lisheen - Irish Natural Resources |publisher=Irish Natural Resources |date=15 July 2008 |access-date=9 July 2009 |archive-date=15 May 2011 |archive-url=https://web.archive.org/web/20110515134952/http://irishresources.wordpress.com/2008/07/15/irish-mines-now-operating-tara-galmoy-and-lisheen/ |url-status=live }}</ref>
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.<ref name="ey">{{cite web|url=http://www.ey.com/GL/en/Issues/Business-environment/Winning-in-a-polycentric-world--globalization-and-the-changing-world-of-business---The-Globalization-Index-2010-summary|title=Winning in a polycentric world: globalization and the changing world of business - The Globalization Index 2010 summary - EY - Global|publisher=ey.com|access-date=1 December 2015|archive-url=https://web.archive.org/web/20151208072943/http://www.ey.com/GL/en/Issues/Business-environment/Winning-in-a-polycentric-world--globalization-and-the-changing-world-of-business---The-Globalization-Index-2010-summary|archive-date=8 December 2015|url-status=dead|df=dmy-all}}</ref> While the Irish economy had significant debt problems in 2011, exporting remained a success.
===
{{main|Financial services in the Republic of Ireland}}
The financial services sector employs approximately 35,000 people and contributes 2 billion euro in taxes annually to the economy.<ref name="idafin">{{cite web|url=https://www.idaireland.com/doing-business-here/industry-sectors/financial-services|title=Financial Services|website=IDA Ireland|access-date=13 May 2020|archive-date=6 September 2017|archive-url=https://web.archive.org/web/20170906104743/https://www.idaireland.com/doing-business-here/industry-sectors/financial-services|url-status=live}}</ref> Ireland is the seventh largest provider of wholesale financial services in Europe.<ref name="idafin"/> A number of these firms are located at the [[International Financial Services Centre, Dublin|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.<ref>{{cite web|url=https://www.idaireland.com/doing-business-here/industry-sectors/ict|title=ICT|website=IDA Ireland|access-date=13 May 2020|archive-date=8 September 2017|archive-url=https://web.archive.org/web/20170908210051/https://www.idaireland.com/doing-business-here/industry-sectors/ict|url-status=live}}</ref>{{clarify|date=December 2015}} 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 (city)|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.<ref>{{cite web|url=https://www.idaireland.com/doing-business-here/industry-sectors/medical-technology|title=Medical Technology|website=IDA Ireland|access-date=13 May 2020|archive-date=7 September 2017|archive-url=https://web.archive.org/web/20170907161209/https://www.idaireland.com/doing-business-here/industry-sectors/medical-technology|url-status=live}}</ref>{{third-party inline|date=January 2016}}
===Pharmaceuticals===
The pharmaceutical sector employs approximately 50,000 people and is responsible for 55 billion euro of exports.<ref>{{cite web|url=https://www.idaireland.com/doing-business-here/industry-sectorsbio-pharmaceuticals|title=Bio-Pharmaceuticals|website=IDA Ireland|access-date=13 May 2020}}{{dead link|date=June 2022|bot=medic}}{{cbignore|bot=medic}}</ref>{{third-party inline|date=January 2016}} A number of these companies are based in [[County Cork]], at [[Little Island, Cork|Little Island]] and [[Ringaskiddy]].
===
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|date=December 2015}} The top 10 global technology firms have operations in Ireland including Apple, Google, Facebook and Microsoft. Ireland is home to over 900 software companies.<ref>{{cite web|url=https://www.idaireland.com/doing-business-here/industry-sectors/software|title=Software|website=IDA Ireland|access-date=13 May 2020|archive-date=10 September 2017|archive-url=https://web.archive.org/web/20170910194714/https://www.idaireland.com/doing-business-here/industry-sectors/software|url-status=live}}</ref>{{third-party inline|date=January 2016}}
===
{{see|Natural resources of the Republic of Ireland}}
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|date=May 2019}} 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.<ref>{{cite web | url = https://www.teagasc.ie/rural-economy/rural-economy/agri-food-business/agriculture-in-ireland/ | publisher = Teagasc | website = teagasc.ie | title = Agriculture in Ireland - The Irish Agri-Food Industry | access-date = 16 May 2019 | archive-date = 7 March 2017 | archive-url = https://web.archive.org/web/20170307100915/https://www.teagasc.ie/rural-economy/rural-economy/agri-food-business/agriculture-in-ireland/ | url-status = live }}</ref> This included cattle, beef, and dairy product exports. Ireland's agri-food exports include several high-value dairy brands,<ref>{{cite web | url = https://www.irishtimes.com/business/agribusiness-and-food/kerrygold-becomes-ireland-s-first-billion-euro-food-brand-1.3876158 | publisher = Irish Times | website = irishtimes.com | title = Kerrygold becomes Ireland's first billion euro food brand | date = 30 April 2019 | access-date = 18 May 2019 | quote = ''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'' | archive-date = 1 May 2019 | archive-url = https://web.archive.org/web/20190501031954/https://www.irishtimes.com/business/agribusiness-and-food/kerrygold-becomes-ireland-s-first-billion-euro-food-brand-1.3876158 | url-status = live }}</ref> and are led by a number of Irish companies including [[Kerry Group]], [[Glanbia]], [[Greencore]] and [[Ornua]].