The country has been an enthusiastic member of the European Union since 1973 and has adopted the Euro as its national currency.

Economy:
According to the Ireland's Central Statistics Office, the country's GDP was 129,344 million Euros in 2002, while per capita GDP stood at 33,021 Euros in the same year.

Since joining the European Union the Irish economy has become one of the fastest growing economies in the developed world, transforming itself from one primarily based on agriculture and traditional manufacturing into one increasingly reliant upon high technology industries and the service sector. Figures from the OECD show Ireland's economic growth between 1995 and 1999 to be approximately three times that of countries such as Belgium, France, Germany, the UK and the USA. Growth was a massive 6 per cent in 2002 and, although it has dropped in 2003 to just over 3 per cent, is expected to reach 4 ¼ per cent in 2004.

Most of the country's economic development has been in the service sector. For example, banking and financial services have grown significantly and tourism has become one of the largest foreign exchange earners. The industrial sector has focused on the development of export-led and advanced technology businesses. Some of the most important of Ireland's industries include chemicals, electronics and textiles. According to the Central Statistics Office chemicals and computer equipment made up 62 per cent of all exports in 2002. The agricultural sector is largely dominated by beef and dairy farming, with some large scale production of potatoes, barley and wheat.

The UK is the one of the main recipients of Irish exports. Figures from the Central Statistics Office show that the UK received 19 per cent of exports in March 2003. Other states in the European Union received 40 per cent, while the USA and Canada received 19 per cent.

Infrastructure:
The creation of an efficient transport system has been a priority for successive Irish governments. Considerable investment from the European Union in recent years has helped with the construction of a new motor way system which is being continually upgraded and extended. An extensive rail network connects all major towns and cities and there are several international airports located at Shannon, Dublin, and Cork. The country also has several major ports, which ensure the European mainland is accessible by vehicle within 24 to 36 hours.

The country's telecommunications system has also benefited from considerable investment and is one of the most modern in Europe.

Workforce:
Ireland has a young population, with 38 per cent under the age of 25 years. Figures from the Central Statistics Office put the total labour force at approximately 1.86 million people in the first quarter of 2003.

The country has one of the best education systems in the world and provides a well educated workforce. Some 60 per cent of school leavers go on to study at a higher level with most taking courses in subjects such as business, computers and engineering.

New Technologies:
The Irish government recognises the importance of research and innovation to the continued development of the economy. In 1997, it created the Irish Council for Science, Technology & Innovation to advise the government on all aspects relating to the strategic direction of science, technology and innovation policy.

However, according to the World Bank's World Development Indicators 2002, Ireland invests just 1.5 per cent of GDP in research and development. This level is below many other EU nations including Austria, Belgium Denmark, France, Germany, the Netherlands and the UK.

Business Costs:
The costs of operating in Ireland are very competitive. For example, according to the US Department of Labor, the total hourly compensation for production workers in the manufacturing sector was 12.50 Euro in 2002. This compares to a cost of 15.88 Euro in the UK, 16.38 Euro in France and 22.99 Euro in Germany.