Ireland Economic Structure

Ever since it joined the EU in 2002, Ireland’s economic structure has been reinforced and the country has been able to increase its growth rate. Ireland recorded an average growth rate of 6% during 1995-2007. The recession, however, constricted the growth and the economy experienced a negative growth rate of -7.5% in 2009. Agriculture was the main source of GDP, although the transition from an agro based economy to a trade based one encouraged the industry and service sectors to increase their productivity, thus playing an important role in the national GDP.[br]

Ever since it joined the EU in 2002, Ireland’s economic structure has been reinforced and the country has been able to increase its growth rate. Ireland recorded an average growth rate of 6% during 1995-2007. The recession, however, constricted the growth and the economy experienced a negative growth rate of -7.5% in 2009. Agriculture was the main source of GDP, although the transition from an agro based economy to a trade based one encouraged the industry and service sectors to increase their productivity, thus playing an important role in the national GDP.[br]

Ireland Economic Structure: Primary Sector

The service sector contributes the maximum to the Irish GDP as well as the employment scenario. The service sector contributed 49% to the national GDP and employed 67% of the 2.2 million workforce. It also played a significant role in decreasing the percentage of people under the poverty line at 4.2%.

 

Ireland Economic Structure: Secondary Sector

Ireland’s industry sector contributes almost as much as the service sector. Helped by its foreign players, the industry sector contributes 46% to the GDP and employs 27% of the workforce. The main products that the industry sector produces and that help in Ireland trade are:

• Steel

• Lead

• Zinc

• Silver

• Aluminium

• Barite

• Gypsum

• Food products; brewing

• Textiles, clothing

• Chemicals, pharmaceuticals

• Machinery, rail transportation equipment

• Software[br]

Ireland Economic Structure: Tertiary Sector

While agriculture used to be the most dominant sector in Ireland, with time and amplified productivity in other sectors, its contribution has become relatively low. This sector now contributes about 5% to the national GDP and employs 6% of the workforce. The main agricultural products are:

• Turnips

• Barley

• Potatoes

• Sugar beets

• Wheat

• Beef

• Dairy products

 

However, even with active contributions from the service as well as industry sectors, the recession marred years, highlighted by an extremely tight credit scenario, spoiled the unemployment rate and the rate grew from 6.3% in 2008 to 12% in 2009.