Ireland: Boost energy competition

The economy is growing rapidly, propelled by strong household spending. Activity is projected to keep expanding robustly with a mild slowdown in growth from 5% in 2007 to 4.5% in 2008 as the boost that temporary factors are giving to demand fades. Inflation is projected to remain above the euro area average.
Fiscal and regulatory policy should focus on keeping inflation in check. The budget should prioritise spending items that alleviate bottlenecks in the economy, such as investment in human and physical capital, and refrain from fuelling consumption. Boosting competition in network industries, especially in the electricity and natural gas sectors, is becoming a matter of urgency as these sectors contribute disproportionately to inflation.
Population (000s), 20054 131
Area (000 sq km)70
CurrencyEuro
GDP (Billion USD), 2005161.9
Life expectancy at birth (Women, Men), 200380.7, 75.8
Total labour force (000s), 20052 015
Government typeRepublic
Indicators% change unless otherwise indicated
200620072008
GDP growth5.15.14.5
Consumer price index2.82.83.0
Unemployment rate (%)4.44.44.4
General government financial balance
(% GDP)
1.00.70.7
Current account balance (% GDP)-1.7-1.3-0.4
Source: OECD©OECD Observer No. 258/259, December 2006


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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