<ref>{{cite web | url = https://www.irishtimes.com/life-and-style/food-and-drink/how-ireland-is-turning-into-a-food-processing-giant-1.3434864 | publisher = Irish Times | website = irishtimes.com | title = How Ireland is turning into a food-processing giant | date = 31 March 2018 | access-date = 18 May 2019 | quote = ''Ireland's food-processing behemoths have been driving the export boom [including] big players like Kerry, Glanbia, Greencore and Ornua'' | archive-date = 1 April 2018 | archive-url = https://web.archive.org/web/20180401174850/https://www.irishtimes.com/life-and-style/food-and-drink/how-ireland-is-turning-into-a-food-processing-giant-1.3434864 | url-status = live }}</ref>
By the late nineteenth century, the island was mostly deforested. In 2005, after years of national afforestation programmes, about 9% of Ireland has become forested.<ref>World Resources Institute (2006). [http://earthtrends.wri.org/text/forests-grasslands-drylands/country-profile-89.html Forests, Grasslands and Drylands: Ireland.] {{webarchive|url=https://web.archive.org/web/20070929103118/http://earthtrends.wri.org/text/forests-grasslands-drylands/country-profile-89.html |date=29 September 2007 }} EarthTrends. Retrieved on 8 August 2006.</ref> It is still one of the least forested countries in the EU and heavily relies on imported wood.<ref>Heritage Council of Ireland. [http://www.heritagecouncil.ie/publications/forestry/historical.html 1. Historical Context] {{webarchive|url=https://web.archive.org/web/20070619061654/http://www.heritagecouncil.ie/publications/forestry/historical.html |date=19 June 2007 }} & [http://www.heritagecouncil.ie/publications/forestry/irelands.html 2. Ireland's Forestry Policy.] {{webarchive|url=https://web.archive.org/web/20070619060838/http://www.heritagecouncil.ie/publications/forestry/irelands.html |date=19 June 2007 }} Forestry and the National Heritage. Retrieved on 8 August 2006.</ref> 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.<ref>Indecon International Economic Consultants, for the Central Fisheries Board (April 2003){{cite web|url=http://www.cfb.ie/pdf/CFBMIDAPRFI_17.pdf |title=An Economic/Socio-Economic Evaluation of Wild Salmon in Ireland |access-date=9 August 2006 |url-status=bot: unknown |archive-url=https://web.archive.org/web/20090326211907/http://www.cfb.ie/pdf/CFBMIDAPRFI_17.pdf |archive-date=26 March 2009 }}</ref> Ireland is a major exporter of zinc to the EU and mining also produces significant quantities of lead and alumina.<ref>Newman, Harold R. [http://minerals.usgs.gov/minerals/pubs/country/2001/9420001.pdf The Mineral Industry of Ireland] {{Webarchive|url=https://web.archive.org/web/20040307145216/http://minerals.usgs.gov/minerals/pubs/country/2001/9420001.pdf |date=7 March 2004 }} (pdf). U.S. Geological Survey Minerals Yearbook – 2001.</ref>
Beyond this, the country has significant deposits of [[gypsum]], [[limestone]], and smaller quantities of copper, silver, gold, [[barite]], and [[Dolomite (rock)|dolomite]].<ref name=CIA>CIA (2006). [https://www.cia.gov/the-world-factbook/countries/ireland/ Ireland] {{Webarchive|url=https://web.archive.org/web/20210118202615/https://www.cia.gov/the-world-factbook/countries/ireland/ |date=18 January 2021 }} The World Factbook. Retrieved on 8 August 2006.</ref> 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.<ref>Feehan, J, S. McIlveen (1997). [http://www.wesleyjohnston.com/users/ireland/geography/bogs.html The Atlas of the Irish Rural Landscape.] {{Webarchive|url=https://web.archive.org/web/20181003173500/http://www.wesleyjohnston.com/users/ireland/geography/bogs.html |date=3 October 2018 }} Cork University Press.</ref> Natural gas extraction occurs in the Kinsale Gas Field and the Corrib Gas Field in the southern and western counties,<ref>Bord Gáis (2006). [http://www.bgeuk.ie/corporate/index.jsp?1nID=93&2nID= 97&3nID=354&nID=364 Natural Gas In Ireland.]{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }} Gas and the Environment. Retrieved on 8 August 2006.</ref> where there is 19.82 bn cubic metres of proven reserves.<ref name=CIA/>
==== Agriculture ====
[[File:Castleisland-Viehmarkt-02-Versteigerungshalle-2017-gje.jpg|thumb|Cattle auction in [[Castleisland]]]]
In 2017, agriculture was estimated to contribute approximately 1% of GDP.<ref name="CIATWF_IR"/>
