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Ireland
Chamber of Commerce Country Factsheet Last update: 12.07.2018

Your advisors at the Chamber of Commerce

  • Diana Rutledge
    +3227375714
  • Anne-Catherine Fohl
    +352423939372
  • Edith Stein
    +352423939482
Contact us: england@cc.lu

Key Indicators

Area
70,273 km2
Population
5,011,102 (July 2017 est.)
Government type
republic, parliamentary democracy
Languages
English (official, the language generally used), Irish (Gaelic or Gaeilge) (official, spoken by approximately 39.8% of the population as of 2016; mainly spoken in areas along Ireland's western coast known as gaeltachtai
GDP
$344.8 billion (2017 est.)
Growth rate
4.1% (2017 est.)
HDI
8
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 was responsible for a drop in the island's population by more than one quarter through starvation, disease, and emigration. For more than a century afterward, 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 (Ulster) counties remained part of the UK. Deep sectarian divides between the Catholic and Protestant populations and systemic discrimination 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 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

Economic activity in Ireland is projected to remain robust, but to ease gradually. Abstracting from volatile activities of multinational enterprises (MNEs), domestic demand will remain robust with solid employment growth and consumption. As the labour market tightens, wage pressures will be strong, feeding into higher inflation. Business investment will slow after its strong rebound, while the construction sector will retain its momentum.

The stance of fiscal policy will be mildly contractionary in both 2018 and 2019. The government should remain committed to improving the fiscal position, thus making room to use fiscal policy against potential negative shocks, notably that of Brexit. The implementation of a new development plan aiming at economic, environmental and social progress should be conditional on this commitment to improve the fiscal position, requiring projects to be carefully prioritised.

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 14.01.1972 (Memorial 1974, A No.90, p.2079)
  • Effective as of 01.01.1968 (Memorial 1974, A No.90, p.2079)
  • Amendment of the Convention from 27.05.2014 (Memorial 2015, A No.232, p.5104)
  • Protocol of letter Exchange of the Convention from 24.12.2015
  • Effective as of 01.01.2016

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 

 

Honorary Consul

Honorary Consul with jurisdiction in Ireland: Mr Ivan HEALY 

30 Upper Pembroke Street
Dublin
DO2 NT28
Irlande
Tél.: (+353) 1 608 7765
Fax: (+353) 1 234 2400
Email: ivanhealy(at)luxembourgconsulate.ie 

Source: Ministry of Foreign Affairs of Luxemburg  

 

Economic and Commercial Attaché (FIT) in charge of Ireland 

Economic and Commercial AttachéMr Jacques VANHOUCKE

1, Elgin Road
Ballsbridge
DUBLIN 4
Tel: (+353) 1-631.52.87
E-mail: dublin(at)fitagency.com                                                                  

Source: FIT

 

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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