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Economy of the Republic of Ireland

2007 Schools Wikipedia Selection. Related subjects: Economics

   Economy of Ireland
   Irish One Euro coin
   Currency 1 Euro = 100 eurocent
   Fiscal year Calendar year
   Trade organisations EU, WTO and OECD
   Statistics
   GDP ( PPP) €161.6 bn( 2005) ( 48th )
   GDP growth 4.7% (2005 est.)
   GDP per capita $41,000 (2005 est.)
   GDP by sector agriculture (5%), manufacturing (46%), services (49%) (
   2002)
   Inflation ( CPI) 3.9% ( 2006)
   Pop below poverty line 10% (1997 est.)
   Labour force 2.014 million ( 2005)
   Labour force by occupation services (64%), manufacturing (29%),
   agriculture (8%) ( 2005)
   Unemployment 4.4% ( July 2006)
   Main industries steel, lead, zinc, silver, aluminium, barite, and
   gypsum mining processing; food products, brewing, textiles, clothing;
   chemicals, pharmaceuticals; machinery, rail transportation equipment,
   passenger and commercial vehicles, ship construction and refurbishment;
   glass and crystal; software, tourism
   Trading Partners
   Exports $102 billion f.o.b. (2005 est.)
   Export goods machinery and equipment, computers, chemicals,
   pharmaceuticals; live animals, animal products
   Main partners United States 18.7%, United Kingdom 17.3%, Belgium 15.1%,
   Germany 7.3%, Netherlands 4.8% ( 2005)
   Imports $65.47 billion f.o.b. (2005 est.)
   Imports goods data processing equipment, other machinery and equipment,
   chemicals, petroleum and petroleum products, textiles, clothing
   Main Partners UK 36.8%, United States 13.8%, Germany 9.1%, Netherlands
   4.5% ( 2005)
   Public finances
   Public debt €37.2 bn (27% of GDP) ( June 2006)
   Revenues €44.3 bn ( 2006)
   Expenses €45.4 billion ( 2006)
   Economic aid donor: ODA, €735 mn ( 2005)
   Main source
   All values, unless otherwise stated, are in US dollars

   The economy of the Republic of Ireland is modern, relatively small, and
   trade-dependent with growth averaging a robust 10% in 1995–2000.
   Agriculture, once the most important sector, is now dwarfed by
   industry, which accounts for 46% of GDP, about 80% of exports, and
   employs 29% of the labour force. Although exports remain the primary
   engine for the Republic's robust growth, the economy is also benefiting
   from a rise in consumer spending and recovery in both construction and
   business investment. The annual rate of inflation stands at 2.3% as of
   2005, down from recent rates of between 4% and 5%. House price
   inflation has been a particular economic concern (average house price
   was €251,281 in February 2005). Unemployment is very low and incomes
   have been rising rapidly as well as service charges ( utilities,
   insurance, healthcare, legal representation, etc.). Dublin, the
   nation's capital, was ranked 16th in a worldwide cost of living survey
   in 2006 (up from 22nd in 2004 and 24th in 2003). Ireland has been
   reported to have the second highest per capita income of any country in
   the EU next to Luxembourg, and fourth highest in the world.

History

   The state known today as the Republic of Ireland seceded from the
   United Kingdom in 1922. The state was troubled by poverty and
   emigration until the early 1990's - these problems, though, disappeared
   totally over the course of that decade, which saw the beginning of
   unprecedented economic success, in a phenomenon known as the " Celtic
   Tiger". Over the past decade, the Irish government has implemented a
   series of national economic programmes designed to curb inflation, ease
   tax burdens, reduce government spending as a percentage of GDP,
   increase labour force skills, and promote foreign investment. The
   Republic joined in launching the euro currency system in January 1999
   along with ten other European Union countries. The economy felt the
   impact of the global economic slowdown in 2001, particularly in the
   high-tech export sector – the growth rate in that area was cut by
   nearly half. GDP growth continued to be exceptionally high in
   international terms, with a rate of about 6% in 2001 and 2002 – and it
   is expected to continue at more than 4 per cent (2006 onwards). Since
   2001, GNI (which measures income to Irish residents rather than output)
   growth has been much worse, with an almost three-fold decrease in 2001
   from the previous year. After two near stagnant years in 2002, growth
   started to pick up once again in 2003 has been very buoyant since.

