Economy of the Republic of Ireland

Economy of Ireland
Liberty Hall Spire and Custom House brighter.jpg
Dublin City Centre
Rank 57th (PPP 2012 est.)
Currency 1 Euro = 100-cent(s)
Fiscal year Calendar year
Trade organisations EU, WTO and OECD
Statistics
GDP

Increase $191.5 billion (PPP, 2012, est.)

€159 bn (2011, current prices)[1][2]
GDP growth Decrease0.7% (Real, 2012 est.)
GDP per capita Increase$41,700 (PPP, 2012 est.)
GDP by sector services (69%), industry (29%), agriculture (2%) (2010 est.)
Inflation (CPI) Decrease1.3% (CPI, 2012 est.)
Population
below poverty line		 6.2% (consistent poverty in 2010)[3]
Gini coefficient 33.9 (2010)
Labour force Increase2.104 million (2012 est.)
Labour force
by occupation		 services (78%), industry (19%), agriculture (5%) (2011 est.)
Unemployment 14.7% (2012)[4]
Average gross salary 2,764 € / 3,731 $, monthly (2006)[5]
Average net salary 2,025 € / 2,733 $, monthly (2006)[5]
Main industries pharmaceuticals, chemicals, computer hardware and software, food products, beverages and brewing, medical devices.
Ease of Doing Business Rank 15th[6]
External
Exports Decrease$113.6 billion (2012 est.)
Export goods machinery and equipment, computers, chemicals, medical devices, pharmaceuticals, food products, animal products.
Main export partners US 22.3%, UK 16.1%, Belgium 15.5%, Germany 7.0%, France 5.7%, Switzerland 4.2% (2011)
Imports Decrease$63.1 billion (2012 est.)
Import goods data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing.
Main import partners UK 39.8%, US 13.0%, Germany 7.8%, Netherlands 5.8% (2011)
Gross external debt Increase$2.352 trillion (30 September 2011)
Public finances
Public debt Increase€169.2 billion (118.0% of GDP in 2012)
Budget deficit €20.5 billion (−13.1% of GDP in 2011)[2]
Revenues $71.57 billion (2012 est.)
Expenses $88.97 billion (2012 est.)
Economic aid Donor of ODA: $585 mn (2010)[7]
Recipient of agricultural aid: $895 mn (2010)[8]
Credit rating Standard & Poor's:[9]
BBB+ (Domestic)
BBB+ (Foreign)
AAA (T&C Assessment)
Outlook: Negative[10]
Moody's:[10]
Baa3
Outlook: Negative
Fitch:[10]
BBB+
Outlook: Stable
Foreign reserves Decrease$1.703 billion (31 December 2012)

Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars

The economy of Ireland is a modern knowledge economy, focusing on services and high-tech industries and dependent on trade, industry and investment. In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in the OECD and the EU-27 at 5th in the OECD-28 rankings as of 2008.[11] 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 (national output) is significantly greater than GNP (national income) due to the repatriation of profits and royalty payments by multinational firms based in Ireland.[12]

A 2005 study by The Economist found Ireland to have the best quality of life in the world.[13] The 1995 to 2007 period of very high economic growth, with a record of posting the highest growth rates in Europe, led many to call the country the Celtic Tiger.[14] Arguably one of the keys to this economic growth was a low corporation tax, currently at 12.5% standard rate.

The Financial Crisis of 2008 affected the Irish economy severely, compounding domestic economic problems related to the collapse of the Irish property bubble. After 24 years of continuous growth at an annual level during 1984–2007,[15] Ireland first experienced a short technical recession from Q2-Q3 2007, followed by a long 2-year recession from Q1 2008 – Q4 2009.[1] In March 2008, Ireland had the highest level of household debt relative to disposable income in the developed world at 190%, causing a further slow down in private consumption, and thus also being one of the reasons for the long lasting recession.[16] The hard economic climate was reported in April 2010, even to have led to a resumed emigration.[17]

