139-485: Tourism in the Republic of Ireland is one of the biggest contributors to the economy of Ireland , with 9.0 million people visiting the country in 2017, about 1.8 times Ireland's population. Each year about €5.2bn in revenue is made from economic activities directly related to tourists, accounting for nearly 2% of GNP and employing over 200,000 people. In 2011 alone, Ireland was voted 'Favourite holiday destination in
278-544: A Common Consolidated Corporate Tax Base , is also seen as an attempt to restrict the use of the Irish multinational tax schemes by US technology firms. The stabilisation of the Irish credit bubble required a large transfer of debt from the private sector balance sheet (highest OECD leverage), to the public sector balance sheet (almost unleveraged, pre-crisis), via Irish bank bailouts and public deficit spending. The transfer of this debt means that Ireland, in 2017, had one of
417-455: A "boom and bust" cycle, he noted that other areas of the economy remained fragile. The European Commission also acknowledged the recovery and growth, but warned that any extra government revenue should be used to further reduce the national debt. Some other commentators have suggested that, depending on the Eurozone, world economic outlook as well as other internal and external factors,
556-408: A birth rate of just 18.6 per 1,000. Irish society during this period was extremely Roman Catholic, with Roman Catholic thinkers promoting anti-capitalist, anti-communist, anti-Protestant, anti-Masonic, and antisemitic views in Irish society. Through the works of priests such as Edward Cahill , Richard Devane, and Denis Fahey , Irish society saw capitalism, individualism, communism, private banking,
695-423: A budget adjustment of €15 billion (€10 billion in public expenditure cuts and €5 billion in taxes) over a four-year period. This was front-loaded in 2011, when measures totalling €6 billion took place. Subsequent budgetary adjustments of €3 billion per year were put in place up to 2015, to reduce the government deficit to less than 3% of GDP. VAT would increase to 23% by 2014. A property tax
834-694: A combination of three sources, and was largely the work of Michael Collins in the Treaty negotiations. It came in part from a draft oath suggested prior to the negotiations by President de Valera. Other sections were taken by Collins directly from the Oath of the Irish Republican Brotherhood (IRB), of which he was the secret head. In its structure, it was also partially based on the form and structure used for 'Dominion status'. Although 'a new departure', and notably indirect in its reference to
973-703: A discounted means of travelling from anywhere on the UK rail network to anywhere on the Irish rail network with one ticket. A bus connection from Dublin Port is required to reach Dublin's main train stations, Connolly or Heuston. The largest city in Ireland is Dublin . Due to its proximity to Britain, it was the most important city in Ireland during the Tudor conquest of Ireland and subsequent British Invasions until after 1922 when
1112-663: A low-tax 13.125% rate. The GILTI tax regime places a penalty on foreign-based IP (i.e. like in Ireland) that brings its effective rate above the FDII rate (i.e. incentivizes re-location of IP to the US). Experts believe that the TCJA neutralises Ireland's " multinational tax schemes ". The EU Commission's impending 2018 "digital tax" is also designed to curb the Irish "multinational tax schemes". By taxing turnover , it acts as an "override" on
1251-657: A new office of President of Ireland was instituted in place of the Governor-General of the Irish Free State. The new constitution claimed jurisdiction over all of Ireland while recognising that legislation would not apply in Northern Ireland (see Articles 2 and 3 ). Articles 2 and 3 were reworded in 1998 to remove jurisdictional claim over the entire island and to recognise that "a united Ireland shall be brought about only by peaceful means with
1390-679: A result of increased taxation and decreased government spending the Central Statistics Office (Ireland) reported that the Irish government deficit had decreased from 32.5% of GDP in 2010 (a level boosted by one-off support payments to the financial sector) to 5.7% of GDP in 2013. In addition Ireland's unemployment rate fell from a peak of 15.1% in February 2012 to 10.6% in December 2014. The number of people in employment increased by 58,000 (3.1% increase in employment rate) in
1529-539: A tourist destination. The organisation runs Discoverireland.ie, an award-winning website Economy of the Republic of Ireland The economy of the Republic of Ireland is a highly developed knowledge economy , focused on services in high-tech , life sciences , financial services and agribusiness , including agrifood . Ireland is an open economy (3rd on the Index of Economic Freedom ), and ranks first for high-value foreign direct investment (FDI) flows. In
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#17327826023291668-413: Is 143% of Irish 2016 GNI*, and OECD Irish gross public debt-to-GNI* is 116.5%). Ireland's GNI* per capita ranks it similar to Germany. According to an OECD report, productivity growth among foreign owned entities averaged 10.9% for 2017 and was a lower 2.5% for indigenous firms. The distortion of Irish economic data by US multinational tax schemes was a key contributor to the build-up of leverage in
1807-612: Is Aer Lingus, which services Europe, North America and North Africa, but the vast majority of flights originating from continental Europe come from another Irish company, Ryanair , the biggest low-cost airline in the world. These airlines, along with others, fly into all three of Ireland's international airports, Shannon Airport , Dublin Airport and Cork Airport . Dublin Airport is by far the busiest, accounting for over 80% of passengers entering and leaving Ireland in 2011. Along with these airports there are several other regional airports in
1946-620: Is a neo-corporatist set of voluntary 'pay pacts' between the Government, employers and trade unions. The 1995 to 2000 period of high economic growth was called the Celtic Tiger, a reference to the tiger economies of East Asia. GDP growth continued to be relatively robust, with a rate of about 6% in 2001, over 4% in 2004, and 4.7% in 2005. With high growth came high inflation. Prices in Dublin were considerably higher than elsewhere in
2085-572: Is a touring region encompassing 17 counties on the eastern side of Ireland. It is divided into three "zones", and is built around four "pillars": Ancient Ireland, Early Christian Ireland , Medieval Ireland and Anglo Ireland. Ireland's Hidden Heartlands is a touring region encompassing the Shannon region and Beara-Breifne Way . It was launched in July 2018. Unlike the Wild Atlantic Way,
2224-481: Is also a surfing spot. As the Republic of Ireland occupies just over 80% of the island of Ireland , the country has become famous for its scenic coastline and villages and towns by the shoreline. The most widely known of these are situated in the west of Ireland, mostly in Munster , but other areas of the country have their own individual resorts as well. The Cliffs of Moher are the most famous cliffs in Ireland, but
2363-649: Is jointly funded by the Irish Government and the Northern Ireland Executive on a two-to-one ratio. Tourism Ireland works together with the two tourist boards on the island, Fáilte Ireland and Tourism Northern Ireland . Fáilte Ireland is the biggest tourist body in Ireland with responsibility for promoting domestic tourism and helping to develop the sector as a leading component of the Irish economy. The organisation provides strategic and practical support to develop and sustain Ireland as
