One of the richest nations in the world is the Republic of Ireland. Financial services, cutting-edge technology, and life sciences form the backbone of Ireland’s knowledge-based economy, which is characterized by its emphasis on these three sectors. The International Monetary Fund (IMF) now ranks Ireland as the fifth-best country in the world in terms of GDP per capita, out of a total of 187 countries (World Bank). From 1984 through 2007, Ireland saw strong economic development, however, this expansion was curtailed by the 2008 financial crisis. It was the first EU country to go into a recession because of the financial crisis of 2008. However, the economy recovered in 2014 and expanded by 4.8%, making it the EU member state with the fastest-growing GDP. Ireland had a good year in 2018, with unemployment falling below 5.5% and GDP increasing by roughly 4%. The country’s present expansion has been fueled by several industries.
Industries of Pharmaceuticals and Medical Technology
Because of increasing demand, fierce rivalry, and developing start-ups, the medical and pharmaceutical technology sector is one of Ireland’s fastest expanding industries. Over 100 enterprises in the medical technology and technological industry employ approximately 25,000 people and generate 9.4 billion euros yearly. On the other hand, about 50,000 people work in the pharmaceutical industry, which exports about 60 billion euros each year. Ringaskiddy and Little Island are home to the majority of pharmaceutical industries. The pharmaceutical industry’s fastest-growing segment is biologics, which is experiencing expansion and several start-ups.
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ICT and software industries
Increased numbers of multinational firms opening offices in Ireland, particularly in Dublin, have contributed to the boom in the country’s technological sector. As a result of the looming Brexit, an increasing number of fintech companies are relocating to Dublin. The ICT industry employs around 35,000 individuals and generates over 35 billion euros yearly. Ireland is home to nearly 200 ICT firms, including the majority of the top 10 largest ICT firms. The software industry generates around 16 billion euros per year and employs over 20,000 people. Ireland is the world’s second-largest software exporter. Some of the world’s top 10 technological companies, including Apple, have operations in Ireland.
Export and Trade
Ireland’s economy is based mostly on trade and export. For the nation to bring in money, each and every one of its manufactured goods have to be sold. Around 270 billion euros were created via commerce in 2009, with the majority coming from services and merchandise. Export contributes significantly to economic growth. Ireland is one of the top exporters of software, medical devices, and medicines. In addition, the country is Europe’s greatest producer of zinc and the second-largest producer of lead. These minerals make a significant contribution to Ireland’s export profits.
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