The Irish Economy

Ireland continues to attract companies from a variety of sectors including Information & Communications Technologies (ICT), Life Sciences, Financial Services, Engineering, Digital Media, Games and Social Media. Ireland’s unique attributes as an investment location remain intact.

2011 & 2012 have both seen strong performance in the level of Foreign Direct Investment (FDI) won by Ireland. The adjustment in the Irish economy over recent years means that Ireland is now much more competitive. Unit labour costs have improved dramatically relative to the euro area as a whole, wages are lower, and labour is more plentiful.

Both commercial and residential property is significantly more affordable than just a few years ago. Irish exports are booming. Investment in research and development has trebled in the past decade. These factors have made Ireland even more attractive for the many multinational companies who already recognise the value Ireland offers: the quality of our workforce, the business-friendly environment, the ease of access to European and wider markets, and the quality of life.

 

Facts on the Irish Economy:

  • Record year for FDI in 2011/ strong investment flows 1st half of 2012.
  • Significant improvement in Ireland’s cost environment - back to 2003 levels.
  • Business costs have fallen significantly from the peak in 2007/2008.
  • Irish labour costs fell below the Euro Area average in 2011.
  • Irish labour costs are 11th in the EU, below countries such as Luxembourg,Germany, Belgium, the Netherlands, and Austria.
  • Irelands cost of living continues to improve compared to Euro Area.
  • GDP growth returned in 2011.
  • Exports continue to perform well increasing by 5.1% in 2011.
  • Companies continue to choose Ireland as one of the best countries to do business, ensuring Ireland’s flow of Foreign Direct Investment.
  • Key strengths remain: corporation tax rate 12.5%, young educated workforce, best productivity performance in EU, strong export performance.

 

 

 

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