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Ireland
Chamber of Commerce Country Factsheet Last update: 11.08.2017

Your advisors at the Chamber of Commerce

  • Diana Rutledge
    +352423939335
  • Edith Stein
    +352423939482
Contact us: england@cc.lu

Key Indicators

Area
70,273 km2
Population
4,952,473 (July 2016 est.)
Government type
republic, parliamentary democracy
Languages
English (official, the language generally used), Irish (Gaelic or Gaeilge) (official, spoken mainly in areas along the western coast)
GDP
$322 billion (2016 est.)
Growth rate
4.2% (2016 est.)
HDI
6
Capital
Dublin

 

Introduction

Celtic tribes arrived on the island between 600 and 150 B.C. Invasions by Norsemen that began in the late 8th century were finally ended when King Brian BORU defeated the Danes in 1014. Norman invasions began in the 12th century and set off more than seven centuries of Anglo-Irish struggle marked by fierce rebellions and harsh repressions. The Irish famine of the mid-19th century saw the population of the island drop by one third through starvation and emigration. For more than a century after that the population of the island continued to fall only to begin growing again in the 1960s. Over the last 50 years, Ireland's high birthrate has made it demographically one of the youngest populations in the EU. The modern Irish state traces its origins to the failed 1916 Easter Monday Uprising that touched off several years of guerrilla warfare resulting in independence from the UK in 1921 for 26 southern counties; six northern counties remained part of the UK. Unresolved issues in Northern Ireland erupted into years of violence known as the "Troubles" that began in the 1960s. The Government of Ireland was part of a process along with the UK and US Governments that helped broker what is known as The Good Friday Agreement in Northern Ireland in 1998. This initiated a new phase of cooperation between the Irish and British Governments. Ireland was neutral in World War II and continues its policy of military neutrality. Ireland joined the European Community in 1973 and the euro zone currency union in 1999. The economic boom years of the Celtic Tiger (1995-2007) saw rapid economic growth, which came to an abrupt end in 2008 with the meltdown of the Irish banking system. Today the economy is recovering, fueled by large and growing foreign direct investment, especially from US multi-nationals.

Source: The CIA World Factbook - Ireland

 

Macroeconomic indicators

After expanding very strongly over the past two years, the economy is projected to grow at a more sustainable pace in 2017 and 2018. Notwithstanding this moderation, domestic demand will remain solid. As the labour market tightens, wage pressures will continue to be strong, which is projected to feed into higher inflation. Firms are projected to expand at a slower pace than in past years due to already high labour costs and high external uncertainty, including the final outcome of the Brexit negotiations.


Given elevated uncertainties, policies should firmly focus on underpinning stability and making the economy resilient against shocks. The government should ensure that its medium-term goal of balancing the budget is met, thus leaving room to use fiscal policy to support growth if needed. The authorities should support a further resolution of non-performing loans by improving the process of repossession. They should tighten macro-prudential policies if the rapid rise in property prices fuels new property-related lending more than projected.


Ireland enjoys a high degree of openness to the global economy and has many highly-productive multinational enterprises. It can better take advantage of them by facilitating knowledge spillovers and the expansion of productive firms, which would require strengthening the financial system. Some recently introduced government programmes should improve job mobility. Among them, Springboard, Momentum and ICT conversion courses have been found to be effective in reskilling and upskilling.

Source: OECD - Economic Forcast

IMF Statistics:

  

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
8.46326.2764.9363.2083.104
Gross domestic product, current prices
U.S. dollars (Billions)
256.272283.716307.917325.831342.849
Gross domestic product per capita, current prices
U.S. dollars (Units)
55,595.25561,206.35165,870.82569,118.91172,119.658
Inflation, average consumer prices
Percent change
0.301-0.0330.3321.1591.436
Volume of imports of goods and services
Percent change
15.32321.6867.0005.8504.520
Volume of exports of goods and services
Percent change
14.42034.3896.5024.9734.240
Unemployment rate
Percent of total labor force
11.3089.4508.2897.6647.178
Current account balance
U.S. dollars (Billions)
4.25629.02429.11429.77430.237
Current account balance
Percent of GDP
1.66110.2309.4559.1388.819
Colored cells are estimates

Source: IMF Statistics - Ireland

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 01.14.1972 (Memorial 1974, A, p. 2079)
  • Effective as of 02.25.1975 (Memorial 1975, A, p. 341)

Air Services agreement

  • Agreement frm 07.27.1954 (Memorial 1955, p. 455)
  • Effective as of 28.02.1955 (Memorial 1955, p. 632)
  • Exchange of Notes from 30.9./19.10.1957

Source: Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Irlande

Embassy of the Grand Duchy of Luxembourg in Ireland

Ambassador with residence in London: Mr. Jean OLINGER
27, Wilton Crescent
GB-London SWIX 8SD

Tel.: +44 20 7235 69 61/62/63
Fax: +44 20 7235 97 34
Email: londres.amb(at)mae.etat.lu 

Economic and Commercial Attaché (FIT): Jacques VANHOUCKE
2 Shrewsbury Road
Ballsbridge
DUBLIN 4

Tel: +353 1 269 26 17
Fax: +353 1 260 41 32
E-mail: bart.schobben(at)brussels-wallonia.ie
www.brussels-wallonia.ie 

Honorary Consul

Honorary Consul with jurisdiction in Ireland: Mr. Noël KIERANS

Suite30 / The Mall Beacon
Sandyford / Dublin 18
Tel: +353 1 29 34 980
Fax: +353 1 29 34 972
Email: luxcon(at)indigo.com 

Source: Ministry of Foreign Affairs of Luxemburg                                                                            

Source: www.brussels-export.be

Country risk as defined by Office du Ducroire for Ireland

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Ireland

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