After a year with side stepping economic activity in 2010, Irish real GDP rose by 1.4% in 2011. The economic challenges continued, however, with some economists fearing the European sovereign-debt crisis had suddenly caused a new Irish recession starting in Q1 2012, when the Central Statistics Office announced that seasonally adjusted quarterly real GDP had contracted by −1.1%.[1] The figure was however later revised to −0.5%, and the recession threat was avoided by a small positive growth in the subsequent two quarters, mainly due to strongly driven improvements from the export sector.[18] In November 2012 the European Commission's economic forecast for Ireland showed positive growth overall in 2012 at 0.4%, followed by increasing growth rates to 1.1% in 2013 and 2.2% in 2014.[19]

History

Main article: Economic history of the Republic of Ireland

Since the Irish Free State

From the 1920s Ireland had high trade barriers such as high tariffs, particularly during the Economic War with Britain in the 1930s, and a policy of import substitution. During the 1950s, 400,000 people emigrated from Ireland.[20] It became increasingly clear that economic nationalism was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation.[20] The policy changes were drawn together in Economic Development, an official paper published in 1958 that advocated free trade, foreign investment, and growth rather than fiscal restraint as the prime objective of economic management.[20]

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.[20] During the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their marginal income,[21] 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.[20] The GDP per capita in the OECD prosperity ranking rose from 21st in 1993 to 4th in 2002.[22]

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 article: Celtic Tiger

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 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.[14]

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.[23] However, property prices are falling following the recent economic recession. At the end of July 2008, the annual rate of inflation was at 4.4% (as measured by the CPI) or 3.6% (as measured by the HICP)[24][25] 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 amount of multinational firms based in Ireland.[12] A 2005 study by The Economist found Ireland to have the best quality of life in the world.[13]

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.[26][27][28] 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".[12][29]

Ireland is currently ranked as the world's third most "economically free" economy in an index created by free-market economists from the Wall Street Journal and Heritage Foundation, the Index of Economic Freedom.

Financial crisis (2008–)

Main article: 2008–2013 Irish financial crisis

It was the first country in the EU, to officially enter a recession related to the Financial crisis 2008, as declared by the Central Statistics Office.[30] Ireland now has the second-highest level of household debt in the world (190% of household income).[31] 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.[32] 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".[33][34]

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 in 2010 following growth of 0.3% in Q4 of 2009 and 2.7% in Q1 of 2010. The government forecast a 0.3% expansion.[35][36][37] However the economy experienced Q2 negative growth of −1.2%,[37] 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.[38] 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%).[39]

Bank solvency

Main article: 2008–2011 Irish banking crisis
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,[40] is solvency. The question concerning solvency has arisen due to domestic problems in the crashing Irish property market. Irish financial institutions have substantial exposure to property developers in their loan portfolio.[41] These property developers are currently suffering from substantial over-supply of property, much still unsold, while demand has evaporated. The employment growth of the past that attracted many immigrants from Eastern Europe and propped up demand for property has been replaced by rapidly rising unemployment.[42]

Irish property developers 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)[43] which is several multiples above the value of equivalent land in other European countries.[citation needed] 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."[44]

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[45] in fear of provoking the (inevitable) bankruptcy of many property developers[46] 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".[41] Furthermore, the banks' "impairment" (bad debt) provisions are still at very low levels.[47][48] This does not appear to be consistent with the real negative changes taking place in property market fundamentals.

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.[49] The 3.18%[50] 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[41]

Guarantee of banking system

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".[51] 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.[52]

Despite the Government guarantees to the banks, their shareholder value continued to decline and on 2009-01-15, the Government[53]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[54] by between 47 and 50% in one day. As of 11 October 2008, leaked reports of possible actions by the government[55] to artificially prop up the property developers have been revealed.

National Recovery Plan 2011–2014

In November 2010 the Irish Government published the National Recovery plan, which aims 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.[56] It involves a budget adjustment of €15 billion (€10 billion in public expenditure cuts and €5billion in taxes) over a four-year period. This will be front loaded in 2011 where measures totaling €6 billion are planned. VAT is to increase to 23% by 2014 and a property tax and domestic water charges are to be introduced.[57][58]

↑Jump back a section

Sectors

Exports

Graphical depiction of Ireland's product exports in 28 color-coded categories.