Infrastructure

   Ireland's transport infrastructure had a difficult time coping with the
   economic of the past decade and varies substantially in quality. Since
   1993, road transport is coordinated by the National Roads Authority.
   The National Primary Route, which are the most heavily used roads,
   radiate out of Dublin and spread across the country. The National
   Secondary Routes act as regional road and linkages between the primary
   routes. The Dublin area - the best connected area in the country - is
   served by a light rail network (the Luas), the Dublin Port Tunnel the
   M50, Dublin Airport, Dublin Suburban Rail and the DART.
   The DART is a key piece of infrastructure in Dublin for commuters
   Enlarge
   The DART is a key piece of infrastructure in Dublin for commuters

   Ireland's rail network is run by the semi-state body Iarnród Éireann, a
   subsidiary of CIÉ and is made up of 9 national lines and several
   regional commuter lines such as the DART. CIÉ retain some freight
   customers, though few new freight services have started in recent
   years. Only some major ports remain technically freight-connected, the
   connection at Sligo for example was removed in 2003, while the link to
   Foynes has remained unused since 1999. The efficiency of the train
   network is poor, with regular delays and overcrowding on major routes.
   Some regional routes have few services, and as a result, struggle to
   achieve passengers. Much new rolling stock has been acquired since
   1994, and as of 2004, this is finally beginning to expand capacity
   rather than just replacing old stock. Most major routes have been
   relaid with continuous welded rail, and signalling has in most cases
   been upgraded from the more than century-old mechanical semaphores.

   The country has a total of 15 airports and airfields, of which 3 -
   Dublin Airport, Shannon International Airport and Cork International
   Airport are of a substantial size. The country is served by several
   airlines, most notably Aer Lingus, Ryanair, Aer Arann, and Cityjet. Air
   transport is relatively cheap. The main ports are Rosslare Europort,
   Limerick, Dublin, Cork and Waterford. There are daily ferry services to
   Britain.

   The telecommunications network is slowly improving, admittedly from a
   low base. As of 2004 broadband is available to approximately 50% of
   homes and businesses, with about 15% geographic coverage - however it
   remains relatively expensive. Coverage may expand if the telephone
   network is refurbished - currently 25% of lines connected to
   broadband-enabled exchanges cannot avail of broadband, due to bad line
   quality. The former state telecoms giant, Eircom, is on the record as
   not keeping up with line degradation in their network maintenance. The
   mobile market has four providers - 3 Ireland, O2 Ireland, Meteor and
   Vodafone Ireland. The electricity transmission system is run by the
   Electricity Supply Board and is available nationwide. The gas network
   is currently being expanded.

