International Market Development

International market development | Comprehensive analysis of Irish's economy and market conditions

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Author : Bozhou Marine
Update time : 2020-12-30 14:04:34

 
In this article, we mainly introduce the basic situation of the Irish market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, GDP, foreign exchange reserves, employment, prices, taxes, etc.
 
 

  Introduction

 
The Republic of Ireland (Irish: Poblacht na hÉireann; English: Republic of Ireland), referred to as "Ireland" (Ireland), is a parliamentary republic in Western Europe. It faces the Atlantic Ocean to the west, the Irish Sea to the east, and the United Kingdom across the sea. North America’s gateway to Europe.
 
Ireland is a highly developed capitalist country. It is also a member of the European Union, the Organization for Economic Cooperation and Development, the World Trade Organization and the United Nations. It is also one of the countries with the fastest economic development in the world, and has won the reputation of "European Tiger" because of its economic development.
 
 

  Capital
 
Dublin is the capital and largest city of the Republic of Ireland. It is also the political, economic, cultural, tourism and transportation center of Ireland. Its geographical location is extremely close to the center of the east coast of the island of Ireland, at the mouth of the Liffey River in County Dublin and the center of the Dublin area.
 
Dublin has the title of "European Silicon Valley", coupled with national policy support, has attracted many technology companies from all over the world to develop here. There are more than 600 companies in the United States alone, including Google, Amazon, Facebook, etc.
 
 

  Main City
 
Dublin
 
Dublin is the capital and largest city of the Republic of Ireland. It is also the political, economic, cultural, tourism and transportation center of Ireland.
 
Dublin is the largest port in Ireland. Its import and export trade accounts for half of the country's total foreign trade. There are 5,000 vessels leaving the port every year. Dublin is also the largest manufacturing city in Ireland, with industries such as wine, clothing, textiles, chemicals, large machine manufacturing, automobiles, and metallurgy. In addition, Dublin is also an important financial center in the country.
 
The Dublin area is the economic center of Ireland. Many of Dublin’s traditional industries, such as food processing, textile manufacturing, brewing, and distillation, have gradually declined. The St James’ Gate Brewery has attracted a large number of global pharmaceuticals due to its economic improvement in 1759 in the 1990s. , Information and communication technology companies to the city and the Greater Dublin area. Companies such as Microsoft, Google, Amazon, eBay, PayPal, Yahoo, Facebook, Twitter, and Pfizer have European headquarters and/or operational bases in cities.
 
Due to the gathering of many high-tech companies, Dublin has the title of "European Silicon Valley".



Dublin - Photo | Google

Cork
 
Cork (Cork) is located in southwestern Ireland and is the second largest city in the country after the capital Dublin. The urban population of Cork exceeds 120,000 and the population of Greater Cork Metropolitan Area exceeds 380,000. The city is built along the Li River, which is divided into two tributaries in the west of the city, and the city center is therefore separated.
 
The industries mainly include pharmaceutical, textile, and other manufacturing industries, as well as food processing industries such as beer. The industrial zone has underground barns, oil depots, and power stations. Cork is a transportation hub in southern Ireland, and passengers can easily reach other European cities from Cork Airport.



Cork - Photo | Google 

Limerick
 
The third largest city in Ireland and the largest city on the west coast, it belongs to the province of Munster. At the mouth of the Shannon River, the Atlantic Ocean penetrates into the inland Shannon Bay. There are industries such as flour, cured meat processing, dairy products, wine making, distilling wine, and leather tanning. The Shannon River Hydropower Station is nearby. The ham produced there was once famous in many agricultural cities in Irish history.



Limerick - Photo | Google

Galway
 
Galway is a port city in western Ireland, facing the Atlantic Ocean and the capital of County Galway. At the entrance to Tongalway Bay of Lake Corrib, it is the economic center of the west. There are a variety of industries such as agricultural and aquatic product processing, fiber, sewing machine, wood processing, and machinery manufacturing. The fishery is developed, mainly fishing herring and salmon in the Atlantic Ocean. Trade and tourism are important.
 


Galway - Photo | Google
 
 

  Jet Lag
 
China is 8 hours faster than Ireland.
 
