(Last updated: 14 Apr 2012)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Ireland. This is regularly updated, and should be checked before planning travel.

Country facts

(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)

Economic climate

Ireland has been considered as one of the most open trading economies in the world. It is acknowledged that the Global Economic Downturn has had an adverse effect on the Irish economy – particularly in contrast to the recent boom years. The International Monetary Fund has provided a loan facility in an effort to stabilise the banks and the rate of growth is now predicted at 0.5 per cent (April 2011). The local business community remains resilient and determined to succeed.

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.

Political climate

Ireland has a stable political climate focused on embracing the European Community. Ireland became part of the European Community in 1973, and on 1 January 1999 became part of the first wave of 11 European countries to join the European Monetary Union (EMU). Ireland maintains a stable political environment divided between the sovereign State of the Republic of Ireland, and Northern Ireland, which is part of the UK.

Northern Ireland is ruled directly from London and sends 17 members of parliament to the House of Commons. The peace process in Northern Ireland is progressing, with a devolved power-sharing government aimed at peace in Ulster. The Belfast Agreement (more commonly known as the Good Friday Agreement) was passed by the first island-wide referendum for 70 years to end 30 years of civil conflict with a permanent ceasefire.

Trade relations and statistics

Ireland is a member of the European Union (EU) and is a signatory to the Economic and Monetary Union agreement.

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.