Energy

   The vast majority of Irish energy needs are met by fossil fuels. About
   98% of the Republic of Ireland's final energy demand is produced by
   burning coal, petroleum, peat, or natural gas. This over reliance on
   fossil fuels - particularly oil - has left the Republic vulnerable to
   international price fluctuations as it imports all of its oil needs. As
   part of its National Development Plan the Government adopted the
   Sustainable Energy Act (2002) and created Sustainable Energy Ireland as
   the nation's energy regulator. As part of their objectives to promote
   environmentally and economically sustainable energy production,
   electrical generation from peat consumption, as a percent of total
   electrical generation, was reduced from 18.8% to 6.1%, between 1990 and
   2004. Likewise, coal consumption was reduced from 41.7% to 27.6%.
   Making up for this, the share of natural gas in electrical generation
   increased from 26.7% to 44.8%. Renewable energy, from biomass, wind and
   hydro, also increased from 1.9% to 2.6% in the same time period. A
   forecast by Sustainable Energy Ireland predicts that oil will no longer
   be used for electrical generation but natural gas will be dominant at
   71.3% of the total share, coal at 9.2%, and renewable energy at 8.2% of
   the market. Wind power is quickly developing in the country by
   Airtricity and Hibernia Wind Energy (a subsidiary of the Electricity
   Supply Board) and many other companies. As of December 2005, there were
   fifty wind farms operational in Ireland with a combined capacity of
   500 MW - generating enough energy for 300,000 homes, depending on wind
   conditions. In addition, a further 600 MW of wind farms (40 more) have
   signed connection agreements to link to the power system at high
   voltage or low voltage, and up to 200 MW of wind farms have received
   connection offers. Should these reach capacity, Ireland may exceed its
   EU target of 13.2 per cent of electricity generated from renewable
   sources by 2010. In addition to wind farms, electricity is also
   generated at large scale hydro schemes on the Shannon, Erne, Liffey and
   Lee rivers, and at mini-hydro stations, as well as landfill gas
   generating plants in Cork and Dublin cities.

   Statistics

   Peat once provided much of Ireland's energy needs
   Enlarge
   Peat once provided much of Ireland's energy needs
     * Electricity production: 23.41 billion kWh ( 2003)
     * Energy production by source: oil: 55.8%, natural gas: 24.3%, coal:
       12.9%; peat: 3.8%; renewables: 2.2%; nuclear: 0% ( 2004)
     * Electricity consumption: 22.97 billion kWh ( 2003)
     * Electricity exports: 0 ( 2003)
     * Electricity imports: 1.2 billion kWh ( 2003)
     * Oil consumption: 175,600 bbl/day (27,918 m³) per day ( 2003 est.)
     * Natural gas production: 673 million m³ ( 2003 est.)
     * Natural gas consumption: 4.298 billion m³ ( 2003 est.)
     * Natural gas proved reserves: 19.82 billion m³ (As of 1 January
       2002)

Monetary system

   As the country is a member of the Economic and Monetary Union of the
   European Union,the euro is the currency. The Central Bank and Financial
   Services Authority of Ireland is the country's central bank and
   financial services regulator, and an agent for the European Central
   Bank which sets the interest rates. The low interest rates of the ECB -
   to stimulate the Eurozone - has led to inflation in Ireland's rapidly
   growing economy. For example, increased inflation on housing, from
   IRE£9,000 (€11,430) in 1973 to €220,000 in 2004 has led to young
   couples accepting large mortgages and the wealthy buying investment
   properties.

   While there are over 60 credit institutions incorporated in Ireland,
   the banking system is dominated by the Big Four - AIB Bank, Bank of
   Ireland, Ulster Bank and National Irish Bank. There is a large Credit
   Union movement within the country which offers an alternative to the
   banks. The Irish Stock Exchange is in Dublin, however, due to its small
   size, many firms also maintain listings on either the London Stock
   Exchange or the NASDAQ. The insurance industry in Ireland is a leader
   in both retail markets and corporate customers in the EU, in large part
   due to the International Financial Services Centre.

Economic sectors

   The chart displays the make up of Irish GDP
   Enlarge
   The chart displays the make up of Irish GDP

   The Irish economy's secondary and tertiary sectors are of a similar
   size in fiscal terms however in terms of labour, the tertiary sector is
   far larger. Similarly in fiscal terms the primary sector appears small,
   however it still employs about 8% of the workforce.

