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@Ireland:Economy
Overview: The economy is small and trade dependent. Agriculture, once
the most important sector, is now dwarfed by industry, which accounts
for 37% 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.
National product: GDP - purchasing power parity - $49.8 billion (1994
est.)
National product real growth rate: 5.5% (1994 est.)
National product per capita: $14,060 (1994 est.)
Inflation rate (consumer prices): 2.7% (1994 est.)
Unemployment rate: 16% (1994 est.)
Budget:
revenues: $16 billion
expenditures: $16.6 billion, including capital expenditures of $NA
(1994)
Exports: $28 billion (f.o.b., 1994 est.)
commodities: chemicals, data processing equipment, industrial
machinery, live animals, animal products
partners: EU 75% (UK 32%, Germany 13%, France 10%), US 9%
Imports: $26 billion (c.i.f., 1994 est.)
commodities: food, animal feed, data processing equipment, petroleum
and petroleum products, machinery, textiles, clothing
partners: EU 66% (UK 41%, Germany 8%, France 4%), US 15%
External debt: $20 billion (1994 est.)
Industrial production: growth rate 8.5% (1994 est.); accounts for 37%
of GDP
Electricity:
capacity: 3,930,000 kW
production: 14.9 billion kWh
consumption per capita: 3,938 kWh (1993)
Industries: food products, brewing, textiles, clothing, chemicals,
pharmaceuticals, machinery, transportation equipment, glass and
crystal
Agriculture: accounts for 10% of GDP; principal crops - turnips,
barley, potatoes, sugar beets, wheat; livestock - meat and dairy
products; 85% self-sufficient in f
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