2502-523: Is located about 40 minutes away and departs from the village of Rossaveal regularly. The Aran Islands are located in Galway Bay , and the Irish Language is by far the most used language on the islands, with the vast majority using the language regularly. As the islands are quite a bit from the mainland, cars are quite rare and the main form of transport is the bicycle. Waterford is a city in
2641-575: Is marginally more at risk of poverty than the EU-15 average and 6.8% of the population suffer "consistent poverty". It was the first country in the EU to officially enter a recession related to the Financial crisis 2008, as declared by the Central Statistics Office . At this point, Ireland now had the second-highest level of household debt in the world (190% of household income). The country's credit rating
2780-423: Is more emphasis on quality festival services such as food and sleeping arrangements. Rolling Stone Magazine stated it was one of the best festivals they had ever been to. The Lisdoonvarna Matchmaking Festival is one of the oldest festivals in the country, originally started in 1892. Held over the month of September every year, the festival attracts between 20,000 and 40,000 romantic hopefuls, coming from all over
2919-737: Is not as extensive as it once was, but it is still possible to get from city to city using the rail system, although many rural stations have closed along these lines. At the moment there is only one Light rail system in the country, the Luas in Dublin. This system opened in 2004 and due to the number of people availing of it (27.5million in 2010), it was stated as being "Dublin's best public transport success story" by Minister for Transport, Tourism and Sport , Leo Varadkar in 2011. Transport for Wales Rail , Iarnród Éireann , as well as Irish Ferries and Stena Line promote SailRail SailRail tickets offer
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#17327826023293058-479: Is several multiples above the value of equivalent land in other European countries. Lending to builders and developers has grown to such an extent that it equals 28% of all bank lending, or " the approximate value of all public deposits with retail banks. Effectively, the Irish banking system has taken all its shareholders' equity, with a substantial chunk of its depositors' cash on top, and handed it over to builders and property speculators.....By comparison, just before
3197-521: Is the model of the reconstituted Seanad Éireann (the Senate), which operates based on a system of vocational panels, along with a list of appointed nominating industry bodies, a corporatist concept (seen in Pope Pius XI's 1931 encyclical Quadragesimo anno ). Furthermore, Ireland's main political parties; Fine Gael, Fianna Fáil and Labour, all had an inherently corporatist outlook. The government
3336-729: The 1932 general election ), the Seanad , university representation in the Dáil, and appeals to the Judicial Committee of the Privy Council . One major policy error occurred in 1936 when he attempted to use the abdication of King Edward VIII to abolish the crown and governor-general in the Free State with the " Constitution (Amendment No. 27) Act ". He was advised by senior law officers and other constitutional experts that, as
3475-459: The Celtic Tiger , amplifying both Irish consumer optimism (who borrowed to 190% of disposable income, OECD highest), and global capital markets optimism about Ireland (enabled Irish banks to lend over 180% of deposit base, OECD highest). Global capital markets, who ignored Ireland's private sector credit, and OECD/IMF warnings, when Irish GDP was rising during the Celtic Tiger, took fright in
3614-476: The Central Bank of Ireland created a special steering group, the result of which was a new metric, " Modified gross national income " or "Irish GNI*", for Irish economic analysis. For 2016, Irish GNI* would be 30% below Irish GDP, while Irish Government Net Debt/GNI* would be 106% (vs. Irish Net Debt/GDP of 73%). Commentators who had been tracking the widening gap between Irish GNI and Irish GDP/GNP since
3753-647: The Giant's Causeway , lies in Northern Ireland . The Cliffs of Moher are one of the most visited sites in the country, with the rocks at the bottom of the cliffs dated as being about 320 million years old, formed when Ireland was under water during the Carboniferous Period. The Burren was also created during this period. When a tropical sea flooded the south of the country, a buildup of coral ( Limestone ) began, covering many places in Ireland. When
3892-605: The Industrial Development Authority . In addition European Union membership was helpful, giving the country lucrative access to markets that it had previously reached only through the United Kingdom, and pumping huge subsidies and investment capital into the Irish economy. The economy benefited from a rise in consumer spending, construction, and business investment. Since 1987, a key part of economic policy has been Social Partnership , which
4031-578: The Irish Free State was formed. As the British held a presence here for over 500 years, most of the historic buildings from the 1500s on were built by them. As Dublin Airport is located just outside the city, most international visitors to Ireland begin their stay here. Among the main attractions in Dublin are Dublin Castle , the seat of British rule in Ireland until 1922, Phoenix Park , one of
4170-534: The Irish property bubble . Ireland first experienced a short technical recession from Q2-Q3 2007, followed by a recession from Q1 2008 – Q4 2009. After a year with stagnant economic activity in 2010, the Irish real GDP rose by 2.2% in 2011 and 0.2% in 2012. This growth was mainly driven by improvements in the export sector. The European sovereign-debt crisis caused a new Irish recession to start in Q3 ;2012, which
4309-684: The Irish property market . Irish financial institutions had substantial exposure to property developers in their loan portfolio. In 2008, property developers had an over-supply of property, with much unsold as demand significantly diminished. The employment growth of the past that attracted many immigrants from Eastern Europe and propped up demand for property was replaced by rising unemployment. Irish property developers speculated billions of Euros in overvalued land parcels such as urban brownfield and greenfield sites. They also speculated in agricultural land which, in 2007, had an average value of €23,600 per acre ($ 32,000 per acre or €60,000 per hectare) which
Tourism in the Republic of Ireland - Misplaced Pages Continue
4448-535: The MacGillycuddy Reeks , the area was voted as one of the "top 6 to visit" globally by Rough Guides in 2019. Ireland has many festivals, most of which take place annually. The most famous by far is the St Patrick's Festival which takes place in every county all over Ireland and celebrates Irish culture the world over. Although St. Patrick's Day festivals are held all over the world on 17 March,
4587-597: The Munich Beer Festival . Electric Picnic is another popular music festival held in Stradbally Hall in Stradbally , County Laois every year since 2004. It was voted Best Medium-Sized European Festival at the 2010 European Festival Awards, and has been voted Best Big Festival at each of the last four Irish Festival Awards since they began in 2007. Compared to other major music festivals, there
4726-721: The Oireachtas , made up of the king and two houses, Dáil Éireann and Seanad Éireann (the Irish Senate). Executive authority was vested in the king, with the Governor-General as his representative. He appointed a cabinet called the Executive Council to "aid and advise" him. The Executive Council was presided over by a prime minister called the President of the Executive Council . In practice, most of
4865-483: The Organisation for Economic Co-operation and Development (OECD) shows Ireland with average leverage on a gross public debt-to-GDP basis (78.8% in 2016), but with the second highest leverage (after Japan) on a gross public debt-per capita basis ($ 62,686 in 2016). This disconnect led to the 2017 development by the Central Bank of Ireland of Irish modified GNI (or GNI*) for measuring the Irish economy (2016 GDP