Exports play an important role in Ireland's economic growth. 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 and 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.[59]

Ireland is the world's most profitable country for US corporations, according to the US tax journal Tax Notes.[60] The country is one of the largest exporters of pharmaceuticals and software-related goods and services in the world.[61]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.[62] A 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.[62]

New sources are expected to come on stream after 2010, including the Corrib gas field and potentially the Shannon Liquefied Natural Gas terminal.[63] 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 globalization relative to their GDP.[64] While the Irish economy has significant debt problems in 2011, exporting remains a success.

Primary sector

The primary sector constitutes about 5% of Irish GDP, and 8% of Irish employment. Ireland's main economic resource is its large fertile pastures, particularly the midland and southern regions. In 2004, Ireland exported approximately €7.15 billion worth of agri-food and drink (about 8.4% of Ireland's exports), mainly as cattle, beef, and dairy products, and mainly to the United Kingdom.[65] As the European Union's Common Agricultural Policy is conformed with, Ireland's agriculture industry is expected to decline in importance.[66]

In the late nineteenth century, the island was mostly deforested. In 2005, after years of national afforestation programmes, about 9% of Ireland has become forested.[67] It is still one of the least forested country in the EU and heavily relies on imported wood.[68] 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.[69] Ireland is a major exporter of zinc to the EU and mining also produces significant quantities of lead and alumina.[70]

Beyond this, the country has significant deposits of gypsum, limestone, and smaller quantities of copper, silver, gold, barite, and dolomite.[71] 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.[72] Natural gas extraction occurs in the Kinsale Gas Field and the Corrib Gas Field in the southern and western counties,[73] where there is 19.82 bn cubic metres of proven reserves.[71]

The construction sector, which is inherently cyclical in nature, now accounts 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.[26][27][28]

While there are over 60 credit institutions incorporated in Ireland,[74] the banking system is dominated by the AIB Bank, Bank of Ireland, Ulster Bank and National Irish Bank.[75] 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 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 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.[76]

Government

Welfare benefits

As of December 2007, Ireland's net unemployment benefits for long-term unemployed people across four family types (single people, lone parents, single-income couples with and without children) was the third highest of the OECD countries (jointly with Iceland) after Denmark and Switzerland.[77]Jobseeker's Allowance or Jobseeker's Benefit for a single person in Ireland is €188 per week, as of March 2011.[78] State provided old age pensions are also relatively generous in Ireland. The maximum weekly rate for the State Pension (Contributory) is €230.30 for a single pensioner aged between 66 and 80 (€436.60 for a pensioner couple in the same age range).[79] The maximum weekly rate for the State Pension (Non-Contributory) is €219 for a single pensioner aged between 66 and 80 (€363.70 for a pensioner couple in the same age range).[80]

Wealth distribution

The percentage of the population at risk of relative poverty was 21% in 2004 – one of the highest rates in the European Union.[81] Ireland's inequality of income distribution score on the Gini coefficient scale was 30.4 in 2000, slightly below the OECD average of 31.[82] 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.[83] However, residential property values and equities have fallen substantially since the beginning of 2007 and major declines in personal wealth are expected.[84]

Taxation

Total tax revenue as a percentage of GDP for Ireland over the past several decades compared to other first world nations.
Main article: Taxation in the Republic of Ireland
[icon] This section requires expansion. (February 2011)

Over the past several decades, tax revenues have fluctuated at around 30% of GDP (see graph).

↑Jump back a section

Currency

Main article: Eurozone

Before the introduction of the euro notes and coins in January 2002, Ireland used the Irish pound or punt. In January 1999 Ireland was one of eleven 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.[85] 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.