 

  Population and Ethnicity
 
4.98 million, most of them are Irish.
 
 

  Language
 
The official languages ​​are Irish and English.
 
 

  Main Holiday
 
New Year  / January 1st;
Saint-Bright's Day / February 1st;
St. Patrick's Day / (Ireland National Day) on March 17;
Sheelah's Day / March 18th;
Good Friday and Easter (from March 21st, the first Sunday after the full moon is Easter, the Friday before Easter is Good Friday, the holiday is from Friday to Monday) ;
Bank Holiday / The first Monday in June, August and October ;
ReekSunday /  the last Sunday in July ;
Halloween AllSaints'Day / November 1st;
Christmas Eve / December 24th;
Christmas / December 25th;
St. Stephen / December 26th;
Carnival / December 31st;



St. Patrick's Day - Photo | Google
 
  Natural Resources
 
The main mineral resources in Ireland are natural gas, peat, copper, lead, graphite, zinc, silver, barite, gypsum, limestone, dolomite, etc.
Ireland has abundant lead-zinc deposits and is the largest lead-zinc producer in Europe. Zinc production accounts for 4.3% of the world’s total, lead production accounts for 2% of the world’s, and peat is widely distributed, accounting for about 13% of the country’s area. The natural gas reserves are estimated at 38.2 billion cubic meters. 70% of its energy required depends on imports.
 
 

  Competitive Industries
 
Information and Communication Technology Industry
 
The information and communication technology industry is one of the main engines driving the strong growth of the Irish economy. It still occupies a pivotal position in the Irish economy. In the past few years, it has been a stable force in the Irish "modern industry". Irish information and communication technology companies are mainly concentrated in Dublin, Cork, Limerick and Galway, involving application software, hardware and related systems, communication services, digital technology and information technology support services and other production and service fields.
 
At present, there are about 105,000 employees in this field, with an annual turnover of 53 billion Euros. The top 10 information and communication technology companies in the world are all located in Ireland. Major companies in this industry include Intel, IBM, Microsoft, HP, Dell, Apple, Oracle, and Ericsson. Among them, Dell, Microsoft and Intel, as the three largest software export companies in Ireland, account for most of the country's software exports.
 

Biomedical Chemical Industry
 
In the past few years, the Irish government used all its resource advantages to develop the biomedical and chemical industry and made significant progress. According to the latest statistics from the Irish Exporters Association, the current biomedical and chemical industry has surpassed the information and communication technology industry to become Ireland's largest pillar industry, with more than 47,000 direct employees. In 2016, the export value of Irish pharmaceutical and chemical products was approximately 64.44 billion euros, accounting for 56.83% of the total export value. The biotechnology industry centered on healthcare and agri-food has received strong support from the Irish government in recent years. Through years of strategic investment, talent training, and foreign cooperation, Ireland has accumulated huge scientific research advantages in this field, and the country has developed It has become one of the world's biopharmaceutical centers, and has attracted many world-renowned biomedical research institutions, including the British Wellcome Trust (WELLCOME TRUST).
 
Currently, Ireland has nearly 60 manufacturing companies in this industry, including more than 40 local companies and nearly 20 multinational companies, such as Pfizer, Wyeth, Bristol-Myers Squibb, Abbott, Boston Scientific, Johnson & Johnson, etc., mainly involved in medicine, medical diagnosis, Agro-food, medical services and biological environment, as well as areas that provide related support to the industry, such as legal consultation, patent intermediary, clinical trials, cooperative production and waste disposal. At present, Ireland has become the world's largest exporter of pharmaceuticals, and 9 of the world's top 10 pharmaceutical companies have invested in Ireland. Many Irish chemical companies are also withdrawing from the chemical industry and transforming into biotechnology production companies.
 

Food and beverage industry
 
The Irish food and beverage industry is an important part of the Irish economy, and it is also the industry with the most well-developed local enterprises. The main products are meat, dairy products, food additives, beverages (whiskey and beer), and baby and functional foods. The industry created 10.8% of Ireland’s exports and 8% of employment, and exports accounted for more than 80% of the industry’s total output value. Irish food and beverages are sold to more than 180 countries in the world, of which the UK and continental Europe account for more than 70% of its overseas markets. China has become the world's second largest export market for Irish pork and dairy products, and the third largest export market for food and beverages. The Irish food and beverage industry has many internationally renowned brands, such as KERRY GOLD in dairy products, as well as GUINNESS BEER, Jameson Whiskey and BAILEYS’ CREAM.
 