Primary sector

   The primary sector constitutes 5% of Irish GDP, and 8% of Irish
   employment. Ireland's main economic resource is its large fertile
   pastures, particularly the midland and southern regions. In 2004,
   Ireland exported approximately €7.15 billion worth of agri-food and
   drink (about 8.4% of Ireland's exports), mainly as cattle, beef, and
   dairy products, and mainly to the United Kingdom. As the European
   Union's Common Agricultural Policy takes force Ireland's agriculture
   industry is expected to decline in importance.
   Trawlers sit in Killybegs harbour, in County Donegal, one of Ireland's
   biggest fishing ports. Over fishing has depleted Ireland's cod stocks
   in particular.
   Enlarge
   Trawlers sit in Killybegs harbour, in County Donegal, one of Ireland's
   biggest fishing ports. Over fishing has depleted Ireland's cod stocks
   in particular.

   Due to unsustainable nineteenth century forestry practices the island
   was mostly deforested. In 2005, after years of national afforestation
   programs, about 9% of Ireland has become forested. It is still the
   least forested country in the EU and heavily relies on imported wood.
   Its coastline - once abundant in fish, particularly cod - has suffered
   overfishing and since 1995 the fisheries industry has focused more on
   aquaculture. Freshwater salmon and trout stocks in Ireland's waterways
   have also been depleted but are being better managed. Ireland is a
   major exporter of zinc to the EU and mining also produces significant
   quanties of lead and alumina. Beyond this, the country has significant
   deposits of gypsum, limestone, and smaller quantities of copper,
   silver, gold, barite, and dolomite. Peat extraction has historically
   been important, especially from midland bogs, however more efficient
   fuels and environmental protection of bogs has reduced peat's
   importance to the economy. Natural gas extraction occurs in the Kinsale
   Gas Field and the Corrib Gas Field in the southern and western
   counties, where there is 19.82 bn cubic metres of proven reserves.

Secondary sector

   The secondary sector constitutes 46% of Irish GDP — but only 29% of the
   labour force. Dominated for many years by textile companies like Fruit
   of the Loom, the sector is now largely made up of high-tech/high value
   multi-nationals such as Dell, Intel, Pfizer and IBM. The secondary
   sector in Ireland manufactures products such as computers (25% of
   Europe's computers are made in Ireland, the European Headquarters of
   Apple Computer are in Cork City), computer parts (Intel processors are
   made in Ireland), drugs (much of Europe's supply of Viagra is made in
   Cork), confectionery ( HB, Jacobs and Cadbury-Schweppes all have
   significant Irish operations - although Cadbury-Schweppes does not
   manufacture Schweppes products in Ireland or the UK), beer (the
   Guinness and Smithwicks, and Harp Lager breweries are located in
   Ireland), high quality glass and crystal ( Waterford Crystal is made in
   County Waterford), software (Ireland is the world's largest exporter of
   software - Oracle and Microsoft both have large operations in Dublin)
   and machinery. The sector faces increasing competition from cheaper
   Eastern European countries such as Poland and many Asian countries such
   as the People's Republic of China, particularly in the lower skill
   areas such as confectionery manufacturing. The industrial production
   growth rate in 2003 was 6.7%.
   Tourist sites such as Newgrange, County Meath are vital to the Irish
   economy
   Enlarge
   Tourist sites such as Newgrange, County Meath are vital to the Irish
   economy

Tertiary sector

   The tertiary sector constitutes 49% of Irish GDP and 64% of Irish
   employment. The tertiary sector is by far the largest driver of modern
   Irish economic growth — the Celtic Tiger. It is made up of several
   industries such as accountancy, legal services, call centres and
   customer service operations, finance and stock broking, catering, and
   tourism. Many US firms (such as IBM and Apple Computer) located their
   European customer service operations in Ireland due to the availability
   of a young, highly educated, English speaking workforce. The Irish
   tourism industry attracts over five million visitors annually and
   employs over 100,000. The IFSC in Dublin created some 14,000 jobs in
   the 1990s, all in the high-value finance and legal sectors. The
   hospitality and retail sectors are quite large — there are hundreds of
   domestic and foreign retail firms in Ireland (such as Next and Argos),
   and most cafe and restaurant firms operate in Ireland such as
   McDonalds, Starbucks, Burger King and Subway.

