Ireland Facts and Figures

Ireland, located in Western Europe, is an island nation surrounded by the Atlantic Ocean, with the Irish Sea separating it from Great Britain. The capital city, Dublin, is known for its vibrant culture and literary heritage. Other major cities include Cork, Limerick, and Galway, contributing to the country's diversity. With a population of approximately 5 million and a high literacy rate, Ireland joined the European Union in 1973, significantly impacting its economic development. It also became a member of the United Nations in 1955 and the Organisation for Economic Co-operation and Development (OECD) in 1961.

Transformative Historical Events

Key historical events have shaped modern Ireland, including the Great Famine (1845-1852), which caused mass emigration and social change. The struggle for independence culminated in the establishment of the Irish Free State in 1922. The Irish financial crisis in the late 2000s resulted in a significant recession and government bailout. These transformative events fostered resilience in Irish society and drove economic recovery. Ireland’s integration with the European Union has facilitated access to funding and markets, helping the country evolve into a knowledge-based economy and a hub for multinational corporations.

Demographic Insights

As of 2023, Ireland has a total population of 5,262,382, growing at a rate of 2.6% annually. The population density remains relatively low at 73 people per square kilometer (2021), providing flexibility for both rural and urban development patterns. The country's demographic structure shows promise with a substantial working-age population of 65.3% (2022) and a median age of 39 years (2024). However, the fertility rate of 1.7 (2022) falls below replacement level. Health indicators paint a positive picture, with a high life expectancy of 83 years (2022), a low crude death rate of 6.9 per 1,000 persons (2022), and an impressive infant mortality rate of just 2.7 per 1,000 live births. The urbanization trend is significant, with 64.5% of the population living in urban areas (2023).

Economic Overview

Ireland's economy demonstrates strong performance with a GDP of €545.6 billion in 2023, positioning it as the 25th largest economy globally. The country achieved a GDP growth rate of 9.4%, primarily driven by the services sector which represents 52.6% of GDP (2022), followed by industry at 41.5%, of which manufacturing comprises 38%. The inflation rate decreased from 5.2% in 2023 to 2.4% in 2024, while the trade balance remains positive at €62.4 billion, with exports of €209.5 billion and imports of €147.1 billion in 2023. The unemployment rate improved from 4.5% in 2022 to 4.3% in 2023, and agriculture contributes 1.1% to GDP (2022), reflecting the economy's modernization toward services and industry. Companies looking to navigate this landscape can leverage market research in Ireland to understand consumer behavior and identify growth opportunities.

Public Finance Overview

Ireland's fiscal position demonstrates measured stability, with net lending/borrowing at 1.52% of GDP in 2023, showing a modest decrease from 1.68% in 2022. The nation's debt profile has improved substantially, with general government debt maintained at a manageable 45.19% of GDP in 2022, marking a remarkable transformation from the period when central government debt peaked at 123.34% of GDP in 2012. Through effective fiscal management strategies, this burden has been significantly reduced to 50.69% by 2022, illustrating the success of Ireland's debt reduction policies.

Military Overview

Ireland maintains a focused military presence with 9,000 personnel as of 2016, representing 19.0% of the population - a modest force aligned with the nation's emphasis on peacekeeping and defensive operations. The country's approach to military expenditure reflects careful fiscal management, with defense spending showing a measured decline from 0.3% of GDP in 2021 to 0.2% in 2022.

Conclusion

Ireland's impressive economic transformation is demonstrated through its robust GDP growth, fiscal stability, and strategic position within the European Union. The nation's evolution into a modern, service-oriented economy, supported by a skilled workforce and favorable business environment, has established it as a prime destination for multinational corporations. The government's commitment to fiscal responsibility, coupled with strong international ties, enhances its appeal to global investors. Companies seeking to capitalize on these opportunities can leverage market research in Ireland to understand consumer trends, navigate market dynamics, and make informed strategic decisions in this vibrant economy.