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'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.