Economy in Ireland

Ireland is a small, modern, trade-dependent economy with growth averaging a robust 9% in 1995-99. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 39% of GDP and about 80% of exports and employs 28% of the labor force. Although exports remain the primary engine for Ireland's robust growth, the economy is also benefiting from a rise in consumer spending and recovery in both construction and business investment. Over the past decade, the Irish government has implemented a series of national economic programs designed to curb inflation, reduce government spending, and promote foreign investment. The unemployment rate has been halved; job creation remains a primary concern of government policy. Recent efforts have concentrated on improving workers' qualifications and the education system. Ireland joined in launching the euro currency system in January 1999 along with 10 other EU nations. The construction and other sectors are beginning to press against capacity, and growth is expected to drop in 2000, perhaps by 1 percentage point.