Economic Environment
Ireland is one of the most favoured locations for investment in Europe and the World. According to the World Bank Report 'Doing Business 2009', Ireland ranks fifth out of 181 economies surveyed in terms of ease of starting up a business.
There are many factors which have contributed to Ireland's success in attracting inward investors:
- Ireland has a stable open economy and has had record levels of output growth.
- Government economic policies are directed towards the creation of a stable economic environment that is supportive of inward investment.
- An attractive rate of Corporation Tax at 12.5%.
- Easy access to European markets.
- A young, educated and highly skilled workforce.
The European Growth and Jobs Monitor produced by the Lisbon Council, ranked Ireland as the second most competitive economy after Finland, with Ireland scoring highly for economic growth, productivity growth, employment, human capital and fiscal sustainability.
Ireland currently has a population of just over 4.2 million and a high proportion of the population is in younger age groups. Based on the 2006 Census, 35.3% of the population are under 25. The workforce is highly skilled, motivated and English speaking. Ireland is renowned for its excellent quality of life and clean environment which make it an attractive location to live and work.
Labour costs in Ireland are attractive and the country has experienced moderate wage increases. Data from the Central Statistics Office (www.cso.ie) show the average hourly labour costs of industrial workers as:
€ Per Hour
| € per hour | |
| Manufacturing | € 19.02 |
| All industries | € 19.55 |
| The national minimum wage is currently €8.65 per hour. | |
IDA Ireland
IDA Ireland is the main Government Agency whose task is to encourage foreign enterprises to establish and further develop existing operations in Ireland. IDA Ireland has offices based in Waterford City.
Contact:
Siobhán McEvoy, Regional Manager
siobhan.mcevoy@ida.ie
+353 51 333055
www.ida.ie