The Economy in Ireland
Every nation has their own economic situation and many don’t realize just how diverse many places are. For instance, the economic outlook for Ireland is one that deserves a great deal of attention in these modern times, something that most don’t even think about when looking at the most powerful European nations. There are several different sectors that make up the economic picture of the Irish, and it’s important to look at the branches to get a full picture of how they sustain financial structures in and around the world.
The first major branch is that of exports. There has been significant growth in this area and they continue to grow as many corporations based out of different spots in the world buy and sell the products that are manufactured in the area. Some of the top exporters in the area are that of pharmaceuticals and energy reserves as well as electrical systems. Exports make up for a great deal of the economic structure and the country is ranked quite high in regards to exports of energy.
IN regards to a secondary sector, agriculture plays a huge role in the aforementioned exports. Many of the rich productions of the farmland goes to a variety of locations in Europe and beyond. This accounts for a great deal of employment opportunities for farmland laborers and more. Even though there has been a slight decline, there is still a large production of agriculture that is meant specifically for export.
Aside from the aforementioned, one of the biggest businesses that help shape the economic picture is that of credit, and banking in Ireland which dominates investments. There are several large companies that are working within the bank and credit system funding investments, and helping businesses grow. The National Irish Bank and many other large corporate financiers are ranked quite high amidst the world’s banks and continues to grow in their influence annually.
Government plays a huge role in financial matters as well as taxation, which has upwards of 30% of the overall GDP. This all factors into employment, investments, and distribution of wealth all the same. Much like other large nations, the economy in Ireland is strong and relies heavily on trade, export, financial investing, and taxation. As for currency, it is one of the many nations in Europe that recognizes the Euro as the standard of currency, and continues to be strengthened by it’s ties within 11 nations, and compared to the U.S. Dollar it’s quite strong.