↑Jump back a section

Recruitment

The recruitment service industry in Ireland involves specialised recruitment agencies (sometimes known as employment agencies or simply recruiters) offering personnel consulting, specialist corporate recruiting, CV databasing, job-finding and headhunting, and temporary worker management services.[citation needed] These agencies usually work with larger business clients who are seeking qualified employees. Employment agencies in Ireland are licensed by the Department of Enterprise, Trade and Employment under the Employment Agency Act 1971. The main thrust of the act is to outlaw exploitation of jobseekers. Under the act an agency is permitted to charge a maximum of £1 (now equivalent to €1.27).[citation needed] From 2007, the slump in the Irish economy and the fee structure of recruitment agencies has meant that many agencies have closed. In reaction to this several companies are rebranding themselves as Flat Fee recruiters and offer reduced service at reduced fees.[citation needed]

↑Jump back a section

See also

↑Jump back a section

References

  1. ^ a b c "Quarterly National Accounts -Quarter 1 2012" (PDF). CSO. 12 July 2012. Retrieved 2012-07-12. 
  2. ^ a b "Provision of deficit and debt data for 2011 – first notification" (PDF). Brussels: Eurostat. 23 April 2012. 
  3. ^ "Consistent Poverty Rates". European Anti Poverty Network. Retrieved 2012-04-22. 
  4. ^ Eurostat report – Unemployment rate by sex and age groups – annual average, %
  5. ^ a b Wages and Taxes for the Average Joe in the EU 2
  6. ^ "Doing Business in Ireland 2013". World Bank. Retrieved 2012-10-22. 
  7. ^ "ODA by Recipient". OECD. Retrieved 2012-04-22. 
  8. ^ "Country Statistical Profiles". OECD. Retrieved 2012-04-22. 
  9. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011. 
  10. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian (London). Retrieved 31 May 2011. 
  11. ^ "Oecd Gdp". Stats.oecd.org. Retrieved 2010-11-24. 
  12. ^ a b c "Annual Competitiveness Report 2008, Volume One: Benchmarking Ireland’s Performance". NCC. 2009. Retrieved 2009-07-01. 
  13. ^ a b The Economist Intelligence Unit’s quality-of-life index PDF (67.1 KB) – The Economist
  14. ^ a b Charles Smith, article: 'Ireland', in Wankel, C. (ed.) Encyclopedia of Business in Today's World, California, USA, 2009.
  15. ^ "Ireland GDP – real growth rate". Index Mundi. Retrieved 2012-04-22. 
  16. ^ Ambrose Evans-Pritchard (13 March 2008). "Irish banks may need life-support as property prices crash". The Daily Telegraph (London). Retrieved 2008-03-13. 
  17. ^ Bowlby, Chris (13 April 2010). "Greeks and Irish look for jobs abroad". BBC News. 
  18. ^ "Quarterly National Accounts -Quarter 3 2012" (PDF). CSO. 18 December 2012. Retrieved 2013-01-16. 
  19. ^ "European Economic Forecast Autumn 2012". Economic forecasts (European Comission). 7 November 2012. Retrieved 2012-11-17. 
  20. ^ a b c d e "How Ireland became the Celtic Tiger", Sean Dorgan, the chief executive of IDA. 23 June 2006
  21. ^ O'Toole, Francis; Warrington. "Taxations And savings in Ireland" (PDF). Trinity Economic Papers Series. Trinity College, Dublin. p. page 19. Retrieved 2008-06-17. 
  22. ^ De Vlieghere, Martin (25 November 2005). "The Myth of the Scandinavian Model | The Brussels Journal". The Brussels Journal<!. Retrieved 2009-07-09. 
  23. ^ Consumer Prices Bi-annual Average Price Analysis Dublin and Outside Dublin: 1 May 2006 PDF (170 KB) – CSO
