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Memo Provided By: Globaledge.Msu.Edu and EXPORT.GOV Ireland Introduction Key Economic Facts Risk Assessment (Provided by Coface) Ireland is an island nation located in Western Europe Income Level (by per capita High Income Country rating: A4 - A somewhat shaky political and northwest of the United Kingdom. It has a strategic location GNI): economic outlook and a relatively volatile business on major air and sea routes between North America and Level of Development: Developed environment can affect corporate payment behavior. northern Europe. The government system GDP, PPP (current international $436.04 billion (2019) is a republic; parliamentary democracy. $): Corporate default probability is still acceptable on average. The chief of state is the president and the GDP growth (annual %): 5.55% (2019) Business Climate rating: A1 - The business environment head of government is the Taoiseach GDP per capita, PPP (current $88,240.90 (2019) is very good. Corporate financial information is available and (prime minister). Ireland has a mixed international $): reliable. Debt collection is efficient. Institutional quality is economic system which includes a variety of private Manufacturing, value added (% 30.84% (2019) very good. Intercompany transactions run smoothly in freedom, combined with centralized economic planning and of GDP): government regulation. Ireland is a member of the European Current account balance (BoP, -$44.93 billion (2019) environments rated A1. Union (EU). current US$): Strengths Inflation, consumer prices 0.94% (2019) • Flexible labor and goods markets (annual %): • Favorable business environment, attractive taxation Labor force, total: 2,440,256 (2020) Unemployment, total (% of 5.16% (2020) • Presence of multinational companies, particularly total labor force) (modeled ILO from the United States, which account for 22% of estimate): employment and 63% of value added in the non- Imports of goods and services $436.97 billion (2019) (current US$): financial business sector Location: Northern Europe Exports of goods and services $492.85 billion (2019) • Presence through multinationals in sectors with high Capital City: Dublin (GMT) (current US$): value added, including pharmaceuticals, IT and Chief of State: President Michael D. Higgins medical equipment Head of Govt.: Taoiseach (Prime Minister) Micheál Weaknesses Martin GDP Composition % Currency: Euro (EUR) Agriculture Services Industry Manufacturing • Dependent on the economic situation and tax Major Languages: <p>English (official, the language regimes of the United States and Europe, particularly generally used), Irish (Gaelic or 57 the United Kingdom Gaeilge) (official, spoken by 35 31 approximately 39.8% of the population 1 • Vulnerable to changes in the strategies of foreign as of 2016; mainly spoken in areas *Although Manufacturing is included in the Industry figures, it is also separately companies along Ireland&#39;s western coast reported because it plays a critical role in economy. known as gaeltachtai, which are • Public and private debt levels still high Rankings officially recognized regions where • Banking sector still vulnerable to shocks Irish is the predominant Index Rank language)</p> Corruption Perceptions Index 18 / 180 U.S. Embassy Primary Religions: <p>Roman Catholic 78.3%, Church of Ireland 2.7%, other Christian 1.6%, EY Globalization Index 3 / 60 U.S. Embassy Dublin Orthodox 1.3%, Muslim 1.3%, other Global Competitiveness Index 24 / 141 42 Elgin Road 2.4%, none 9.8%, unspecified Global Enabling Trade Index 20 / 136 Ballsbridge 2.6%</p> Global Manufacturing Competitiveness Index 31 / 40 Dublin 4 Calling Code: 353 (GMCI) Tel: +353 1 668-8777 Voltage: 230 Global Services Location Index 53 / 55 https://ie.usembassy.gov Index of Economic Freedom 6 / 179 Key Websites International Logistics Performance Index (LPI) 29 / 160 Main Government Page: gov.ie Inward FDI Potential Index 16 / 139 Commerce Ministry: dbei.gov.ie KOF Index of Globalization 2 / 185 Investment Promotion idaireland.com Networked Readiness Index (NRI) 25 / 139 Agency: Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.
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