Ireland’s economy is historically agriculture based, with wheat, barley, potatoes, etc. grown there. They launched a program spanning from 1983 - 1987 called The Way Forward, which intended to significantly decrease government spending. From 1987-1990, a more successful program, Program for National Recovery, actually lowered the national debt and cut government expenditures (Worldmark Encyclopedia of the Nations). With all of their innovative methods of generating economic growth by increasing number of jobs and efficiency, Ireland earned the nickname of the “Celtic Tiger” by the conclusion of the 1990’s. The economy was growing more rapidly than any other countries in the European Union, and by 2000, import/export expenditures reached 175% of the GDP (the value of all goods/services produced in a country within a year).
Ireland’s economic growth did plateau in the early 2000’s, but the country was still well off. However, the 2008-2009 financial crisis took a detrimental toll on the economy. The unemployment rate rose to 13.7% and the national budget deficit (percentage by which expenditures are above revenue) was 32.4% of the country’s GDP (2010), an alarming statistic. By 2014, the GDP increased by 4.8%, the unemployment rate commenced a gradual decline, and the national budget deficit was only 4.6% of GDP (Central Intelligence Agency).
About 5% of employment in Ireland is in agriculture, which takes up about 17% of the land. The most popular export is livestock, as the beef industry is profitable, and the country also produces barley, potatoes, wheat, and dairy. Most farms are small scale and yet EU’s Common Agricultural Policy, which aids in increasing profits for those in the industry, enabled agriculture establishments to contribute $31,900,000,000 to Ireland’s economy in 2010 (Organisation for Economic Co-operation and Development). The European Union reported Ireland to be a leading producer of lead and zinc in 2009, but granite, marble, silica rock, and more are also exported. Foreign companies have been a catalyst in the progression of Ireland’s industry and by 2010, 29% of the GDP was comprised primarily of the output of pharmaceutical and computer enterprises (Gale: Global Issues in Context). Currently, Ireland’s economy is becoming more service based. A service economy refers to fields of human resources, education, retail, healthcare, etc.
In the United States, about 18% of the land is used for agricultural purposes and farms are typically large scale, with an average size of 418 acres. Although cotton, fruit, vegetables, wheat, and corn are major crops produced in the US, agriculture is not a major source of income in the country anymore. Globally, the US is notorious for mineral exports, and produces large amounts of zinc, uranium, copper, aluminum, and cement. The country was a world leader in technology manufacturing for much of the 20th century, but was surpassed by east Asian countries by the beginning of the 21st century. The United States also boasts a profitable automotive industry and 78% of citizens are employed in the service sector of the economy.
Ireland’s economic growth did plateau in the early 2000’s, but the country was still well off. However, the 2008-2009 financial crisis took a detrimental toll on the economy. The unemployment rate rose to 13.7% and the national budget deficit (percentage by which expenditures are above revenue) was 32.4% of the country’s GDP (2010), an alarming statistic. By 2014, the GDP increased by 4.8%, the unemployment rate commenced a gradual decline, and the national budget deficit was only 4.6% of GDP (Central Intelligence Agency).
About 5% of employment in Ireland is in agriculture, which takes up about 17% of the land. The most popular export is livestock, as the beef industry is profitable, and the country also produces barley, potatoes, wheat, and dairy. Most farms are small scale and yet EU’s Common Agricultural Policy, which aids in increasing profits for those in the industry, enabled agriculture establishments to contribute $31,900,000,000 to Ireland’s economy in 2010 (Organisation for Economic Co-operation and Development). The European Union reported Ireland to be a leading producer of lead and zinc in 2009, but granite, marble, silica rock, and more are also exported. Foreign companies have been a catalyst in the progression of Ireland’s industry and by 2010, 29% of the GDP was comprised primarily of the output of pharmaceutical and computer enterprises (Gale: Global Issues in Context). Currently, Ireland’s economy is becoming more service based. A service economy refers to fields of human resources, education, retail, healthcare, etc.
In the United States, about 18% of the land is used for agricultural purposes and farms are typically large scale, with an average size of 418 acres. Although cotton, fruit, vegetables, wheat, and corn are major crops produced in the US, agriculture is not a major source of income in the country anymore. Globally, the US is notorious for mineral exports, and produces large amounts of zinc, uranium, copper, aluminum, and cement. The country was a world leader in technology manufacturing for much of the 20th century, but was surpassed by east Asian countries by the beginning of the 21st century. The United States also boasts a profitable automotive industry and 78% of citizens are employed in the service sector of the economy.