Monday, February 17, 2014

Industry in Ireland

The primary sector constitutes about 5% of Irish GDP, and 8% of Irish employment. Ireland's main economic resource is its large fertile pastures, particularly the midland and southern regions. In 2012 Ireland exported approximately €9 billion worth of agri-food and drink (about 8.4% of Ireland's exports), mainly as cattle, beef, and dairy products. Ireland s agri-food exports are expected to grow and are led by a number of large Irish companies including Kerry GroupGlanbia and Greencore.
In the late nineteenth century, the island was mostly deforested. In 2005, after years of national afforestation programmes, about 9% of Ireland has become forested.[67] It is still one of the least forested country in the EU and heavily relies on imported wood.[68] Its coastline – once abundant in fish, particularly cod – has suffered overfishing and since 1995 the fisheries industry has focused more on aquaculture. Freshwater salmon and trout stocks in Ireland's waterways have also been depleted but are being better managed.[69] Ireland is a major exporter of zinc to the EU and mining also produces significant quantities of lead and alumina.[70]
Beyond this, the country has significant deposits of gypsumlimestone, and smaller quantities of copper, silver, gold, barite, and dolomite.[71] Peat extraction has historically been important, especially from midland bogs, however more efficient fuels and environmental protection of bogs has reduced peat's importance to the economy.[72] Natural gas extraction occurs in the Kinsale Gas Field and the Corrib Gas Field in the southern and western counties,[73] where there is 19.82 bn cubic metres of proven reserves.[71]
The construction sector in Ireland has been severely affected by the Irish property bubble and the 2008-2013 Irish banking crisis and as a result contributes less to the economy than during the period 2002-2007.
While there are over 60 credit institutions incorporated in Ireland,[74] the banking system is dominated by theAIB BankBank of Ireland and Ulster Bank.[75] There is a large Credit Union movement within the country which offers an alternative to the banks. The Irish Stock Exchange is in Dublin, however, due to its small size, manyfirms also maintain listings on either the London Stock Exchange or the NASDAQ. That being said, the Irish Stock Exchange has a leading position as a listing domicile for cross-border funds. By accessing the Irish Stock Exchange, investment companies can market their shares to a wider range of investors (under MiFID although this will change somewhat with the introduction of the AIFM Directive. Service providers abound for the cross-border funds business and Ireland has been recently rated with a DAW Index score of 4 in 2012. Similarly, the insurance industry in Ireland is a leader in both retail markets and corporate customers in the EU, in large part due to the International Financial Services Centre.