5004-644: The Pound sterling from its inception; there is no reference in the Treaty or in either of the enabling Acts to currency. Nonetheless, and within a few years, the Dáil passed the Coinage Act, 1926 (which provided for a Saorstát [Free State] coinage) and the Currency Act, 1927 (which provided inter alia for banknotes of the Saorstát pound ). The new Saorstát pound was defined by the 1927 Act to have exactly
5143-674: The Presbyterian Church in Ireland , the Methodist Church in Ireland , the Religious Society of Friends in Ireland , as well as the Jewish Congregations and the other religious denominations existing in Ireland at the date of the coming into operation of this Constitution. Following a referendum, this section was removed in 1973. After the setting up of the Free State in 1923, unionism in
5282-477: The South-East region of Ireland. It is the smallest city in the country, with a population of just over 53,504 in 2016, although it is the oldest, being founded by Vikings in 324AD. Situated in the southeast, the city has one of the warmest climates in Ireland, getting on average an extra hour of sunshine each day. The seaside town of Tramore is located just south of the city and has 5 km long beach, and
5421-508: The budget for 2015 , the first in seven years to include tax cuts and spending increases. The budget reversed some of the austerity measures that had been introduced over the previous six years, with increased spending and tax cuts worth just over €1bn. In April 2015, during a "Spring Economic Statement", Noonan and Howlin outlined the government's plans and projections up to the year 2020. This included policy statements on expansionary budgets, deficit management plans and proposed cuts to
5560-611: The " Irish pound " and the coins were marked Éire . Ireland joined the League of Nations on 10 September 1923. It would also participate in the Olympics sending its first team to the 1924 Summer Olympics held in Paris. They would send further teams to the 1928 Summer Olympics and the 1932 Summer Olympics . According to Gerard Keown, by 1932 much had been achieved in the quest for an independent foreign policy. The Irish Free State
5699-848: The " double Irish ", but it was replaced (Apple's " capital allowances " and Microsoft's " single malt "). By 2017, IDA Ireland estimated multinationals (US comprise 80%), contributed €28.3bn in cash to the Irish Exchequer (corporate taxes, wages, and capital spend), and were responsible for an even larger Irish economic impact then could be accurately measured (i.e. new office construction, second order services etc.). The OECD estimated that foreign multinationals provide 80% of domestic value-add and 47% of employment in Irish Manufacturing, and 40% of domestic value-add and 28% of employment in Irish Services. In addition,
Tourism in the Republic of Ireland - Misplaced Pages Continue
5838-455: The (inevitable) bankruptcy of many property developers and banks are thought to be " lending some developers further cash to pay their interest bills, which means that they are not classified as 'bad debts' by the banks ". Furthermore, the banks' "impairment" (bad debt) provisions are still at very low levels. This does not appear to be consistent with the real negative changes taking place in property market fundamentals. On 30 September 2008,
5977-536: The 20 largest Irish firms ), the passing of the Tax Cuts and Jobs Act of 2017 is a challenge to Ireland. Parts of the US TCJA are targeted at Irish multinational tax schemes , especially the move to a modern "territorial tax" system, the introduction of a lower FDII tax on intellectual property , and the counter-Irish GILTI tax regime. Additionally, the EU's proposed Digital Sales Tax and stated desire for
6116-470: The British Government, but with the consent of the Irish Government. From 1927, the Irish Government alone had the power to advise the king whom to appoint. As with all dominions, provision was made for an Oath of Allegiance. Within dominions, such oaths were taken by parliamentarians personally towards the monarch. The Irish Oath of Allegiance was fundamentally different. It had two elements;
6255-729: The British Parliament that may have enacted the original legislation in the past. It also removed Westminster's authority to legislate for the Dominions, except with the express request and consent of the relevant Dominion's parliament. This change had the effect of making the dominions, including the Free State, de jure independent nations—thus fulfilling Collins' vision of having "the freedom to achieve freedom". The Free State symbolically marked these changes in two mould-breaking moves soon after winning internationally recognised independence: When Éamon de Valera became President of
6394-478: The British government and members of the Dáil, culminating in the signing of the Anglo-Irish Treaty on 6 December 1921. The Treaty allowed for the creation of a separate state to be known as the Irish Free State, with dominion status, within the then British Empire—a status equivalent to Canada. The Parliament of Northern Ireland could, by presenting an address to the king, opt not to be included in
6533-517: The Dáil from 1922 to 1927 and thereafter ruled as a minority government until 1932. In 1931, with the passage of the Statute of Westminster , the Parliament of the United Kingdom relinquished nearly all of its remaining authority to legislate for the Free State and the other dominions. This had the effect of granting the Free State internationally recognised independence. In the first months of
6672-732: The EU average, at over 20%. Emigration had continued to play a significant factor in unemployment statistics, though the emigration rate also began to fall in 2014. Property prices also increased in 2014, growing fastest in Dublin . This was due to a housing shortage, especially in the Dublin area. The demand for housing caused some recovery in the Irish construction and property sectors. By early 2015, house price increases nationally began to outpace those in Dublin. Cork saw house prices rise by 7.2%, while Galway prices rose by 6.8%. Prices in Limerick were 6.7% higher while in Waterford there
6811-436: The Executive Council (prime minister) in 1932 he described Cosgrave's ministers' achievements simply. Having read the files, he told his son, Vivion, "they were magnificent, son". The Statute of Westminster allowed de Valera, on becoming President of the Executive Council (February 1932), to go even further. With no ensuing restrictions on his policies, he abolished the Oath of Allegiance (which Cosgrave intended to do had he won
6950-613: The Free State's establishment, the new dominion had the "lowest birth-rate in the world". The report noted that amongst countries for which statistics were available ( Ceylon , Chile, Japan , Spain, South Africa , the Netherlands, Canada, Germany , Australia, the United States, Britain, New Zealand, Finland, and the Irish Free State), Ceylon had the highest birth rate at 40.8 per 1,000 while the Irish Free State had
7089-461: The Free State, in which case a Boundary Commission would be established to determine where the boundary between them should lie. Members of the parliament of the Free State would be required to take an oath of allegiance to the Constitution of the Free State and to declare that they would be "faithful" to the king (a modification of the oath taken in other dominions). The Dáil ratified
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#17327826023297228-576: The Free State, the Irish Civil War was waged between the newly established National Army and the Anti-Treaty IRA , which refused to recognise the state. The Civil War ended in victory for the government forces, with its opponents dumping their arms in May 1923. The Anti-Treaty political party, Sinn Féin , refused to take its seats in the Dáil, leaving the relatively small Labour Party as
