|
|
|
|
|
Economy of Ireland: An Outlook
|
|
|
Ireland is a small, open, trade-dependent economy and is one of the fastest growing economies in the developed world. It constitutes around 1.8% of overall output in the Euro Area. Its openness is reflected both in the international mobility of its labour and capital reflected by strong migrationary flows and high levels of foreign direct investment. Its high level of external trade is signalled by a high share of combined exports and imports of goods to Gross Domestic Product (GDP), which was 115% in 2002. In recent decades the Irish economy has been transformed from being agrarian and traditional manufacturing based to one increasingly based on the hi-tech and internationally traded services sectors. In 2002, the services sector accounted for 65% of employment, industry for 28% and agriculture for 7%. Over the last decade, unprecedented economic growth has seen the level of Irish real GDP almost double in size. There have been many reasons advanced for Ireland's success, which in combination can help explain the exceptionally strong growth rates experienced. They include EU membership and access to the Single Market; Ireland’s low corporation tax rate and a large multinational presence; a high proportion of the population of working age; increased participation in the labour market especially by females; a reversal of the trend of emigration toward immigration; sustained investment in education and training; co-ordinated social partnership agreements and a more stable public finance position. Ireland’s remarkable growth performance throughout the late 1990s and into the start of the new millennium has led to rapid convergence of output per capita with the EU average which has been driven by exceptionally strong growth in employment.
|
|
|
|
Still Can't Find What Your Looking For? Then Try a Essay Search!
|