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]].<ref>{{Cite web |url=http://www.fao.org/faostat/en/#data/QC/ |title=Ireland production in 2019, by FAO |access-date=29 April 2021 |archive-date=30 October 2018 |archive-url=https://web.archive.org/web/20181030170521/http://www.fao.org/faostat/en/#data/QC/ |url-status=live }}</ref> 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]].<ref>{{Cite web |url=http://www.fao.org/faostat/en/#data/QL/ |title=Ireland's Livestock in 2019, by FAO |access-date=29 April 2021 |archive-date=30 October 2018 |archive-url=https://web.archive.org/web/20181030170521/http://www.fao.org/faostat/en/#data/QL/ |url-status=live }}</ref>
===Secondary and tertiary sectors===
{{see|Retail in the Republic of Ireland}}
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,<ref>Department of Finance. [http://www.finance.gov.ie/viewdoc.asp?DocID=808#ch2 Banking in Ireland] {{webarchive|url=https://web.archive.org/web/20070509114557/http://www.finance.gov.ie/viewdoc.asp?DocID=808 |date=9 May 2007 }} Report of the Department of Finance: Central Bank Working Group on Strategic Issues facing the Irish Banking Sector. Retrieved on 7 August 2006.</ref> the banking system is dominated by the [[Allied Irish Banks|AIB Bank]], [[Bank of Ireland]] and [[Ulster Bank]].<ref>Adkins, Bernardine and Simon Taylor, (June 2005). [http://www.wragge.com/files/NICompetition_june05.pdf Banks in Northern Ireland face Competition Commission investigation] {{webarchive|url=https://web.archive.org/web/20060928131024/http://www.wragge.com/files/NICompetition_june05.pdf |date=28 September 2006 }} (pdf). Report & Review.</ref> 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 [[List of companies listed on the Irish Stock Exchange|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 [[Alternative Investment Fund Managers Directive|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, Dublin|International Financial Services Centre]].<ref>International Monetary Fund, (20 February 2001). [http://www.imf.org/external/np/rosc/irl/insur.htm#II Insurance Supervision Report on the Observance of Standards and Codes (ROSC): Ireland.] {{Webarchive|url=https://web.archive.org/web/20010312012936/http://www.imf.org/external/np/rosc/irl/insur.htm#II |date=12 March 2001 }} Retrieved on 8 August 2006.</ref>
== 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, [[Single parent|lone parents]], single-income couples with and without children) was the third highest of the OECD countries (jointly with [[Iceland]]) after [[Denmark]] and [[Switzerland]].<ref>Finfacts Ireland. [http://www.finfacts.ie/irishfinancenews/article_1012100.shtml] {{Webarchive|url=https://web.archive.org/web/20110927154955/http://www.finfacts.ie/irishfinancenews/article_1012100.shtml|date=27 September 2011}}. Retrieved on 10 August 2008.</ref> [[Jobseeker's Allowance]] or [[Unemployment benefit|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.<ref>DEASP. [https://www.welfare.ie/en/Pages/bud19s1.aspx] {{Webarchive|url=https://web.archive.org/web/20181130132025/https://www.welfare.ie/en/Pages/bud19s1.aspx|date=30 November 2018}}. Retrieved on 9 August 2019.</ref>
=== Wealth distribution and taxation ===
{{further|Taxation in the Republic of Ireland}}
[[File:Tax revenue as a percentage of GDP 1980-2022.svg|thumb|Total tax revenue as a percentage of GDP for Ireland over the past several decades compared to other highly developed countries]]
The percentage of the population at risk of [[relative poverty]] was 21% in 2004 – one of the highest rates in the European Union.<ref>Central Statistics Office, Ireland (June 2006). [http://www.cso.ie/releasespublications/documents/other_releases/2005/progress2005/measuringirelandsprogress.pdf Measuring Ireland's Progress: 2005] {{Webarchive|url=https://web.archive.org/web/20110223123529/http://www.cso.ie/releasespublications/documents/other_releases/2005/progress2005/measuringirelandsprogress.pdf |date=23 February 2011 }} (pdf). {{ISBN|0-7557-7142-7}}.</ref> Ireland's inequality of income distribution score on the [[Gini coefficient]] scale was 30.4 in 2000, slightly below the OECD average of 31.<ref>OECD. [http://stats.oecd.org/WBOS/ViewHTML.aspx?QueryName=186&QueryType=View&Lang=en Country statistical profiles 2006: Ireland.] {{Webarchive|url=https://web.archive.org/web/20071118035327/http://stats.oecd.org/WBOS/ViewHTML.aspx?QueryName=186&QueryType=View&Lang=en |date=18 November 2007 }} OECD Statistics. Retrieved on 7 August 2006.</ref> 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.<ref>Finfacts Ireland. [http://www.finfacts.ie/finfactsblog/2007/07/bank-of-irelands-wealth-of-nation.html] {{Webarchive|url=https://web.archive.org/web/20071119051158/http://www.finfacts.ie/finfactsblog/2007/07/bank-of-irelands-wealth-of-nation.html|date=19 November 2007}}. Retrieved on 10 August 2008.</ref>
From 1975 to 2005, tax revenues fluctuated at around 30% of GDP (see graph right).
