The U.S.-Ireland commercial relationship is significant by international standards, and is particularly impressive relative to the country’s population of 4.67 million people.
With a GDP of $345 billion in 2017, Ireland is one of the most open, FDI and export-driven economies in the world. On the back of a recovering economy, Ireland remains a wealthy country and a net exporting nation with a per capita GDP in 2017 of $72,485. GDP in Ireland increased by an underlying 7.8 percent in 2017 making it the highest and best performing economy in the EU for the fourth straight year.
In 2017, U.S. exports of goods to Ireland exceeded $10.8 billion and included chemicals and pharmaceuticals, computers and electronic products, aircraft and transportation equipment, power generation technology, medical devices, electrical equipment and travel and tourism. The most recent statistics for services from 2016 record the value of U.S. service exports to Ireland at $46.6 billion.
In 2015, U.S. exports to Ireland exceeded $8.9 billion (€7.9 billion) and included chemicals and pharmaceuticals, computers and electronic products, aircraft and transportation equipment, power generation technology, medical devices, electrical equipment and travel and tourism.
The total stock of U.S. investment in Ireland reached $343.4 billion in 2015 – more than the U.S. investment in France and Germany combined. There are over 700 U.S. firms in Ireland.
U.S. companies can take advantage of the fact that Ireland is the only European market that is a member of the EU, a member of the Eurozone and English speaking. The advantage of a common language together with educated, savvy, and well-connected business partners in a pro-business environment lends itself to increased chance of success.
As a small, open economy with a strong reliance on international trade, the introduction of products and services into the Irish market is relatively uncomplicated. Standard international marketing and distribution practices are widely applied in the Irish business community
MISCELLANEOUS INVESTMENT FACTS
Upon the United Kingdom’s exit from the European Union, Ireland will be the largest English-speaking country in the EU.
Ireland has, for the past number of years, been the fastest growing economy in Europe. Continued economic recovery is expected to fuel increased demand for U.S. products and services.
Ireland is an excellent test market for U.S. SMEs looking to export for the first time into Europe. Ireland’s strategic geographical location also positions the country as a gateway to Europe with access to a wider market of 740 million people.
The Irish government is looking to increase its international competitiveness by establishing Ireland as a center for high value research and development. Opportunities exist for innovative U.S. companies to enter into collaborative agreements with Irish companies particularly in biotechnology, financial services, ICT, medical devices, pharmaceuticals and avail of opportunities as the EU advances its creation of a Digital Single Market.
Ireland’s high receptivity for U.S. products and services creates a fertile market for American brands across sectors. U.S. goods are perceived to be of high quality and U.S. companies receive positive support from local partners, helping to further export goals for Ireland and the European marketplace.
Treaties & Agreements
Ireland participates in the free trade arrangements of the European Union (EU) and European Free Trade Association (EFTA), and is a member of the World Trade Organization (WTO)