7367-440: The Government guarantees to the banks, their shareholder value continued to decline and on 2009-01-15, the Government nationalised Anglo Irish Bank , which had a market capitalisation of less than 2% of its peak in 2007. Subsequent to this, further pressure came on the other two large Irish banks, who on 2009-01-19, had share values fall by between 47 and 50% in one day. As of 11 October 2008, leaked reports of possible actions by
7506-424: The Government of Ireland Act 1920) to become Chairman of the Provisional Government of the Irish Free State in accordance with the Treaty. The general election in June gave overwhelming support for the pro-Treaty parties. W. T. Cosgrave 's Crown-appointed Provisional Government effectively subsumed Griffith's republican administration with the death of both Collins and Griffith in August 1922. The following were
7645-701: The Irish "multinational tax schemes". It has been described by Seamus Coffey, Chairperson of the Irish Fiscal Advisory Council as "a more serious threat to Ireland than Brexit ". The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green. (in Bil. US$ PPP) (in US$ PPP) (in Bil. US$ nominal) Irish Free State The Irish Free State (6 December 1922 – 29 December 1937), also known by its Irish name Saorstát Éireann ( English: / ˌ s ɛər s t ɑː t ˈ ɛər ə n / SAIR -staht AIR -ən , Irish: [ˈsˠiːɾˠsˠt̪ˠaːt̪ˠ ˈeːɾʲən̪ˠ] ),
7784-413: The Irish Culture and Diaspora all over the world is the Rose of Tralee . This international competition, which is celebrated among the Irish communities all over the world , is held annually in the town of Tralee in County Kerry. The winner is picked based on her personality and her ability to be a good role model for the festival and for Ireland during her travels around the world. Unlike other pageants,
7923-535: The Irish Government declared a guarantee that intends to safeguard the Irish banking system. The Irish National guarantee, backed by taxpayer funds, covers " all deposits (retail, commercial, institutional and interbank), covered bonds, senior debt and dated subordinated debt ". In exchange for the bailout, the government did not take preferred equity stakes in the banks (which dilute shareholder value) nor did they demand that top banking executives' salaries and bonuses be capped, or that board members be replaced. Despite
8062-403: The Irish Republican Army (IRA) and British security forces, continued until July 1921 when a truce came into force. By this time the Parliament of Northern Ireland had opened, established under the Government of Ireland Act 1920 , presenting the republican movement with a fait accompli and guaranteeing the British presence in Ireland. In October negotiations opened in London between members of
8201-462: The Irish arts. Every year around 150,000 people attend the event annually. Founded in 1978, the festival continues to grow as a major attraction for national and international visitors Ireland has many geological attractions, most being along the coastline of the country. The two most famous geologically important destinations in the Republic are both situated in County Clare ; the Cliffs of Moher and The Burren . Another notable geological phenomena,
8340-428: The Irish economy. Economic growth was 4.7% in 2007, but −1.7% in 2008 and −7.1% in 2009. In mid-2010, Ireland looked like it was about to exit recession following growth of 0.3% in Q4 of 2009 and 2.7% in Q1 of 2010. The government forecast a 0.3% expansion. However the economy experienced Q2 negative growth of −1.2%, and in the fourth quarter, the GDP shrunk by 1.6%. Overall, the GDP was reduced by 1% in 2010, making it
8479-431: The Japanese bubble burst in late 1989, construction and property development had grown to a little over 25 per cent of bank lending. " Irish banks correctly identify a systematic risk of triggering an even more severe financial crisis in Ireland if they were to call in the loans as they fall due. The loans are subject to terms and conditions, referred to as "covenants". These covenants are being waived in fear of provoking
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#17327826023298618-415: The OECD and the EU-27, at 4th in the OECD-28 rankings. In terms of GNP per capita, a better measure of national income, Ireland ranks below the OECD average, despite significant growth in recent years, at 10th in the OECD-28 rankings. GDP is significantly greater than GNP (national income) due to the large number of multinational firms based in Ireland. A 2005 study by The Economist found Ireland to have
8757-501: The OECD estimate that foreign multinationals employ one quarter of the Irish private sector workforce. However, the US and the EU became more resolute to curb what they saw as excessive tax avoidance by US multinationals in Ireland. A 2018 study published via the Center for International Relations suggested that due to the tax practices of US corporations, Ireland's pattern of trade was more aligned with NAFTA countries than with EU countries. The US Tax Cuts and Jobs Act of 2017
8896-458: The Republic on the treaty's ratification. His resignation outraged some of his own supporters, notably Seán T. O'Kelly , the main Sinn Féin organiser. On resigning, he then sought re-election but was defeated two days later on a vote of 60–58. The pro-Treaty Arthur Griffith followed as President of the Irish Republic. Michael Collins was chosen at a meeting of the members elected to sit in the House of Commons of Southern Ireland (a body set up under
9035-425: The Senate of Northern Ireland passed resolutions "for the express purpose of opting out of the Free State". The Treaty established that the new state would be a constitutional monarchy , with the Governor-General of the Irish Free State as representative of the Crown. The Constitution of the Irish Free State made more detailed provision for the state's system of government, with a three-tier parliament, called
9174-400: The Treaty on 7 January 1922, causing a split in the republican movement. A Provisional Government was formed, with Michael Collins as chairman. The Irish Free State was established on 6 December 1922, and the Provisional Government became the Executive Council of the Irish Free State , headed by W. T. Cosgrave as President of the Executive Council . The following day, the Commons and
9313-444: The Treaty still afforded Ireland more internal independence than it had possessed in over 400 years, and far more autonomy than had ever been hoped for by those who had advocated for Home Rule . However, a number of conditions existed: The Statute of Westminster of 1931, embodying a decision of an Imperial Conference, enabled each dominion to enact new legislation or to change any extant legislation, without resorting to any role for
9452-517: The UK and Ireland, and the Irish economy in general. Other commentators, for example the Financial Times, suggested that some London-based financial institutions might move operations to Dublin after Brexit . In 2016 official CSO figures indicated that the economic recovery had led to 26.3% growth in GDP in 2015 and 18.7% growth in GNP. The figures were widely ridiculed including by Nobel Prize winning economist Paul Krugman who labelled them " leprechaun economics ". The official explanation
9591-428: The UK. In 1937, he drafted a new constitution , which was adopted by a plebiscite in July of that year. The Free State came to an end with the coming into force of the new constitution on 29 December 1937, when the state took the name " Ireland ". The Easter Rising of 1916 and its aftermath caused a profound shift in public opinion towards the republican cause in Ireland . In the December 1918 General Election ,