State role in the economy

State ownership and deregulation

   At present the Irish Government controls several large and key parts of
   the economy:
     * Through Córas Iompair Éireann (CIE) it controls most of the bus and
       all of the railway market. A significant portion of the scheduled
       land transport services are accounted for through CIE companies.
     * Through the Electricity Supply Board (ESB) the government controls
       much of the electricity generation market, and all of the
       electricity transmission network.
     * Through RTÉ the government control much of the radio and television
       broadcast sector, although commercial enterprises are gaining
       market share. The state does not generally use the media it owns to
       spread propaganda, but it has a large financial and regulatory
       control of the sector.
     * Through An Post, the government has a monopoly of the light mail
       delivery industry and a large portion of the partially deregulated
       parcel and express delivery market.

   Although the government owns the incumbents in the electricity, mail,
   broadcasting, land transport and air transport industries, many are
   wholly or partially open to competition from the private sector.
   Traditionally large and key sectors of the economy were dominated by
   government ownership. Some of these industries are currently being
   reformed and opened to competition however some of them are regarded as
   being slow to adopt change and reform to work practice — work pay and
   conditions are often much better than that in the private sector with
   some having overstaffing or underproductivity which is seen as an
   impediment to reform.

   The government is currently considering the privatisation of Aer Lingus
   and part of the Electricity Supply Board, but it is somewhat reluctant
   because of an earlier situation that resulted from the privatisation of
   Eircom. In that case, hundreds of thousands of small shareholders lost
   money, private investors took control and established a virtual
   monopoly, while under-investment led to a slow roll out of broadband
   infrastructure.

Taxation

   The present government (1997–) has favoured a low taxation policy to
   encourage foreign direct investment in Ireland. Consequently, the
   government opposes moves by the European Commission to restrict tax
   competition. (The corporate tax rate is only 12.5%, versus between 20%
   and 60% in the rest of Europe). The income tax system is designed to
   redistribute wealth from the richer to the poorer segments of society.
   There are 2 tax bands, based on income levels. These range from a top
   rate of 42%, to a bottom rate of 20%.

   The government receives much of its revenues from taxes on goods —
   these include a 21% VAT rate on most consumer goods, high levels of
   excise duty on tobacco, petrol, and alcohol and several smaller taxes
   on items such as plastic bags, cheques, ATM cards, credit cards and
   debit cards. The taxes in the personal financial sector, as well as the
   television licence, are often seen as regressive.

The welfare state

   The Irish government runs a Welfare state system. The government
   provides free education at all levels for all EU citizens. Free
   healthcare is not universal, being restricted to the unemployed and
   very low earners at the General practitioner level. However, hospital
   care is free to all, although waiting lists and delays characterise the
   public health service. People who are unemployed receive unemployment
   benefits and retired people are entitled to a state pension - both
   benefits are quite high by international comparisons however recent
   changes in the cost of living in Ireland have greatly eroded their
   relative buying power.

Health care

   All persons resident in the Republic of Ireland are entitled to receive
   health care through the public health care system. A person may be
   required to pay for certain health care received; this depends on
   income, age, illness or disability. All child health and maternity
   services are provided free of charge as is emergency care. The "medical
   card", which entitles holders to eligibility for free health care, is
   available to those receiving welfare payments, low earners, all persons
   aged 70 or over (regardless of income) and those with certain long-term
   or severe illnesses. Those on slightly higher incomes are eligible for
   a "GP Visit Card" which entitles the holder to free general
   practitioner visits. As of 2006, 28% of the population are entitled to
   a medical card and have completely free health care. This is a
   reduction from 34.5% in 1996.

