AGN Live Country Guides

Doing Business in the Republic of Ireland

Published in December 2017

The Republic of Ireland (usually referred to as "Ireland")is a sovereign state in north-western Europe. The capital and largest city is Dublin, which is located on the eastern part of the island, and whose metropolitan area is home to around a third of the country's 4.75 million inhabitants.

Ireland is a unitary, parliamentary republic. The legislature consists of a lower house and an upper house, and an elected President who serves as the largely ceremonial head of state, but with some important powers and duties. The head of government is the Taoiseach (Prime Minister).

Ireland ranks among the top twenty-five wealthiest countries in the world in terms of GDP per capita, and as the tenth most prosperous country in the world according to The Legatum Prosperity Index 2015. After joining the EEC, Ireland's rapid economic growth earned it the name of 'Celtic Tiger'.  The global financial crisis of 2008 stalled Irelands growth however, as the Irish economy was the fastest growing in the EU in 2015, Ireland is again quickly ascending league tables comparing wealth and prosperity internationally.

In 2015, Ireland was ranked as the joint sixth (with Germany) most developed country in the world by the United Nations Human Development Index. It also performs well in several national performance metrics, including freedom of the press, economic freedom and civil liberties. Ireland is a member of the European Union and is a founding member of the Council of Europe and the OECD.

The activities of multinational companies based in Ireland have made it one of the largest exporters of pharmaceutical agents, medical devices and software-related goods and services in the world. Ireland's exports also relate to the activities of large Irish companies (such as Ryanair, Kerry Group and Smurfit Kappa Group) and exports of mineral resources: Ireland is big producer of zinc and lead concentrates. The country also has significant deposits of gypsum, limestone, and smaller quantities of copper, silver, gold, barite, and dolomite. Tourism in Ireland contributes about 3.8% of GDP (2016) and is a significant source of employment.

Other goods exports include agri-food, cattle, beef, dairy products, and aluminium. Ireland's major imports include data processing equipment, chemicals, petroleum and petroleum products, textiles, and clothing. Financial services provided by multinational corporations based at the Irish Financial Services Centre also contribute to Irish exports.

In 2016, Ireland exported $128B and imported $75.2B, resulting in a positive trade balance of $52.9B. In the same year the GDP of Ireland was $294B and its GDP per capita was $68.9k. The top import origins of Ireland are the United Kingdom ($22.9B), the United States ($9.6B), Germany ($6.53B), the Netherlands ($3.7B) and France ($3.18B).

The EU is by far the country's largest trading partner, accounting for approximately 50% of exports and 60% of imports.

Irish culture has had a significant influence on other cultures, especially in the fields of literature. Alongside mainstream Western culture, a strong indigenous culture exists, as expressed through Gaelic games, Irish music, and the Irish language. The culture of the island also shares many features with that of Great Britain, including the English language, and sports such as association football, rugby, horse racing, and golf.

This portal incorporates live data feeds from:

The Organisation for Economic Cooperation and Development (OECD)
The World Bank
The observatory of Economic Complexity

The intention is to provide access to live information extracted from the regularly refreshed databases maintained by these organisations.

 

 

 

Use the navigation buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

OECD Country Comparison Portal

The window below is a direct feed of regularly updated information from the OECD. It provides data concerning everything from GDP growth, fiscal balance, investment, and unemployment rates to consumption, import volume and export volume. The window allows comparisons between Ireland and other countries of the OECD average for these factors.

Inflation (CPI)

Total, Annual growth rate (%)

World Bank Development Indicators

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from Ireland.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into Ireland.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from Ireland.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities in Europe:

THE ‘MACRON EFFECT’ MAKING FRANCE AN ATTRACTIVE PLACE FOR FOREIGN DIRECT INVESTMENT     (May 2018)

Emmanuel Macron took office as the President of France on 14 May 2017, becoming the youngest president in French history and youngest head of state since Napoleon. His victory was based on a manifesto of significant social and economic reform. As his program has started to take effect, Macron has been hailed as having re-launched the French economy as an attractive destination for foreign direct investment – the so called “Macron Effect”.

find the firm best prepared to serve you

NOWS THE TIME TO REVIEW YOUR FOREIGN CURRENCY LOAN     (July 2017)

Foreign Currency Loans became very popular a few years ago. Depending on the currency they potentially offered consumers and companies low interest rates, at attractive exchange rates. But recent experience has shown they can become a problem where they have been sold to consumers and small firms that may not be familiar with the potential pitfalls of such sudden changes in exchange rates. Many legacy loans are still active and still causing problems.

There are professional ways to hand foreign currency loans through Managed Currency Mortgages. A successful currency manager will move the borrower's debt into a currency which subsequently falls in value against the base currency.

For more information about how to hand foreign currency loans through Managed Currency Mortgages, contact an AGN member that can help you.


IRELAND OFFERS GREAT R&D TAX RELIEF     (March 2017)

The Knowledge Development Box in Ireland – 6.25% Corporate Tax Rate.    

The Knowledge Development Box (KDB) in Ireland provides for a 6.25% tax rate on profits derived from patented or other protected inventions and certain copyright software.

For more information about how to take advantage of this opportunity, contact the AGN firm best prepared to help you.


Tax Publications


The AGN European Region produces annual tax brochures that compare taxes among European countries. Interesting comparisons from year to year give insight into trends.

These surveys are available by report type and year.

Learn more
 

The AGN European Region produces annual tax brochures that compare taxes among European countries. Interesting comparisons from year to year give insight into trends.

These surveys are available by report type and year.

Learn more
 

AGN News in Europe:

December 2018

ICT-Security Conference 2018 in Alpbach, Austria


Multicont and CRC were exhibitors at the largest security conference in the German-speaking region.

read full article to learn more
 

November 2018

Swiss Corporate Tax Reform (TRAF)


On 28 September 2018, the Swiss Federal Parliament adopted the tax reform known as Tax Proposal 17 (TP 17) or Federal Act on Tax Reform and AHV Financing (TRAF). Amongst others, the aim of this tax reform is to guarantee the international acceptance of Swiss corporate taxation and thus the tax reform includes the abolition of cantonal tax privileges for holding, domicile and mixed companies. However, the tax reform also contains various measures, which ensure the tax attractiveness of Switzerland as a business location.

read more
 

AGN Firms in the country


Ireland
Duignan Carthy O'Neill
84 Northumberland Road
Dublin D04 PY94
Time Zone:
Phone: (+353 1) 668 2404
EMail: info@dcon.ie