==Currency==
{{main|Eurozone}}
Before the introduction of the [[euro banknotes|euro notes]] and [[euro coins|coins]] in January 2002, Ireland used the [[Irish pound]]. In January 1999 Ireland was one of eleven <!-- The Greeks didn't join until 2000 --> 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.<ref>{{cite web |url=http://www.myguideireland.com/euro-coins |title=Design for Irish coin denominations |publisher=Myguideireland.com |access-date=9 July 2009 |archive-date=28 January 2012 |archive-url=https://web.archive.org/web/20120128035847/http://www.myguideireland.com/euro-coins |url-status=live }}</ref> 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==
*[[Economy of Dublin]]
*[[Economy of Cork]]
*[[Economy of Limerick]]
*[[Economy of Northern Ireland]]
*[[Corporation tax in the Republic of Ireland]]
*[[Irish Fiscal Advisory Council]]
==References==
{{reflist|30em}}
==Further reading==
* Clark, Charles, Catherine Kavanagh, and Niamh Lenihan. ''Measuring Progress: Economy, Society and Environment in Ireland'' (Dublin: Social Justice Ireland, 2017). [https://www.socialjustice.ie/sites/default/files/file/SustainableProgressIndex/sustainableprogressindex2018.pdf online] {{Webarchive|url=https://web.archive.org/web/20200730221244/https://www.socialjustice.ie/sites/default/files/file/SustainableProgressIndex/sustainableprogressindex2018.pdf |date=30 July 2020 }}
* Coulter, Colin, and Angela Nagle, eds. ''Ireland under austerity: Neoliberal crisis, neoliberal solutions'' (2015) [https://www.amazon.com/Ireland-under-austerity-Neoliberal-neoliberal/dp/0719091985/ excerpt]
* Daly, Mary E. ''Sixties Ireland: reshaping the economy, state and society, 1957–1973'' (Cambridge University Press, 2016).
* Girvin, Brian. "Before the Celtic Tiger: Change Without Modernisation in Ireland 1959-1989." ''Economic & Social Review'' 41.3 (2010).
* O'Hagan, John, and Francis O'Toole. ''The Economy of Ireland: Policy-making in a Global Context'' (Macmillan International Higher Education, 2017).
* Mercille, Julien. ''The political economy and media coverage of the European economic crisis: The case of Ireland'' (Routledge, 2014).
* Muñoz de Bustillo, Rafael, and José Ignacio Antón. "From sending to host societies: immigration in Greece, Ireland and Spain in the 21st century." ''Industrial Relations Journal'' 41.6 (2010): 563–583.
==External links==
* [https://www.idaireland.com/ Irish Industrial Development Authority ("IDA Ireland")]
* [http://www.ntma.ie/ Irish National Treasury Management Agency ("NTMA")]
* [http://www.cso.ie/en/index.html Irish Central Statistics Office ("CSO")]
* [https://ec.europa.eu/ireland/home_en EU Commission Ireland Portal]
* [http://www.oecd.org/ireland/ OECD Ireland Portal]
* [http://www.imf.org/en/Countries/IRL IMF Ireland Portal]
* [https://www.economist.com/topics/ireland The Economist Ireland Portal]
* [http://www.irisheconomy.ie/ Irishecononomy.ie website]
* [http://www.finfacts.ie/Irish_finance_news/categoryList.php?Irish-Economy-1 Finfacts Ireland website]
{{Economy of Ireland}}{{Ireland topics}}
{{Organisation for Economic Co-operation and Development}}
{{World Trade Organization}}
{{Economy of Europe}}
{{DEFAULTSORT:Economy Of The Republic Of Ireland}}
[[Category:Economy of the Republic of Ireland| ]]
[[Category:
[[Category:Economies of Europe by country|Ireland]]
[[Category:Economy of Ireland|Republic]]
[[Category:OECD member economies|Ireland]]
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