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Business images of Ireland

Economy of Ireland

The economy of the Republic of Ireland is a highly developed knowledge economy, focused on services in high-tech, life sciences, financial services, and agribusiness, including agrifood. Ireland is an open economy and ranks third on the Index of Economic Freedom. It also ranks first for high-value foreign direct investment (FDI) flows. In the global GDP per capita tables, Ireland ranks second out of 192 in the IMF table and fourth out of 187 in the World Bank ranking. Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of the top 20 Irish firms by turnover, employing 23% of the private sector labor force, and paying 80% of the collected corporation tax.

Top Sectors in Ireland

Beverage in Ireland

The drinks industry in Ireland is substantial, providing employment to approximately 92,000 people and contributing €2 billion annually to the economy. This sector encompasses various areas including beer, cider, spirits, whiskey, and wine, supporting jobs across agriculture, distilling, and brewing.

Aircraft in Ireland

In Ireland, the aircraft leasing industry directly employs around 1,200 individuals, with Irish lessors overseeing more than €100 billion in assets. This translates to Ireland managing nearly 22% of the global aircraft fleet and holding a 40% share of the global fleet of leased aircraft. Impressively, 14 out of the top 15 lessors, based on fleet size, are based in Ireland.

Engineering in Ireland

The engineering sector in Ireland, particularly the multinational segment, employs over 18,500 individuals and contributes roughly €4.2 billion annually to the economy. This sector spans various industries such as industrial products and services, aerospace, automotive, and clean tech.

Energy Generation in Ireland

Bord Gáis is responsible for the supply and distribution of natural gas in Ireland, with the first gas brought ashore in 1976 from the Kinsale Head gas field. Over the years, there has been a shift in energy generation sources, with a significant reduction in peat consumption for electricity generation. The forecast indicates a dominance of natural gas, followed by coal and renewable energy sources like wind and solar power. Ireland is poised to benefit geopolitically from the global transition to renewable energy, ranking 12th among 156 countries in the GeGaLo Index.


Ireland - Key Economic Indicators

Exports and Imports

Ireland boasts a diverse range of export products, including pharmaceuticals, chemicals, machinery, and computer hardware. Key export partners include the United States, the United Kingdom, and Belgium. In 2023, Ireland's total exports amounted to €163.7 billion. On the import side, Ireland brings in a variety of goods such as machinery, chemicals, and petroleum products, with significant imports originating from the United Kingdom, the United States, and Germany. In the same year, Ireland's total imports reached €89.2 billion.

Infrastructure

Ireland maintains a well-developed infrastructure network, encompassing modern roads, bridges, railways, ports, and airports. Major highways like the M50 motorway facilitate efficient transportation across the country, while ports such as Dublin Port serve as crucial hubs for maritime trade. Additionally, ongoing investments in infrastructure projects ensure continued development and connectivity. As of 2023, Ireland has approximately 5,600 kilometers of national roads and 3,000 bridges.

Balance of Trade

Ireland typically maintains a trade surplus due to its strong export-oriented economy. The value of Irish exports exceeds that of imports, driven by sectors like pharmaceuticals, technology, and agri-food. This surplus contributes positively to Ireland's overall economic performance and supports its fiscal stability. In 2023, Ireland's trade surplus stood at €74.5 billion.

Fiscal policy

The Irish government implements prudent fiscal policies aimed at maintaining sustainable economic growth and managing public finances responsibly. This involves strategic government spending on key sectors such as healthcare, education, and infrastructure, alongside effective taxation measures to generate revenue and ensure fiscal stability. In 2023, Ireland's total government spending amounted to €94.8 billion.

Monetary policy

Monetary policy in Ireland is primarily influenced by the actions of the Central Bank of Ireland, which aims to maintain price stability and support economic growth. The central bank regulates interest rates, manages currency issuance, and supervises financial institutions to promote a stable and resilient financial system. As of 2023, Ireland's central bank interest rate stands at 0.25%.

Trade agreements

Ireland benefits from various trade agreements that enhance its access to international markets and promote trade relations. While not a party to NAFTA (North American Free Trade Agreement), Ireland benefits from its membership in the European Union, which provides access to the EU single market and participation in trade agreements negotiated by the EU.

Environmental regulations

Ireland upholds stringent environmental regulations aimed at protecting natural resources, reducing pollution, and addressing climate change. These regulations govern various sectors such as energy production, waste management, and transportation, promoting sustainability and environmental responsibility across industries.

