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.

  • Irish economy grew at 4.8% in 2014 - the fastest rate in Europe
  • Total exports expected to grow by 4.8% in 2014
  • Unemployment has fallen for past 3 years, down to less than 10%
  • Ireland's competitiveness has improved dramatically since 2008 & inflation is below the EU average
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Demographics

Ireland has the youngest population in Europe and has one of the lowest old age dependency ratios at just 18.6%, compared to 27.5% in EU.

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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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Labour Costs

Irish labour costs have remained relatively stable since 2008, increasing by just 4% in total, this compares to a 14% increase in the EU.

Labour Costs € Per Hour
Norway54.6
Denmark42.0
Belgium41.1
Sweden40.2
Luxembourg35.7
France35.2
Ireland28.4
Source: Eurostat 2015

Tax

Ireland’s corporate tax rate is 12.5%. Organisations also benefit from a comprehensive tax treaty network providing tax treaties with 72 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