9730-412: The Universal Social Charge and other taxes. In October 2014, German finance minister, Wolfgang Schäuble said that Germany was "jealous" at how the Irish economy had recovered after its bailout. He also said that Ireland had made a significant contribution to the stabilisation of the euro . While Taoiseach Enda Kenny praised the economic growth, and said that Ireland would seek to avoid returning to
9869-415: The World' by readers of Frommer's Guide, Lonely Planet listed Ireland as the world's friendliest country and Cork City as one of the top ten cities in the world and the Irish tourist boards website, DiscoverIreland.com, was named the best tourist board website in the world. Most tourists visiting Ireland come from the United Kingdom, the United States, Germany and France. Ireland's national flag carrier
10008-509: The accolade of election to a non-permanent seat on the council of the League of Nations and asserted its full equality with Britain and the other dominions within the Commonwealth. By contrast, the military was drastically reduced in size and scope, with its budget cut by 82% from 1924 to 1929. The active duty forces were reduced from 28,000 men to 7,000. Cooperation with London was minimal. According to one report, in 1924, shortly after
10147-544: The best quality of life in the world. The positive reports and economic statistics masked several underlying imbalances. The construction sector, which was inherently cyclical in nature, accounted for a significant component of Ireland's GDP. A recent downturn in residential property market sentiment has highlighted the over-exposure of the Irish economy to construction, which now presents a threat to economic growth. Despite several successive years of economic growth and significant improvements since 2000, Ireland's population
10286-415: The city has many attractions in its own right. King John's Castle in the medieval quarter of the city is arguably the best-known attraction in the city, dating back to 922AD. The old city walls of Limerick surround a small bit of the site, although most of the walls have collapsed. St Marys cathedral also in the medieval quarter is a must see. It is a completely restored 12th-century cathedral with views over
10425-535: The city. Other attractions Situated on the southern coast of Ireland, Cork is the second biggest city in the country. Due to a population explosion in the 19th century, many of its public buildings are from this era. In this period two cathedrals were built, the Cathedral of St Mary and St Anne and Saint Fin Barre's Cathedral . Another historic attraction from this time is Cork City Gaol which opened in 1824 and
10564-514: The city. Galway is particularly popular with American tourists as Galway is said to be the most 'Irish' of Ireland's cities, and is one of the few urban areas where you are likely to hear Irish spoken, due to the fact the Gaeltacht area of Connemara is only a few kilometres away. The biggest lake in the country, Lough Corrib , is situated north of the city. The ferry to the Aran Islands
10703-560: The city. The Hunt Museum in the city hosts one of the world's greatest private collections in the world, winning the Museum of the year award many times over the years. The museum has a wide collection of both ancient and medieval pieces of art and sculpture, originating from varied locations and civilisations around the world including Ancient Greece , Ancient Rome , Ancient Egypt and the Olmec Civilisation. Artists' works in
10842-531: The competitors are not judged on their appearance or their body. One of the only rules of the competition is that the potential roses have to have an Irish ancestry. The Galway Races is an Irish horse-racing festival that starts on the last Monday of July every year. Traditionally the busiest days of the races are the Thursday, when the Galway Hurdle and ladies' day take place. It is famous throughout
10981-580: The consent of a majority of the people, democratically expressed, in both jurisdictions in the island". With regard to religion, a section of Article 44 included the following: The State recognises the special position of the Holy Catholic Apostolic and Roman Church as the guardian of the Faith professed by the great majority of the citizens. The State also recognises the Church of Ireland ,
11120-832: The country including Ireland West Airport and Kerry Airport , which both operate international flights to Europe. For travellers from mainland Europe and the UK, another way to enter the country is by sea, with connections by ferry to Roscoff and Cherbourg in France, Liverpool in England and Pembroke , Fishguard and Holyhead in Wales, Douglas on the Isle of Man and Santander in Spain. These routes are operated by Irish Ferries , Stena Line , Celtic Link Ferries , P&O Ferries and Brittany Ferries . Motorways link Dublin with all
11259-409: The country's leading sector. Historian R. F. Foster argues the cause was a combination of a new sense of initiative and the entry of American corporations such as Intel . He concludes the chief factors were low taxation, pro-business regulatory policies, and a young, tech-savvy workforce. For many multinationals the decision to do business in Ireland was made easier still by generous incentives from
11398-502: The country, especially in the property market. However, property prices were falling following the economic recession . At the end of July 2008, the annual rate of inflation was at 4.4% (as measured by the CPI ) or 3.6% (as measured by the HICP ) and inflation actually dropped slightly from the previous month. In terms of GDP per capita, Ireland is ranked as one of the wealthiest countries in
11537-410: The crown and governor-generalship existed separately from the constitution in a vast number of acts, charters, orders-in-council, and letters patent, they both still existed. A second bill, the " Executive Powers (Consequential Provisions) Act, 1937 " was quickly introduced to repeal the necessary elements. De Valera retroactively dated the second act back to December 1936. The new state continued to use
11676-402: The draft document was subsequently approved by the Dáil. A plebiscite was held on 1 July 1937, which was the same day as the 1937 general election , when a relatively narrow majority approved it. The new Constitution of Ireland ( Bunreacht na hÉireann ) repealed the 1922 Constitution, and came into effect on 29 December 1937. The state was named Ireland ( Éire in the Irish language ), and
11815-436: The extent of the more substantial future charges to be incurred by the over-exposed domestic banks. Asset write-downs by the domestically-owned Irish banks are only now slowly beginning to take place In November 2010, the Irish government published a National Recovery plan, which aimed to restore order to the public finances and to bring its deficit in line with the EU target of 3% of economic output by 2015. The plan envisaged
11954-477: The fastest growing economy in the European Union. Contributing factors to growth included a recovering construction sector, quantitative easing, a weak euro, and low oil prices. This growth helped to reduce national debt to 109% of GDP, and the budget deficit fell to 3.1% in the fourth quarter. The headline unemployment rate remained steady at 10%, though the youth unemployment rate remained higher than
12093-532: The festival in Ireland lasts over a week, and includes the parades on the 17 as well as the Skyfest celebrations, a fireworks display held somewhere different in Ireland every year. Part of the celebrations include Seachtain na Gaeilge (Irish Week), which aims to promote the Irish language during the two weeks proceeding the festival. The parade in Dublin is the focal point of the festival, with over 500,000 people attending it in 2012. For Irish people, probably
