For Multinationals, Brexit Already Happened Says Irish Official

For Multinationals, Brexit Already Happened Says Irish Official

Kieran Donoghue, head of international financial services, strategy and public policy for Ireland’s Investment Development Agency, talks with Global Finance about the Irish government's view of Boris Johnson's Brexit deal and how multinationals have reacted to the uncertainty surrounding Brexit.

 
 
Source
Central bank

Central Bank of Ireland

International Reserves

USD 5.2 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019

Gross Domestic Product - GDP

USD 372.7 billion (2018, estimate)

GDP (Purchasing Power Parity)

Intl$ 385.9 billion (2018, estimate)

Real GDP growth
2007 2008 2009 2010 2011 2012 2013
5.3% -4.4% -5.1% 1.9% 3.7% 0.2% 1.3%
2014 2015 2016 2017* 2018*    
8.8% 25% 4.9% 7.2% 6.8%    

*Estimate

GDP per capita - current prices

USD 76,098.6 (2018, estimate)

GDP per capita - PPP

Intl$ 78,784.8 (2018, estimate)

GDP (PPP) - share of world total
1980 1990 2000 2010 2019*
0.20% 0.19% 0.26% 0.23% 0.29%

*Estimate

 
 
Source
GDP - composition by sector
  • agriculture: 1.3% 
  • industry: 35.4% 
  • services: 57%

(2018)

Gross domestic expenditure on R&D; (% of GDP)

1.1% (2017)

OECD, data retrieved October 2019

Inflation
2015 2016 2017 2018* 2019*
0% -0.2% 0.3% 0.7% 1.2%

*Estimate

Unemployment rate
2015 2016 2017 2018* 2019*
9.9% 8.4% 6.7% 5.8% 5.5%

*Estimate

Household saving rates

6.6% (2017)

Public debt (General government gross debt as a % of GDP)
2015 2016 2017 2018* 2019*
76.8% 74% 67.8% 63.7% 60.9%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2015 2016 2017 2018* 2019*
-1.9% -0.7% -0.3% 0% 0%

*Estimate

Government bond ratings

Standard & Poor's: A+

Moody's: A2

Standard & Poor's / Moody's 

Market value of publicly traded shares
2016 2017 2018
USD 119.8 billion USD 146.6 billion USD 110.2 billion
Largest companies

Medtronic, Accenture, Johnson Controls International, Eaton, CRH, Ingersoll Rand, Allergan, Aptiv, AIB Group, Ryanair Holdings, Seagate Technology, Bank of Ireland, Kerry Group, AerCap Holdings, Experian, DCC, Adient, Smurfit Kappa Group

 
 
Source
Current account balance

USD 40.5 billion (2018 estimate)

Current account balance by percentage of GDP

10.6 % (2018 estimate)

Exports as percent of GDP (Exports of goods and services)

122.3% (2018)

Shares in world total merchandising export

0.85% (2018)

Shares in world total commercial services export

3.56% (2018)

Total exports

USD 451.5 billion (2018 estimate)

Export commodities

Machinery and equipment, computers, chemicals, medical devices, pharmaceuticals; foodstuffs, animal products

Total imports

USD 334.4 billion (2018 estimate)

 
 
Source
Import commodities

Data processing equipment, other machinery and equipment, chemicals, petroleum and petroleum products, textiles, clothing

Exports - major partners

US 27.1%, UK 13.4%, Belgium 11%, Germany 8.1%, Switzerland 5.1%, Netherlands 4.9%, France 4.3% (2017)

Imports - major partners

UK 29%, US 18.9%, France 12.1%, Germany 9.6%, Netherlands 4.1% (2017)

FDI inflows
2016 2017 2018
USD 39,389 million USD -1,250 million USD -66,346 million
FDI outflows
2016 2017 2018
USD 30,064 million USD -39,091 million USD 13,272 million
Value of cross-border M&A, by country of purchaser
2015 2016 2017 2018
USD 94,558 million USD 67,162 million USD -6,504 million USD 3,650 million
Cross-border M&A deals worth over $3 billion completed in 2014

Mallinckrodt PLC, Questcor Pharmaceuticals Inc, United States, USD 5.6 billion / Shire PLC, ViroPharma Inc, United States, USD 4.2 billion

Cross-border M&A deals worth over $3 billion completed in 2015

Actavis PLC, Allergan Inc, United States, USD 68.4 billion / CRH PLC, Lafarge SA & Holcim Ltd-Certain Assets, France, USD 7.4 billion / Shire PLC, NPS Pharmaceuticals Inc, United States, USD 5.1 billion / Perrigo Co PLC, Omega Pharma Invest NV, Belgium, USD 4.5 billion / XL Group PLC, Catlin Group Ltd, Bermuda, USD 3.8 billion

Best countries for doing business

Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

24 out of 190 countries

​Subcategories:
Starting a Business: 23 out of 190 countries
Dealing with Construction Permits: 36 out of 190 countries
Getting Electricity: 47 out of 190 countries
Registering Property: 60 out of 190 countries
Getting Credit: 48 out of 190 countries
Protecting Minority Investors: 13 out of 190 countries
Paying Taxes: 4 out of 190 countries
Trading across Borders: 52 out of 190 countries
Enforcing Contracts: 91 out of 190 countries
Resolving Insolvency: 19 out of 190 countries

Global competitiveness ranking

24 out of 141 countries

(2019)

Index of Economic Freedom

Ranking: 6 / Score: 80.5 (Free)

(100=totally free 0=totally repressed)

 
 
Source
Time zone

UTC 0

Total area

70,273 sq km (2014)

Capital

Dublin 

Currency

Euros (EUR)

Government type

Parliamentary republic

Languages

English (official, the language generally used), Irish (Gaelic or Gaeilge) (official, spoken by approximately 38.7% of the population as a first or second language in 2011; mainly spoken in areas along the western coast)

Religions

Roman Catholic 84.7%, Church of Ireland 2.7%, other Christian 2.7%, Muslim 1.1%, other 1.7%, unspecified 1.5%, none 5.7% (2011 est.)

Total population
1990 2000 2010 2016* 2021*
3.506 million 3.79 million 4.555 million 4.675 million 4.875 million

*Estimate 

 
 
Source
Urban population as % of total population
1960 1980 2000 2015
46% 55% 59% 63%
Population median age

36.4 years (2016 estimate)

Population growth rate

1.2% (2016 estimate)

Life expectancy

80.8 years (2016 estimate)

Literacy

N/A

% of population living on less than $3.10 a day

N/A

Inequality of wealth distribution (Gini index)

32.5 (2012)

(0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights: 1
Civil Liberties: 1 (2017)                         

(1 represents the most free, 7 the least free rating)

Source
Total telephone subscribers as % of population

Fixed 40.87%   Mobile 103.71% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)

Internet users as % of total population

80.12% (2015)

Mercer Cost of living index

Dublin: 47th (2016)

CO2 emissions

7.6 (2013)

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