Tax System in Ireland

Capital Gains Tax: Capital gains tax is levied on the profits earned from the sale of assets such as stocks, bonds, and real estate. In Ireland, the capital gains tax rate for individuals is 33%, while certain exemptions and reliefs may apply in specific circumstances, such as Entrepreneur Relief for business owners.
Corporate Tax Rate: Ireland's corporate tax rate is one of the lowest in the European Union, currently set at 12.5%. This attractive rate has contributed to Ireland's reputation as a favorable destination for foreign investment and business establishment.
Sales Tax: Ireland does not have a traditional sales tax like many other countries. Instead, it employs a value-added tax (VAT) system, which applies to most goods and services at varying rates. The standard VAT rate in Ireland is 23%, with reduced rates of 13.5% and 9% applying to certain goods and services.
Property Tax: Property tax in Ireland is levied through the Local Property Tax (LPT) system, which is based on the market value of residential properties. Property owners are required to self-assess their properties and pay the annual tax accordingly, with rates varying depending on property value and location.
Payroll Tax: Payroll tax, commonly known as Pay-Related Social Insurance (PRSI) in Ireland, is levied on wages and salaries to fund social security benefits such as pensions, healthcare, and unemployment benefits. Both employees and employers contribute to PRSI at varying rates based on income levels.
Tax Deductions and Credits:Ireland offers various tax deductions and credits to individuals and businesses to reduce their tax liabilities. These may include deductions for expenses related to education, healthcare, and business investments, as well as credits for specific activities such as research and development.
Tax Compliance: Ireland's tax collection system is generally efficient, with the Revenue Commissioners responsible for tax administration and enforcement. The Revenue Commissioners employ modern technology and data analytics to ensure compliance and deter tax evasion.
Tax Burden:The overall tax burden in Ireland, as measured by the ratio of tax revenue to gross domestic product (GDP), is moderate compared to other developed countries. However, the distribution of the tax burden among individuals and businesses can vary depending on factors such as income levels, deductions, and exemptions.

579 Live Notices for Ireland ....

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Westmeath Community Development - The Appointment Of Company Auditors
country Ireland
posting date28 Mar 2025
deadline23 Apr 2025
Request For Tender For The Provision Of High Performance Sports Nutrition Senior Consultancy
country Ireland
posting date28 Mar 2025
deadline06 May 2025
Provision Of Secure Berthing For Gsi Inshore Survey Vessels
country Ireland
posting date28 Mar 2025
deadline02 May 2025
15/026 Sligo And Environs Water Supply Scheme - Foxes Den Wtp Phase 2
country Ireland
posting date28 Mar 2025
deadline12 Apr 2025
Request For Tender For The Provision Of High Performance Sports Physiotherapy Senior Consultancy
country Ireland
posting date28 Mar 2025
deadline06 May 2025
2025 Mechanical Electrical Engineering Consultancy Services For St Munchins College Corbally Limerick
country Ireland
posting date28 Mar 2025
deadline23 Apr 2025
Call For Tenders For The Provision Of Catering Services Under The School Meals Scheme (Delivered Ready) To Allen National School, 17567A
country Ireland
posting date28 Mar 2025
deadline16 Apr 2025
Architect Led Single Point Design Team For The Redevelopment Of The Passenger Embarkation Area At Ros An Mhíl Fishery Harbour Centre, Co. Galway, Ireland
country Ireland
posting date28 Mar 2025
deadline24 Apr 2025
Ballymitty Community Centre, Hilltown, Ballymitty, Co.Wexford
country Ireland
posting date28 Mar 2025
deadline02 May 2025
An Automated And Programmable System To Sign Certified Documents As Digitally Signed Pdf Documents
country Ireland
posting date28 Mar 2025
deadline02 May 2025
D1 License/M2 Class Vehicle - : Supply Of Wheelchair Accessible Vehicles With Additional Quick Release Seating
country Ireland
posting date28 Mar 2025
deadline05 May 2025
23/016 Maximo Licencing
country Ireland
posting date28 Mar 2025
deadline12 Apr 2025
Enqeir894 – Margins Tool
country Ireland
posting date28 Mar 2025
deadline06 May 2025
Wc Refurbishment Works At College Of Further Education And Training, Kilmallock Town Campus
country Ireland
posting date28 Mar 2025
deadline17 Apr 2025
Comreg T20617 Request For Tenders For The Supply Of Microsoft Surface End User Devices And Associated Hardware And Accessories, To Comreg.
country Ireland
posting date28 Mar 2025
deadline30 Apr 2025
Ucdopp5477 Vehicle Rental Services To University College Dublin
country Ireland
posting date28 Mar 2025
deadline14 May 2025
Carrick-On-Suir Regeneration Project Phase 2 – Chapel St., Castle St., Castle Lane And The Quays
country Ireland
posting date27 Mar 2025
deadline06 May 2025
Provision Of Gps Vehicle Telematics And Fleet Management System For The Louth County Council Fleet
country Ireland
posting date27 Mar 2025
deadline25 Apr 2025
Temporary Mobile Pumps And Accessories Hire For North Cork Flood Relief Schemes 2025-2026
country Ireland
posting date27 Mar 2025
deadline21 Apr 2025
9194-Remote Control Lifting Winches For Loading Rails Onto Wagons
country Ireland
posting date27 Mar 2025
deadline30 Apr 2025

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