12232-526: The financial crisis. Their withdrawal precipitated a deep Irish property correction, which led to a crisis in the Irish banking system . A particularly dramatic growth in Ireland's 2015 GDP (from 1% in 2013, to 8% in 2014, to 25% in 2015) was shown to be largely driven by Apple restructuring their double Irish subsidiary, ASI, in January 2015. A follow-up EU Commission report into Ireland's national accounts showed that even before this, 23% of Ireland's GDP
12371-611: The first President of the Executive Council (prime minister). The Oireachtas or legislature consisted of Dáil Éireann (the lower house) and Seanad Éireann (the upper house), also known as the Senate. Members of the Dáil were required to take an Oath of Allegiance to the Constitution of the Free State and to declare fidelity to the king . The oath was a key issue for opponents of the Treaty, who refused to take it and therefore did not take their seats. Pro-Treaty members, who formed Cumann na nGaedheal in 1923, held an effective majority in
12510-513: The first, an oath to the Free State, as by law established , the second part a promise of fidelity, to His Majesty, King George V, his heirs and successors . That second fidelity element, however, was qualified in two ways. It was to the King in Ireland, not specifically to the King of the United Kingdom. Secondly, it was to the king explicitly in his role as part of the Treaty settlement, not in terms of pre-1922 British rule. The Oath itself came from
12649-410: The foreign capital that led Ireland's post-crisis recovery. It also saw Ireland rise up the league tables of corporate " tax havens ", and blacklisted by Brazil. A major 2017 study into " offshore financial centers ", identified Ireland as a top 5 global Conduit OFC . This made Ireland the most popular destination for US corporate tax inversions . When Pfizer and Irish-based Allergan announced
12788-512: The global GDP per capita tables , Ireland ranks 2nd of 192 in the IMF table and 4th of 187 in the World Bank ranking. Social expenditure stood at roughly 13.4% of GDP in 2024. Following a period of continuous growth at an annual level from 1984 to 2007, the post-2008 Irish financial crisis severely affected the economy, compounding domestic economic problems related to the collapse of
12927-400: The government to artificially prop up the property developers have been revealed. In contrast, on 7 October 2008, Danske Bank wrote off a substantial sum largely due to property-related losses incurred by its Irish subsidiary – National Irish Bank . The 3.18% charge against the loan book of its Irish operations is the first significant write off to take place and is a modest indication of
13066-722: The growth of the " double Irish " in the mid-2000s (see tables), and the even stronger effect of the "capital allowances for intangible assets" scheme on distorting GNI/GNP/GDP, noted that GNI* still materially over-stated the true Irish economy. By 2017, a number of Irish financial commentators bemoaned the inaccuracy of Irish economic GDP/GNP statistics. During the Irish economic crisis, specific Irish tax schemes were loosened to attract foreign capital to re-balance Ireland's debt. Schemes that were low-tax, became almost zero-tax (" capital allowances for intangible assets " in 2009). Schemes that were restricted, became more available (i.e. " Section 110 SPVs " in 2012). These schemes attracted
13205-496: The growth seen in Ireland in 2014 and early 2015 may not indicate a longer-term pattern for sustainable economic improvement. Other commentators have noted that recovery figures do not account for emigration, youth unemployment, child poverty, homelessness and other factors. On 23 June 2016, the United Kingdom voted to leave the European Union , which was widely reported as likely having a negative impact on trade between
13344-1048: The highest cliffs in Ireland are the Croaghaun , on the Atlantic coast of Achill Island off County Mayo , which rise to 688 m, over three times higher than the Cliffs of Moher. The Slieve League cliffs in County Donegal are often incorrectly stated as being the highest, but at only 601m, they come in second. The south and south west of Ireland is particularly known for its seaside resorts including Kilkee , Lahinch , Quilty , Spanish Point and Doonbeg in County Clare ; Youghal , Ballycotton , Kinsale and Bantry in County Cork and Glenbeigh , Dingle , Castlegregory and Ballybunion in County Kerry . As
13483-519: The highest levels of both public sector indebtedness, and private sector indebtedness, in the EU-28/OECD. From the 1920s, Ireland had high trade barriers such as high tariffs, particularly during the Economic War with Britain in the 1930s, and a policy of import substitution. During the 1950s, 400,000 people emigrated from Ireland. It became increasingly clear that economic nationalism
13622-451: The increasing gap between Irish GNI and Irish GDP/GNP), the size of this increase drew attention to the level of distortion US " multinational tax schemes " (like "double Irish") were having on Ireland's statistics. For example, on a "per capita" basis, Ireland is one of the most leveraged economies in the OECD, while on a "% of GDP" basis, it is rapidly de-leveraging. In response to this,
13761-506: The issue. The Free State was not a republic. The Oath became a key issue in the resulting Irish Civil War that divided the pro and anti-treaty sides in 1922–23. The compromises contained in the agreement caused the civil war in the 26 counties in June 1922 – April 1923, in which the pro-Treaty Provisional Government defeated the anti-Treaty Republican forces. The latter were led, nominally, by Éamon de Valera , who had resigned as President of
13900-468: The largest corporate tax inversion in history at $ 160bn (84% of Ireland's 2016 GNI* of €190bn), it forced the Obama administration to block US tax inversions. None have occurred since. Ireland had also become a base for US technology multinationals. By 2014 (see table), Apple's Irish ASI subsidiary was handling €34bn annually of untaxed profits (20% of Ireland's 2014 GNI*). The EU forced Ireland to close
14039-594: The largest inner-city parks in the world, The General Post Office , one of Ireland's most famous buildings due to the 1916 Easter rising , Kilmainham Gaol , a former prison turned museum that held and executed the rebels of the 1916 Rising and Trinity College , where the Book of Kells and the Book of Durrow are held. In 2010, Dublin was awarded the title of UNESCO City of Literature , as many famous writers such as Jonathan Swift , Oscar Wilde , W. B. Yeats , James Joyce , George Bernard Shaw and Samuel Beckett are from
14178-462: The major cities in the country and there are plans to extend the motorway system in the future. In recent years the quality of Irish roads has improved dramatically with the advent of the Celtic Tiger and significant European Union funding, although outside the main routes, roads can be quite unpredictable in terms of quality and upkeep, especially in rural areas such as County Kerry and County Donegal . The rail and light rail network in Ireland
14317-542: The monarchy, it was criticised by nationalists and republicans for making any reference to the Crown, the claim being that it was a direct oath to the Crown, a fact arguably incorrect by an examination of its wording, but in 1922 Ireland and beyond, many argued that the fact remained that as a dominion the King (and therefore the British) was still Head of State and that was the practical reality that influenced public debate on
14456-646: The most celebrated sporting events are the annual finals of the All-Ireland Senior Hurling Championship and the All-Ireland Senior Football Championship . These matches, normally held around the middle of September, are normally fully sold out, with well over 80,000 people packed into Croke Park , the largest stadium in Europe not used primarily for Soccer. Another festival that celebrates
