National economy of Ireland - industries, GDP and prosperity level

The economy of the Republic of Ireland over the past twenty years is gradually gaining momentum. The economic system largely depends on trade. Several decades ago, the agrarian sector played a dominant role in the economic development of the country. However, its influence diminished over time. Now the profit from the agricultural sector is not more than ten percent of the total Gross Domestic Product (GDP) of the country. About eight percent of the total number of working citizens is engaged in this sector. The area of ​​meat and dairy production has received more development in Ireland. Poultry farming is however poorly developed. Plant cultivation in recent years is also a subsidized activity. People usually grow various types of cereals, potatoes and sugar beet. Nevertheless, the total number of agricultural products is not enough even for domestic consumption, so wheat and many other items are imported from abroad. Active fishing is conducted in coastal waters. Cod, haddock, herring, mussels and lobsters, as well as salmon are exported.

The Industrial sector in Ireland began to develop only from the middle of the last century. Recent survey shows that more than forty percent of the working population is employed in this sphere. The most actively developing area in the country is the high-tech science-intensive industry. It is represented by a huge number of directions. Computer products, their components, and semiconductors are produced in Ireland. Active development of various diverse software including highly specialized ones, is also being carried out. Also experiencing great development are the pharmaceutical, electronics, energy, chemical and glass industry, as well as sewing and textile industry. About 95 percent of the total energy consumed by the country is produced at local combined heat and power plants. It is worth noting that it is in Ireland that the world’s largest power plants that use droppings as their fuel operate. The others utilize coal, gas and other petroleum products. Hydroelectric power stations in the country are not many, and they account for less than four percent of the total electricity generated. There are no nuclear power stations in the country and their construction as of now is not in the plans.

Telecommunications in Ireland is considered one of the most developed among all countries of the European Union. At least 100 radio stations and four television stations function successfully, despite the fact that this republic is considered quite small. Tourism in recent years also began to develop actively. It is worth noting that incredibly beautiful natural conditions have been put in place in Ireland with the aim of attracting tourists from all corners of the globe annually. To date, the country is visited by at least seven million travelers yearly, and most of them come exclusively for tourism. The main part of cargo transportation in Ireland falls on sea ports. There are 26 multi-tonnage vessels in the country. The main ports are located in Dublin, Cork, Limerick and other major coastal cities. Domestic transportation is mostly carried out by rail, road, air and bus services. Copyright www.orangesmile.com

It is worth mentioning that in recent years, foreign businessmen have invested heavily in Ireland. And the country itself makes some investments across its own borders. The growth of the country’s GDP according to the data of the previous year was about five percent. GDP in numerical form is about 340 billion dollars. GDP on purchasing power for 2014 was about 190 billion dollars. The per capita GDP is 46,000 dollars per year. The unemployment rate for a few years has been at a stable rate of 12%. Less than four percent of the population lives below the poverty line. Public debt as of 2014 was 60% of GDP. Based on these indicators, Ireland is ranked 23rd in the world. It is worth noting that Ireland is one of the first countries that managed to stop the progressive inflation after the global crisis of 2008. However, the growth rate of salaries has not yet reached that of the cost of goods and services.

Due to the fact that Ireland is pursuing a fairly peace-loving policy, it manages to maintain good trade relations with almost all active importers and exporters in the world. Commodity exports as of 2014 amounted to about 130 million Euros. For the most part, machines, various industrial equipment, computer equipment, chemical products, medicines, livestock products are exported. The main trading partners, of course, are the countries of the European Union and the United States. Commodity imports for the most part, consist of various products of the engineering industry, chemicals, petroleum and petroleum products, light and textile products. In total, the countries of the European Union provide Ireland with 65% of imports. There is also an active trade with the United States and Japan.