Chamber of Commerce Country Factsheet Last update: 11.08.2017
Your advisors at the Chamber of Commerce
- Diana Rutledge+352423939335
- Edith Stein+352423939482
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
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
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 8.463 26.276 4.936 3.208 3.104 Gross domestic product, current prices 256.272 283.716 307.917 325.831 342.849 Gross domestic product per capita, current prices 55,595.255 61,206.351 65,870.825 69,118.911 72,119.658 Inflation, average consumer prices 0.301 -0.033 0.332 1.159 1.436 Volume of imports of goods and services 15.323 21.686 7.000 5.850 4.520 Volume of exports of goods and services 14.420 34.389 6.502 4.973 4.240 Unemployment rate 11.308 9.450 8.289 7.664 7.178 Current account balance 4.256 29.024 29.114 29.774 30.237 Current account balance 1.661 10.230 9.455 9.138 8.819
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
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
Economic and Commercial Attaché (FIT): Jacques VANHOUCKE
2 Shrewsbury Road
Tel: +353 1 269 26 17
Fax: +353 1 260 41 32
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
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.
Other Useful Links:
- CIA World factbook on Ireland
- L'Irlande sur le site de l'Awex
- Belgian-Luxembourg Chamber of Commerce in Ireland
- Ireland-Luxembourg Chamber of Commerce
- Doing Business in Ireland
- Das ist Irland
The Chamber of Commerce and the country