Economy

Ireland has a small highly globalised economy, with a large exporting sector, and a significant number of multinational corporations. While the global downturn impacted significantly on Ireland, the outlook for the economy is improving.

  • European Commission is expecting GDP growth of 1.7% in 2014, driven by improving external and internal conditions
  • Total exports expected to grow by 2.8% in 2014 led by continued growth in services exports
  • Unemployment has fallen for past 2 years down to 11.8% from a peak of over 15%
  • Ireland's competitiveness has improved dramatically since 2008 & inflation is below the EU average
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Demographics

Ireland's population has increased 8.2% in four years and is projected to increase by 1.4% by 2021. With 50% of the population under the age of 35, the country offers a young, vibrant, highly adaptable and mobile workforce.

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Education & Skills

Ireland’s education system is ranked ninth globally by the OECD. Multilingual skills are also strong and diverse.

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Wages & Salaries

Irish labour costs remained stable between 2009 and 2013, compared to an increase of 8% in the Euro Area. (Interactive Line Graph: Click the X axis areas to turn data on or off.  Scroll over the lines to highlight information. )

Euro Labour Costs P/Hour 2013 (Business Data)
 PER HOUR 2009PER HOUR 2013
Luxembourg3235.6
Germany28.931.7
Netherlands29.832.6
France32.135
Denmark36.539.6
Euro Area26.328.4
IRELAND27.627.6
Source: Eurostat, 2013

Tax

Ireland’s corporate tax rate is 12.5%. Organisations also benefit from a comprehensive tax treaty network providing tax treaties with 70 countries.

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Cost of Living

Ireland's cost of living has improved every year since 2008 compared to the European Union.

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Infrastructure

Ireland has one of the most advanced and competitive telecommunications infrastructures in Europe. Major investment in transport networks and energy and water resources have also helped Ireland make rapid infrastructure advances over the past decade.

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Office Rents

Ireland ranks very favourably in office rental costs, with Dublin one of the cheapest cities in Europe.

Comparative World City Office Rental for 2013 Costs in Prime Locations (euro per sq.m. p.a)
London (West End)1,944.60
London (City)1,114.00
Paris908.10
Zurich849.90
Tokyo827.80
Singapore761.00
Milan646.40
New York624.90
Manchester605.20
Washington DC594.70
Edinburgh573.00
Rome541.70
Munich510.30
Dublin 505.70
Brussels449.30
Madrid414.70
Source: DTZ, Global Office Occupancy Costs

Reasons to Invest in Ireland

Ireland is one of the best places in the world to do business. International companies are attracted for a variety of reasons, but the facts speak for themselves.

Download our 2014 Facts about Ireland brochure
Download our Summer 2014 Ireland Update

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