   People who do not qualify for a medical card, for example high-income
   earners, must pay for some health care services. In-patient or day
   services at a hospital costs €60.00 per day up to a maximum of €600.00
   per year. Those who do not qualify for the exemptions can also be
   charged €60.00 for a visit to an accident and emergency department
   (only once per year) if the patients has not been referred by a family
   doctor. In 2002, 48% of Ireland's population had private health
   insurance. The majority of those with health insurance are treated
   privately in public hospitals. The main benefit is avoiding the long
   waiting lists for major treatment that those without health insurance
   must endure. Thus Ireland is frequently said to have a "two-tier"
   health service.

   The health system, despite having billions spent on it in recent years,
   has severe problems. An ongoing issue is the "waiting lists" for those
   requiring, in some cases, serious operations. 24% of patients on
   waiting lists have been waiting for their procedures for over 12
   months, with another 35% waiting for 6 to 12 months. A National
   Treatment Purchase Fund (NTPF) has been set up and over 42,000 patients
   on waiting lists were treated between 2002 and 2006. Another problem is
   accident and emergency (A&E) overcrowding, with non-emergency patients
   frequently left on trolleys in corridors for hours. A reorganisation of
   the health service has been implemented, but this was also
   controversial, with several cases of people dying en-route to
   centralised facilities (the inferior nearby facilities being shut
   down). A 2006 report heavily criticised Ireland's health care system,
   and it was judged to be the second least consumer friendly health care
   system out of 26 European countries

Education

   The education system is generally quite good with standards in
   mathematics, science and technology being among the highest in OECD
   member nations. The state has a virtual monopoly in higher education —
   there are few private colleges and these are highly specialised. The
   primary and secondary school enrolment levels are quite high and at
   these levels choice is wide. Third level entry is competitive; cost is
   relatively cheap and courses adjusted to the needs of the economy.
   Irish adult literacy is 99% — in line with other OECD countries.

   The only recognised universities are Dublin City University, National
   University of Ireland (with constituent universities at Cork, Dublin,
   Galway and Maynooth), University of Limerick and University of Dublin.
   The Institute of Technology system has recently overtaken the
   universities in terms of first year enrolment numbers and this trend
   appears to be accelerating.

Economic ties

United States

   In 2003, trade between Ireland and the United States was worth around
   $33 billion, a $4 billion increase over 2002. U.S. exports to Ireland
   were valued at $7.7 billion, an increase of almost $1 billion over
   2002. Irish exports to the U.S. were worth some $25.7 billion — a 500%
   increase since 1997. Ireland had a trade surplus of over $15 billion
   with the U.S. in 2003. The range of U.S. products imported to Ireland
   includes electrical components, computers and peripherals, drugs and
   pharmaceuticals, electrical equipment, and livestock feed. Exports to
   the United States include alcoholic beverages, chemicals and related
   products, electronic data processing equipment, electrical machinery,
   textiles and clothing, and glassware.

   U.S. foreign direct investment in Ireland has been particularly
   important to the growth and modernization of Irish industry since 1980,
   providing new technology, export capabilities, and employment
   opportunities. The major U.S. investments in Ireland to date have
   included multi-billion dollar investments by Intel, Dell, Microsoft,
   IBM and Abbott Laboratories. Currently, there are more than 600 U.S.
   subsidiaries operating in Ireland, employing in excess of 100,000
   people and spanning activities from manufacturing of high-tech
   electronics, computer products, medical supplies, and pharmaceuticals
   to retailing, banking and finance, and other services. Many U.S.
   businesses find Ireland an attractive location to manufacture for the
   EU market, since as a member of the EU it has tariff free access to the
   European Common Market. Government policies are generally formulated to
   facilitate trade and inward direct investment. The availability of an
   educated, well-trained, English-speaking work force and relatively
   moderate wage costs have been important factors. Ireland offers good
   long-term growth prospects for U.S. companies under an innovative
   financial incentive programme, including capital grants and favourable
   tax treatment, such as a low corporation income tax rate for
   manufacturing firms and certain financial services firms.
   Once a beneficiary of the EU — particularly of CAP grant — Ireland is
   now a net contributor to the EU
   Enlarge
   Once a beneficiary of the EU — particularly of CAP grant — Ireland is
   now a net contributor to the EU