  24. ^ Guider, Ian (7 August 2008). "Inflation falls to 4.4pc". Irish Independent. Retrieved 2008-08-08. 
  25. ^ Consumer Price Index July 2008 (Dublin & Cork, 7 August 2008 PDF (142 KB) – Central Statistics Office (Ireland). Retrieved on 2008-08-08.
  26. ^ a b "Economic Survey of Ireland 2006: Keeping public finances on track". OECD. 2006. Retrieved 2007-07-30. 
  27. ^ a b "House slowdown sharper than expected". RTÉ. 3 August 2007. Retrieved 2007-08-06. 
  28. ^ a b "Latest Report: Latest edition of permanent tsb / ESRI House price index – May 2007". Permanent TSB, ESRI. Archived from the original on 28 August 2007. Retrieved 2007-08-10. 
  29. ^ EU Survey on Income and Living Conditions (EU-SILC) PDF (161 KB) CSO, 2004.
  30. ^ "CSO – Central Statistics Office Ireland". Central Statistics Office Ireland. 9 November 2004. Retrieved 2009-07-09. 
  31. ^ Ambrose Evans-Pritchard (13 March 2008). "Irish banks may need life-support as property prices crash". The Daily Telegraph (London). Retrieved 2008-03-13. 
  32. ^ "Ireland's credit rating downgraded". Rte.ie. 25 August 2010. Retrieved 2010-11-12. 
  33. ^ "Ireland's credit rating downgraded". irishtimes.ie. 24 November 2010. Retrieved 2011-01-10. 
  34. ^ "Ireland's credit rating downgraded". standardandpoors.com. 23 November 2010. Retrieved 2011-01-10. 
  35. ^ "Ireland out of recession as exports jump". The Independent (London). 1 July 2010. Retrieved 2010-08-04. 
  36. ^ "Ireland out of recession but needs faster growth". BusinessDay. 1 July 2010. Retrieved 2010-08-04. 
  37. ^ a b "Irish economy contracts by 1.2%". BBC News. 23 September 2010. 
  38. ^ "Shrinking Irish economy heightens debt risk". Reuters. 24 March 2011. Retrieved 2011-04-04. 
  39. ^ Eurostat – Industrial production down by 0.9% in euro area
  40. ^ Andras Gergely (1 October 2008). "Irish finmin sees bank liquidity, not solvency issue". Reuters. 
  41. ^ a b c Collins, Liam (12 October 2008). "Top developers see asset values dive two-thirds". Irish Independent. 
  42. ^ "Unemployment rising at record rate". RTÉ. 1 October 2008. 
  43. ^ "Irish Agricultural Land Research" (PDF). Savills Hamilton Osbourne King. May 2008. Retrieved 2008-10-08. 
  44. ^ Morgan Kelly, Professor of Economics, University College Dublin. "Just How Sound is the Irish Banking System?" (PDF). [dead link]
  45. ^ Oliver, Emmet (31 August 2008). "New waive of Irish banking". Sunday Tribune. Retrieved 2008-10-01. 
  46. ^ "Banks call in leading developers ahead of property write-downs". Sunday Tribune. 12 October 2008. 
  47. ^ "AIB Half-Yearly Financial Report 2008". Allied Irish Banks. 30 July 2008. Retrieved 2008-09-18. 
  48. ^ "Reports and Accounts for the year ended 31 March 2008". Bank of Ireland. 10 June 2008. p. 73. Retrieved 2008-10-11. 
  49. ^ "Another traumatic day for investors in Irish banks". Irish Times. 7 October 2008. Retrieved 2008-10-07. 
  50. ^ "NIB figures hint at depth of bad debt problems". Sunday Tribune. 12 October 2008. 
  51. ^ "Government Decision to Safeguard Irish Banking System". Government of Ireland, Department of the Taoiseach. 30 September 2008. 
  52. ^ "Seven Deadly Sins... (of omission)". Sunday Tribune. 5 October 2008. 
  53. ^ "Anglo Irish directors step down, bank downgraded". Irishtimes.com. 19 January 2009. Retrieved 2010-11-24. 
  54. ^ "Bank shares lose half their value in market 'carnage'". Irishtimes.com. 1 January 2009. Retrieved 2010-11-24. 
