Recruitment Eire

ECONOMY IN IRELAND

Ireland has a trade dependent economy with agriculture, which was once the most important area, now overtaken by industry which accounts for 46% of the GDP. Exports are the primary source of the area's healthy growth of 10% over the last five years, but consumer spending is also a contributory factor. In 2005 inflation was at 2.3% as opposed to rates varying from 4% to 5% in the past. The average house price now stands at around €255,000.

There is a lack of skilled workers, particularly in the IT and telecommunications sectors, so unemployment is very low but costs have risen and Dublin was ranked 22nd in a cost of living survey which was recently carried out (a rise of two places since 2003). The country has the second highest per capita income of any country in the EU (Luxembourg is rated first), and is the fourth highest in the world.

Over the past ten years the Government has introduced a series of economic programmes to curb inflation. reduce expenditure, increase labour force skills and encourage foreign investment. In January 1999 Ireland joined the euro currency system with ten other EU nations.