European Union

   Ireland has grown much closer to Europe in recent years — particularly
   since it joined the European Union (EU) in 1973. It is also part of the
   EMU and thus has the euro as its currency. Many US companies have
   located their European headquarters in Ireland and this has led to
   increased Irish-European ties. Ireland regularly comes near the top in
   polls of the most enthusiastic Europeans and spent some €60m during its
   presidency of the EU. The EU now accounts for the bulk of Irish trade,
   with the United Kingdom being the largest trading partner. Ireland's
   main exports to Europe are beef, computers ( Dell, HP, EMC, and Apple
   Computer all have manufacturing facilities in Ireland) and software (
   Oracle and Microsoft have their European Headquarters in Ireland).
   Ireland's major imports from Europe include cars, machinery, trucks,
   steel, oil and consumer goods. A major economic bonus Ireland has
   received from EU membership has been agricultural subsidies from the
   CAP and large amounts of EU investment in Irish road infrastructure.
   Since the acceptance of the 10 new Eastern European nations in 2004,
   Ireland's ties with Europe further increased. Since the accession event
   in 2004, several hundred thousand workers from countries such as
   Latvia, Poland and Estonia, no longer requiring work permits, came to
   live and work in Ireland.

Wealth distribution

   Disposable income per person as a percentage of the national average.
   Enlarge
   Disposable income per person as a percentage of the national average.

   Ireland aspires to be an egalitarian society— wealth is partially
   redistributed among the poorer segments of society through the
   progressive tax system. However, large disparities in wealth still
   exist between the employed and those dependent on welfare payments. The
   percentage of the population at risk of relative poverty was 21% in
   2004 - one of the highest rates in the European Union. Levels of wealth
   higher than the national average are concentrated among people living
   in the central eastern region and in Dublin. Despite this, there are
   many areas in Dublin marked by poverty, particularly in the inner city.
   The poorest members of society are those entirely dependent on welfare
   payments. Ireland's inequality of income distribution score on the Gini
   coefficient scale was 30.4 in 2000, slightly below the OECD average of
   31. Ireland's 2000 score was less than 9 of the OECD member states but
   higher than 13 members. On this measure Ireland is only a moderately
   unequal society.

   The national minimum wage is €7.65 per hour for full time staff over
   the age of 18 — this is quite high by historic levels. However, this
   wage is taxable, and above the threshold for free healthcare assuming
   that the individual is single, has no children and works full-time. The
   minimum wage will be increased at the beginning of 2007 to €8.35 per
   hour and to €8.65 per hour in July 2007. Unemployment benefit (the
   dole) and unemployment assistance for a single person in Ireland is
   €165.80 per week, as of 2006. This compares to £57.45 (€83.10) per week
   for a single person aged 25 or over in the UK. Under the latest social
   partnership agreement this is set to increase to 30% of the average
   industrial wage in 2007, bringing the lowest individual social welfare
   payments to around €200.00 per week. Recent news indicates that these
   payments will increase by €18.00 per week in 2007, bringing individual
   payments to €183.80 per week.

   Ireland is very different from most other countries in the European
   Union (with the exception of the UK, Greece and Hungary) in that rates
   of home ownership are quite high. In particular house ownership (at
   approximately 80%) is the norm. This contrasts with most of Continental
   Europe, where renting is the norm. Social housing schemes do exist but
   the government has not invested adequately in these schemes in recent
   years, despite expenditure of €8.5 billion and the provision of over
   34,000 social housing units between 2000 and 2005. Average rents for 2
   bedroom apartments in Dublin range from €1,069.00 to €1,269.00 per
   four-week period. A single person living in shared accommodation can
   receive up to €98.00 per week (€392.00 every 4 weeks) in rent
   supplement. Therefore house sharing in rented accommodation is quite
   common in Ireland among single people receiving welfare payments and
   single people on low pay.
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