Aviation leasing industry
 
Ireland is now the gathering place for the global aircraft leasing industry. Since GPA (the predecessor of GECAS, the world’s second largest aircraft leasing company) was established in Ireland in 1975, the Irish government has successively introduced a number of preferential policies and measures, which have greatly promoted the development of the local aircraft leasing industry and has gradually become a global aircraft Important center for lease. At present, there are more than 8,000 aircraft leased worldwide, of which more than 4,000 aircraft are leased by aircraft leasing companies registered in Ireland. In 2015, the total value of Irish air leasing business was approximately US$1.5 trillion, accounting for about 50% of the global air leasing business. The vast majority of Chinese aircraft leasing companies have established branches in Dublin. According to statistics published by "Airline Business", in order of total assets, three companies including Bank of China Leasing, ICBC Leasing and Aweilong (a wholly-owned subsidiary of HNA) entered the top ten in the world in 2016. In addition, there is also China Bank Leasing. 9 companies including Bank of Communications Leasing and China Merchants Bank Leasing entered the top 50 in the world. In April 2017, Aveyron, a subsidiary of HNA, completed the acquisition of the aircraft leasing business of the US CIT Group for US$10.38 billion, thus becoming the third largest aircraft leasing company in the world.
 
 

  From "crash" to "strong recovery"
 
In 2019, Ireland's GDP was 339.2 billion euros, an increase of 5.5% year-on-year, with an average of 70,500 euros per capita. Among the developed countries, Ireland’s actual economic growth rate is once again the highest.
 


Ireland's GDP growth rate over the years | TRADING ECONOMICS
 
From the "crash" in 2011 to the "strong recovery" in recent years, the Irish economy has changed dramatically.
 
The latest data from the Irish Central Bureau of Statistics (CSO) shows that GDP in the third quarter increased by 11.1% from the previous quarter and 8.1% year-on-year. After revision, GDP fell by 3.5% in the first quarter and 3.2% in the second quarter. The main driving force of economic growth in the third quarter came from household consumption expenditure and exports. Household consumption increased by 21.3%, reversing the downward trend in the second quarter. Goodbody's chief economist Dermot said that Ireland is expected to become the only developed country to achieve positive GDP growth in 2020 due to the impact of exports from the pharmaceutical and technology industries.
 
 

  Rapid growth of foreign exchange reserves
 

 

Ireland's foreign exchange reserves trends over the years | TRADING ECONOMICS
 
From 2011 to 2020, Ireland’s foreign exchange reserves have grown rapidly.
 
 

  The overall increase in employment is stable, and the unemployment rate rebounds sharply
 

 

Ireland’s Employment Population Trends Over the Years | TRADING ECONOMICS
 
 


Ireland's unemployment rate trend chart over the years | TRADING ECONOMICS
 
Relevant research shows that, so far, young workers in Ireland and the workforce outside Dublin have been most affected by the epidemic, and the unemployment rate will remain above 17% throughout the year. The Banking and Payment Industry Federation of Ireland (BPFI) said that Irish lenders have approved 78,000 mortgage waivers so far, an increase of 20% in less than a month.
 
 

  High prices, long-term low inflation rate
 
 


Irish Consumer Price Index CPI Trend Chart | TRADING ECONOMICS
 
 


Irish inflation rate trend chart over the years | TRADING ECONOMICS
 
The European statistical agency Eurostat estimates that the total price of goods and services in Ireland is 134% of the EU average, second only to Denmark. The prices of all products in Ireland are higher than the median price in the EU, with clothing prices being 104% of the average price and electronic products being 102% of the average price.
 
 

  Corporate income tax rate 12.5%
 
 


Irish corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Irish corporate income tax rate is 12.5%.
 
 

  Personal income tax rate 48%
 
 


Irish corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Irish personal income tax rate is 48%.



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