Economy of Dublin
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[edit] GDP & Rankings
Greater Dublin's GDP is 69.6 billion euro (2004) making it second only to London in terms of wealth in Ireland and Britain.
Dublin has been at the centre of Ireland's phenomenal economic growth over the last 10-15 years, a period (often of double-digit growth) referred to as the Celtic Tiger years. Living standards in the city have risen dramatically, although the cost of living has also soared. Dublin is now the planet's 16th most expensive city (8th most expensive city in Europe, excluding Russian cities).[1] However, it has the fourth highest wages for a city in the world, ahead of both New York City and London, though behind Zürich, Geneva and Oslo.[2]
[edit] I.T Sector
Historically, brewing has probably been the industry most often associated with the city: Guinness has been brewed at the St. James's Gate Brewery since 1759. Since the advent of the Celtic Tiger years, however, a large number of global pharmaceutical, information and communications technology companies have located in Dublin and the Greater Dublin Area. Dublin is widely regarded as the Silicon Valley of Europe, attracting ten of thousands of people from "lesser" economies such as France, German, Spain, Italy and the UK. For example, Microsoft, Google, Amazon, PayPal, Yahoo! and Pfizer (among others) now have European headquarters and/or operational bases in the city and its suburbs. Intel and Hewlett-Packard have large manufacturing plants in Leixlip, County Kildare, 15 km (9 mi) to the west.
[edit] Irish Stock Exchange (ISEQ) & IFSC
Banking, finance and commerce are also important in the city — the IFSC alone handles over €1 trillion a year. Many international firms have established major headquarters in the city (eg. Citibank, Commerzbank). Also located in Dublin is the Irish Stock Exchange (ISEQ), Internet Neutral Exchange (INEX) and Irish Enterprise Exchange (IEX).
[edit] Celtic Tiger and Construction Boom
The "Celtic Tiger" economic boom years have led to a sharp increase in construction, which is now also a major employer, though, as of 2007, unemployment is on the rise as the housing market has begun to see supply outstrip demand.[citation needed] Redevelopment is taking place in large projects such as Dublin Docklands, Spencer Dock and others, transforming once run-down industrial areas in the city centre. Dublin City Council seems to now have loosened the former limits on "high-rise" structures. The tallest building, Liberty Hall, is only 59.4 m (194.9 ft) tall; already under construction in the city is Heuston Gate, a 117 m (384 ft) building (134 m including spire). The 120 m (394 ft) Britain Quay Tower and the 120 m (394 ft) Point Village Watchtower have been approved. Construction has started on the latter. Also the U2 Tower will be the tallest building on the Island of Ireland when it is finished.
In 2005, around 800,000 people were employed in the Greater Dublin Area, of whom around 600,000 were employed in the services sector and 200,000 in the industrial sector.[3]
Economic growth is expected to slow in the coming years, with the Irish central bank predicting medium-term growth rates of around 3–5%.[4] While this represents a slowdown relative to the early Celtic Tiger years, it is still stronger than growth in most other wealthy countries.
[edit] References
[edit] See also
- List of European metropolitan areas by GRP
- Dublin-Belfast corridor
- Transport in Dublin
- Economy of Cork
- Economy of Belfast
- Economy of Limerick
