Ireland

Exchange rate vulnerability

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The economy has bounced back. Output is estimated to rise by 5% in 2004 and is set to expand roughly at that pace in 2005 and 2006, driven by buoyant net exports and consumption.
The Irish economy continues to experience an impressive performance in terms of employment and labour productivity growth, but the “Celtic tiger” era of double digit growth rates belongs to the past. With excess demand persisting, inflationary pressures are expected to rebuild gradually. The economy is vulnerable to a rise in the euro exchange rate or in interest rates.Curbing inflation pressures in the medium term should rely on unleashing market forces in services, including in network industries and the liberal professions, and easing regulations in retail trade. Wage moderation should also be encouraged. The OECD Economic Outlook projections are based on the assumption of a soft landing in the housing market.
Population (000s), 20033 953
Area (000 sq km)70
CurrencyEuro
GDP (Billion USD), 2003152.1
Life expectancy at birth (Women, Men), 2002 80.3, 75.2
Total labour force (000s), 20031 860
Government typeRepublic
Indicators% change unless otherwise indicated
200420052006
GDP growth4.95.54.9
Consumer price index2.42.82.9
Short-term interest rate (%)2.12.12.7
Unemployment rate (%)4.44.14.0
General government financial balance (% GDP)0.2-0.1-0.4
Current account balance (% GDP)-0.6-0.10.1
Source: OECD© OECD Observer No 245, November 2004


Economic data

GDP growth: -1.8% Q1 2020/Q4 2019
Consumer price inflation: 0.9% Apr 2020 annual
Trade (G20): -4.3% exp, -3.9% imp, Q1 2020/Q4 2019
Unemployment: 8.4% Apr 2020
Last update: 9 July 2020

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