14595-488: The museum include Pablo Picasso , Pierre-Auguste Renoir , Jack B. Yeats and Henry Moore . Other attractions Achieving city status in 1484, Galway celebrated its quincentenary in 1984. Galway in itself is not particularly known for its attractions, but rather for its lively atmosphere and entertainment scene. This is partly because 25% of the population of Galway (75,529 in 2011) is made up of students primarily from NUI Galway and GMIT , two third-level institutes in
14734-446: The only opposition party. In 1926, when Sinn Féin president Éamon de Valera failed to have this policy reversed, he resigned from Sinn Féin and led most of its membership into a new party, Fianna Fáil , which entered the Dáil following the 1927 general election . It formed the government after the 1932 general election , when it became the largest party. De Valera abolished the oath of allegiance and embarked on an economic war with
14873-503: The previous years figure of 6,985,900. In 2013 6,985,900 overseas tourists visited Ireland, a 7.2% increase over the previous years figure. Under the Short-stay Waiver Programme, anyone from the countries on the list below can travel to Ireland within the time remaining on a current UK visa, without the requirement to obtain an Irish visa, and be granted permission to stay in Ireland up to a maximum of 90 days, or
15012-513: The principal parties of government of the Free State between 1922 and 1937: Michael Collins described the Treaty as "the freedom to achieve freedom". In practice, the Treaty offered most of the symbols and powers of independence. These included a functioning, if disputed, parliamentary democracy with its own executive, judiciary and written constitution which could be changed by the Oireachtas. Although an Irish republic had not been on offer,
15151-583: The promotion of alcohol, contraceptives, divorce, and abortion as the pursuits of the old 'Protestant-elite' and Jews, with their efforts combined through the Freemasons . Denis Fahey described Ireland as "the third most Masonic country in the world" and saw this alleged order as contrary to the creation of an independent Irish State. In 1937 the Fianna Fáil government presented a draft of an entirely new Constitution to Dáil Éireann. An amended version of
15290-464: The real power was exercised by the Executive Council, as the Governor-General was almost always bound to act on the advice of the Executive Council. The office of Governor-General of the Irish Free State replaced the previous Lord Lieutenant , who had headed English and British administrations in Ireland since the Middle Ages. Governors-General were appointed by the king initially on the advice of
15429-514: The republican Sinn Féin party won a large majority of the Irish seats in the British parliament: 73 of the 105 constituencies returned Sinn Féin members (25 uncontested). The elected Sinn Féin MPs, rather than take their seats at Westminster, set up their own assembly, known as Dáil Éireann (Assembly of Ireland). It affirmed the formation of an Irish Republic and passed a Declaration of Independence . The subsequent War of Independence , fought between
15568-565: The same height as the Alps , but due to weathering, have become much smaller over time. In 2017 9,932,100 overseas tourists visited Ireland, a 3.5% increase over the previous years figure of 9,584,400. In 2016 9,584,400 overseas tourists visited Ireland, a 9.8% increase over the previous years figure of 8,643,100. In 2015 8,643,100 overseas tourists visited Ireland, a 13.7% increase over the previous years figure of 7,604,400. In 2014 7,604,400 overseas tourists visited Ireland, an 8.1% increase over
15707-409: The same weight and fineness of gold as was the sovereign at the time, making the new currency pegged at 1:1 with sterling. The State circulated its new national coinage in 1928, marked Saorstát Éireann and a national series of banknotes . British coinage remained acceptable in the Free State at an equal rate. In 1937, when the Free State was superseded by Ireland ( Éire ), the pound became known as
15846-596: The sea shallowed, rocks such as Sandstone and Shale were deposited over the Limestone, effectively covering it over again. The Burren is one of the largest karst landscapes in Europe and is one of the few places in the country where the limestone is visible above ground. Many Irish mountains are also of geological distinction, most of them being formed in the Caledonian or Amorican era. These mountains, formed between 400 and 250 million years ago, would have been
15985-554: The south largely came to an end. The 1937 Constitution saw a notable ideological slant to the changes of the framework of the State in such a way as to create one that appeared to be distinctly Irish. This was done so by implementing corporatist policies (based on the concepts of the Roman Catholic Church , as Catholicism was perceived to be deeply imbedded with the perception of Irish identity). A clear example of this
16124-711: The state sector amounted to a large part of that. Public sector employment was a third of the total workforce by 1980. Budget deficits and public debt increased, leading to the crisis in the 1980s. During the 1980s, underlying economic problems became pronounced. Middle income workers were taxed 60% of their marginal income, unemployment had risen to 20%, annual overseas emigration reached over 1% of population, and public deficits reached 15% of GDP. In 1987, Fianna Fáil reduced public spending, cut taxes, and promoted competition. Ryanair used Ireland's deregulated aviation market and helped European regulators to see benefits of competition in transport markets. Intel invested in 1989 and
16263-535: The summer. Other attractions Situated on the mouth of the River Shannon , Limerick has been an important gateway city for over 800 years. Due to the city's location on the midpoint of the Atlantic Corridor , nearness to Shannon Airport (12 Miles) and good supply of reasonably priced hotels it has become something of a base city for tourists travelling along the west coast of Ireland, although
16402-536: The third consecutive year of negative growth. On the other hand, Ireland recorded the biggest month-on-month rise for industrial production across the eurozone in 2010, with 7.9% growth in September compared to August, followed by Estonia (3.6%) and Denmark (2.7%). The second problem, unacknowledged by management of Irish banks, the financial regulator and the Irish government, is solvency . The question concerning solvency had arisen due to domestic problems in
16541-562: The time left on their UK visa to expire. Citizens of most countries can enter Ireland without a visa , or by the Short-stay Visa Waiver Programme, however citizens of the following countries need a transit visa to even travel through Ireland on their way to another country; Tourism Ireland was established under the Good Friday Agreement of 1998 to promote the island of Ireland overseas. It
16680-410: The top 20 Irish firms (by turnover), employing 23% of the private sector labour-force, and paying 80% of the collected corporation tax. Foreign-owned multinationals make up a significant percentage of Ireland's GDP. The " multinational tax schemes " used by some of these multinational firms contribute to a distortion in Ireland's economic statistics; including GNI , GNP and GDP . For example,
16819-432: The touring region doesn't have a set driving route, and instead highlights various sights throughout counties Westmeath , Offaly , Roscommon , Longford , Cavan , Leitrim , and parts of Tipperary , Clare and Galway . The Reeks District is a tourism region in County Kerry which was created as a destination marketing concept in 2018, having previously being promoted as the "Mid-Kerry region". Taking its name from
16958-560: The west of the country faces the stormy Atlantic , it has become synonymous with surfing , particularly in counties Donegal, Sligo and Clare. A number of tourist trails and regions were developed in the 2010s to market Ireland as a tourist destination. A tourism driving route, the Wild Atlantic Way , extends for 2,500 km of roadway along the West coast. Ireland's Ancient East ( Irish : Sean-Oirthear na hÉireann )
