Economy

Ireland has a small highly globalised economy, with a large exporting sector, and a significant number of multinational corporations. 

  • The Irish economy grew 5.2% in 2016 – the fastest growing economy in the Eurozone
  • Unemployment has fallen for past 3 years, down to less than 10%
  • Ireland's competitiveness has improved dramatically since 2008
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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 ranks in the top ten countries in the world (IMD World Competitiveness Report 2016). Multilingual skills are also strong and diverse.

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Labour Costs

Irish labour costs have remained relatively stable compared to a number of EU countries which have experienced significant increases in wages and salaries.

Labour Costs € Per Hour
Norway51.20
Denmark41.30
Belgium39.10
Sweden37.40
Luxembourg36.20
France35.10
Ireland30
Source: Eurostat 2016

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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