Part 358

Economic overview: The economy is small and trade dependent. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 38% of GDP, about 80% of exports, and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Ireland has substantially reduced its external debt since 1987, to 40% of GDP in 1994. Over the same period, inflation has fallen sharply and chronic trade deficits have been transformed into annual surpluses. Unemployment remains a serious problem, however, and job creation is the main focus of government policy. To ease unemployment, Dublin aggressively courts foreign investors and recently created a new industrial development agency to aid small indigenous firms. Government assistance is constrained by Dublin's continuing deficit reduction measures.

GDP: purchasing power parity - $54.6 billion (1995 est.)

GDP real growth rate: 7% (1995 est.)

GDP per capita: $15,400 (1995 est.)

GDP composition by sector: agriculture: 6.8% industry: 35.3% services: 57.9% (1994)

Inflation rate (consumer prices): 2.8% (1995 est.)

Labor force: 1.37 million by occupation: services 57.0%, manufacturing and construction 28%, agriculture, forestry, and fishing 13.5%, energy and mining 1.5% (1992)

Unemployment rate: 13.5% (1995 est.)

Budget: revenues: $19.3 billion expenditures: $20.3 billion, including capital expenditures of $3.6 billion (1994)

Industries: food products, brewing, textiles, clothing, chemicals, pharmaceuticals, machinery, transportation equipment, glass and crystal

Industrial production growth rate: 8.9% (1995 est.)

Electricity: capacity: 3,930,000 kW production: 14.9 billion kWh consumption per capita: 3,938 kWh (1993)

Agriculture: turnips, barley, potatoes, sugar beets, wheat; meat and dairy products

Illicit drugs: transshipment point for hashish from North Africa to the UK and Netherlands

Exports: $29.9 billion (f.o.b., 1994) commodities: chemicals, data processing equipment, industrial machinery, live animals, animal products partners: EU 73% (UK 27%, Germany 14%, France 9%), US 9%

Imports: $25.3 billion (c.i.f., 1994) commodities: food, animal feed, data processing equipment, petroleum and petroleum products, machinery, textiles, clothing partners: EU 58% (UK 36%, Germany 7%, France 4%), US 18%

External debt: $19.5 billion (1994 est.)

Economic aid: donor: ODA, $81 million (1993)

Currency: 1 Irish pound (LIr) = 100 pence

Exchange rates: Irish pounds (LIr) per US$1 - 0.6315 (January 1996), 0.6235 (1995), 0.6676 (1994), 0.6816 (1993), 0.5864 (1992), 0.6190 (1991)

Fiscal year: calendar year

Transportation --------------

Railways: total: 1,944 km broad gauge: 1,944 km 1.600-m gauge (37 km electrified; 485 km double track) (1995)

Highways: total: 92,327 km paved: 86,787 km (including 32 km of expressways) unpaved: 5,540 km (1992 est.)

Waterways: limited for commercial traffic

Pipelines: natural gas 225 km

Ports: Arklow, Cork, Drogheda, Dublin, Foynes, Galway, Limerick, New Ross, Waterford

Merchant marine: total: 42 ships (1,000 GRT or over) totaling 129,027 GRT/155,371 DWT ships by type: bulk 4, cargo 27, chemical tanker 1, container 3, oil tanker 2, short-sea passenger 3, specialized tanker 2 (1995 est.)