  55. ^ Charlie Weston (11 October 2008). "State mortgage plan for first-time buyers". Irish Independent. Retrieved 2008-10-11. 
  56. ^ Extra year for Ireland under €85 billion plan
  57. ^ Four-year plan unveiled
  58. ^ Budget adjustment for 2011 to total €6bn
  59. ^ "Operational Irish Mines: Tara, Galmoy and Lisheen « Irish Natural Resources". Irish Natural Resources. 15 July 2008. Retrieved 2009-07-09. 
  60. ^ "Ireland top location for US Multinational Profits". Finfacts.ie. Retrieved 2009-07-09. 
  61. ^ Hoffmann, Kevin (26 March 2005). "Ireland: How the Celtic Tiger Became the World's Software Export Champ". Der Spiegel. Retrieved 2009-07-09. 
  62. ^ a b Howley, Martin, Fergal O’Leary, and Brian Ó Gallachóir (January 2006). Energy in Ireland 1990 – 2004: Trends, issues, forecasts and indicators (pdf), p10, 20, 26.
  63. ^ "Bord Gáis Homepage". Bord Gáis. Retrieved 2009-07-09. 
  64. ^ http://www.ey.com/SG/en/Newsroom/News-releases/News-release---Singapore-takes-third-spot-on-Globalization-Index-2010
  65. ^ Bord Bia (March 2005). Agri-Food Sector – Factsheet Irish Food Board. Retrieved on 8 August 2006.
  66. ^ Agri Vision 2015 Committee, (November 2004). Report of the Agri Vision 2015 Committee (pdf). p6.
  67. ^ World Resources Institute (2006). Forests, Grasslands and Drylands: Ireland. EarthTrends. Retrieved on 8 August 2006.
  68. ^ Heritage Council of Ireland. 1. Historical Context & 2. Ireland's Forestry Policy. Forestry and the National Heritage. Retrieved on 8 August 2006.
  69. ^ Indecon International Economic Consultants, for the Central Fisheries Board (April 2003)An Economic/Socio-Economic Evaluation of Wild Salmon in Ireland (pdf).Archived 2009
  70. ^ Newman, Harold R. The Mineral Industry of Ireland (pdf). U.S. Geological Survey Minerals Yearbook – 2001.
  71. ^ a b CIA (2006). Ireland The World Factbook. Retrieved on 8 August 2006.
  72. ^ Feehan, J, S. McIlveen (1997). The Atlas of the Irish Rural Landscape. Cork University Press.
  73. ^ Bord Gáis (2006). Natural Gas In Ireland. Gas and the Environment. Retrieved on 8 August 2006.
  74. ^ Department of Finance. Banking in Ireland Report of the Department of Finance: Central Bank Working Group on Strategic Issues facing the Irish Banking Sector. Retrieved on 7 August 2006.
  75. ^ Adkins, Bernardine and Simon Taylor, (June 2005). Banks in Northern Ireland face Competition Commission investigation (pdf). Report & Review.
  76. ^ International Monetary Fund, (20 February 2001). Insurance Supervision Report on the Observance of Standards and Codes (ROSC): Ireland.] Retrieved on 8 August 2006.
  77. ^ Finfacts Ireland. [1]. Retrieved on 10 August 2008.
  78. ^ Citizens Information. [2]. Retrieved on 4 March 2011.
  79. ^ Citizens Information. [3]. Retrieved on 4 March 2011.
  80. ^ Citizens Information. [4]. Retrieved on 4 March 2011.
  81. ^ Central Statistics Office, Ireland (June 2006). Measuring Ireland's Progress: 2005 (pdf). ISBN 0-7557-7142-7.
  82. ^ OECD. Country statistical profiles 2006: Ireland. OECD Statistics. Retrieved on 7 August 2006.
  83. ^ Finfacts Ireland. [5]. Retrieved on 10 August 2008.
  84. ^ Sunday Tribune. [6]. Retrieved on 10 August 2008.
  85. ^ "Design for Irish coin denominations". Myguideireland.com. Retrieved 2009-07-09. 
↑Jump back a section

External links
History
Guidelines
Members
Sovereign states
Dependencies and
other territories
Other entities

↑Jump back a section
Last modified on 16 May 2013, at 18:31