Economy of the Republic 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 first for high-value foreign direct investment (FDI) flows. In the global GDP per capita tables, Ireland ranks 2nd of 192 in the IMF table and 4th of 187 in the World Bank ranking.
The International Financial Services Centre in Dublin
Historical GDP per capita development of Ireland and the UK
A housing construction site in Dublin at Sandyford, 2006.
Waterford Crystal glass factory
Post-2008 Irish economic downturn
The post-2008 Irish economic downturn in the Republic of Ireland, coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international financial crisis of 2007–2008 greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, as well as unemployment, escalated to levels not seen since that decade.
A 'ghost estate' in Ireland
Brian Cowen
Workers march through Dublin against the government's response to the financial crisis, 2009
Joe Higgins, MEP, speaking during 2010 banking crisis protest against bailout of Anglo Irish Bank, Dublin