The State of Europe – Richest and Poorest Countries in the Continent
Officially known as The Republic of Ireland, Ireland has a knowledge economy whose GDP is derived from financial services, life sciences, and high technology. The country ranks 6th in terms of GDP per capita in the World Bank ranking and 5th in the IMF tables.
The country has excellent foreign direct investment rates where it ranks first. The country experienced high levels of economic growth between 1984 and 2007 before it was severely impacted by the 2008 financial crisis when its housing market went into near collapse. It has been experiencing stagnant economic activity since then, and its GDP is set to grow by more than 2.2% a year since then.
Foreign-owned multi-national companies are very significant to Ireland’s economy employing up to 23% of the labor force, making up 14% of the top 20 firms in the country by turnover, and paying four-fifths of the taxes. Other important industries are aircraft leasing, alcoholic beverages, engineering, energy generation, pharmaceuticals, medical devices, software and services, financial services, ICT) and agriculture and mining.
GDP global rank: 31st
GDP per capita global rank: 4th
GDP European rank: 17th
GDP per cpita European rank: 5th