17097-602: The world for being one of the world's biggest race meetings. It is estimated that over the week-long festival, 150,000 people attend the event. The Galway International Oyster Festival is held in the City of Galway . It has won a number of awards and titles including 'one of the 12 greatest shows on earth' by the Sunday Times , and was listed in the AA Travel Guide as one of Europe's Seven Best Festivals, on par with
17236-485: The world to take part in the events. Willie Daly, the prime matchmaker, uses his notebook of love-seeking profiles to match potential couples, and the festival has evolved to become the biggest matchmaking festival in Europe. The Galway Arts Festival is an annual arts festival that takes place each July in Galway City . It is an international celebration of the performing and visual arts and an important showcase for
17375-544: The year to September 2013. On 27 February 2014 the government launched its Action Plan for Jobs 2014 , which followed similar plans initiated in 2013 and 2012. The term "Celtic Phoenix" was coined by journalist and satirist Paul Howard , which has been occasionally used by some economic commentators and media outlets to describe the indicators of economic growth in some sectors in Ireland since 2014. In late 2013, Ireland exited an EU/ECB/IMF bailout . The Irish economy began to recover in 2014, growing by 4.8%, making Ireland
17514-608: Was a state established in December 1922 under the Anglo-Irish Treaty of December 1921. The treaty ended the three-year Irish War of Independence between the forces of the Irish Republic – the Irish Republican Army (IRA) – and British Crown forces. The Free State was established as a dominion of the British Empire . It comprised 26 of the 32 counties of Ireland . Northern Ireland , which
17653-707: Was a 4.9% increase. The housing crisis resulted in over 20,000 applicants being on the social housing list in the Dublin City Council area for the first time. In May 2015, the Insolvency Service of Ireland reported to the Oireachtas Justice Committee that 110,000 mortgages were in arrears, and 37,000 of those are in arrears of over 720 days. On 14 October 2014, Minister for Finance Michael Noonan and Minister for Public Expenditure and Reform Brendan Howlin introduced
17792-566: Was an established element in the European system and a member of the League of Nations. It had blazed a trail in asserting the rights of the dominions to their own foreign policy, in the process establishing full diplomatic relations with the United States, France, Belgium, Germany, and the Holy See. It was concluding its own political and commercial treaties and using the apparatus of international relations to pursue its interests. It had received
17931-527: Was downgraded to "AA−" by Standard & Poor's ratings agency in August 2010 due to the cost of supporting the banks, which would weaken the Government's financial flexibility over the medium term. It transpired that the cost of recapitalising the banks was greater than expected at that time, and, in response to the mounting costs, the country's credit rating was again downgraded by Standard & Poor's to "A". The global recession has significantly impacted
18070-509: Was followed by a number of technology companies such as Microsoft and Google . A consensus exists among all government parties about the sustained economic growth. Between 1985 and 2002, private sector jobs increased 59%. The economy shifted from an agriculture to a knowledge economy , focusing on services and high-tech industries. Economic growth averaged 10% from 1995 to 2000, and 7% from 2001 to 2004. Industry, which accounts for 46% of GDP and about 80% of exports, has replaced agriculture as
18209-584: Was made up of the remaining six counties, exercised its right under the Treaty to opt out of the new state. The Free State government consisted of the Governor-General – the representative of the king – and the Executive Council (cabinet), which replaced both the revolutionary Dáil Government and the Provisional Government set up under the Treaty. W. T. Cosgrave , who had led both of these administrations since August 1922, became
18348-520: Was multinational net royalty payments , implying Irish GDP was inflated to 130% of "true" GDP (before the Apple growth). This led to the Central Bank of Ireland proposing a new replacement metric, modified gross national income (or GNI*), to better represent the "true" Irish economy. Given the importance of US multinationals to Ireland's economy (80% of Irish multinational employment, and 14 of
18487-511: Was passed with Ireland directly in mind. The TCJA moves the US from the "worldwide tax" system (which is the reason why US multinationals use Ireland) to a modern "territorial tax" system (which is the reason why non-US multinationals hardly use Ireland - there are no non-US/non-UK foreign firms in Ireland's top 50 firms by turnover, and only one by employees - German retailer Lidl ). The FDII tax regime gives US-based " intellectual property " ("IP")
18626-467: Was re-introduced in 2012. This was initially charged in 2012 as a flat rate on all properties and subsequently charged at a level of 0.18% of the estimated market-value of a property from 2013. Domestic water charges are to be introduced in 2015. Expenditure cuts included reductions in public sector pay levels, reductions in the number of public sector employees through early retirement schemes, reduced social welfare payments and reduced health spending. As
18765-480: Was redeveloped as a visitor centre in the 1990s. Cork's best known building and a symbol of the city, the Church of St. Anne in Shandon, is known for its clock tower dubbed the "four faced liar" on account of all four of the clocks showing slightly different times. Cork Airport is located just outside the city and connects Cork to several other European cities, although many direct flight routes are only available in
18904-506: Was shown to be driven by Apple Inc. 's restructuring of its Irish subsidiary in January 2015. The distortion of Ireland's economic statistics (including GNI , GNP and GDP ) by the tax practices of some multinationals, led the Central Bank of Ireland to propose an alternative measure ( modified GNI or GNI*) to more accurately reflect the true state of the economy from that year onwards. Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of
19043-566: Was still ongoing as of Q2 2013. By mid-2013, the European Commission 's economic forecast for Ireland predicted its growth rates would return to a positive 1.1% in 2013 and 2.2% in 2014. An inflated 2015 GDP growth of 26.3% (GNP growth of 18.7%) was officially partially ascribed to tax inversion practices by multinationals switching domiciles. This growth in GDP, dubbed " leprechaun economics " by American economist Paul Krugman ,
19182-410: Was that the closure of the " double Irish " scheme at end 2014 (phased out by 2020), led some multinationals to relocate "intangible assets" to Ireland. It was subsequently shown in 2018 that it was due to Apple's January 2015 restructuring of their " double Irish " structure, Apple Sales International ("ASI"). While the markets had always taken Irish economic statistics with a degree of caution (given
19321-596: Was unsustainable. While other European countries enjoyed fast growth, Ireland suffered economic stagnation. The policy changes were drawn together in Economic Development , an official paper by T. K. Whitaker published in 1958 that advocated free trade , foreign investment, and growth rather than fiscal restraint as the prime objective of economic management. In the 1970s, the population increased by 15% and national income increased at an annual rate of about 4%. Employment increased by around 1% per year, but
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