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The Irish economy is an open, mostly export based economy that has experienced an unprecedented level of growth during the latter half of the 1990's. It is expected that this growth will continue at least for the first decade of this century, as long as a skilled labour force continues to be available.

The Irish economy is heavily dependant on trade, with export of goods and services amounting to over 96.8% of GDP (1999 figure)

Membership of the European Union and access to the Single Market has allowed Ireland to diversify its trade patterns. Although Britain has always been Ireland's largest single trading partner, almost half of all Irish exports now go to the other EU member states.

Roots of Prosperity
Ireland has enjoyed economic prosperity during the closing years of the twentieth century. However the roots of this prosperity may lie some years before. Contributing factors include:

high standards of education producing a young skilled workforce

a commitment to open markets - many years of consistent policies with regard to Foreign Direct Investment

good co-operation between Government, Industry and Trade Unions with regard to economic policy

the return of skilled emigrants to Ireland

the work of industrial promotional agencies and the various incentives offered to overseas investors.

Promotional Agencies
There are a number of State agencies in Ireland devoted to promotion of different areas of Irish industry these include:

Enterprise Ireland is the body responsible for the development of indigenous industry.

IDA Ireland (Industrial Development Authority) is responsible for attracting industry from overseas.

Shannon Development and Udaršs na Gaeltachta are bodies charged with the development of particular regions.

Forfás is the co-ordinating and advisory board for these and other agencies.

Structural and Cohesion Funds
Ireland will receive about £3.4 billion in structural and cohesion funds during the period 2000-2006. For this period Ireland has for the time been divided into two regions for receipt of structural funds, separating the Border, Midland and Western region from the East and South of the country.

The reduction in funding (compared to previous periods) and the division of Ireland into regions reflects the economic growth of recent years , a growth rate four times the European average since 1994.

National Development Plan
The National Development Plan is an investment plan for public and private investment covering the period 2000-2006, the plan aims to:

promote further economic growth and development

invest heavily in infrastructure

develop human resources through support for education and training

reduce social and economic exclusion.