Economy of Dublin
Encyclopedia
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, and is the country's economic hub. As well as being the location of the national parliament
Oireachtas
The Oireachtas , sometimes referred to as Oireachtas Éireann, is the "national parliament" or legislature of Ireland. The Oireachtas consists of:*The President of Ireland*The two Houses of the Oireachtas :**Dáil Éireann...
and most of the civil service
Civil service of the Republic of Ireland
The Civil Service of Ireland is the collective term for the permanent staff of the Departments of State and certain State Agencies who advise and work for the Government of Ireland. It consists of two broad components, the Civil Service of the Government and the Civil Service of the State...
, Dublin is also the focal point of media
Media in Ireland
The media in Ireland include all the media and communications outlets of any other developed nation.-Press freedom:Ireland has freedom of the press enshrined in its constitution. The NGO group Reporters sans frontières named Ireland in joint first position in their "Worldwide press freedom index"...
and culture
Culture of Ireland
This article is about the modern culture of Ireland and the Irish people. It includes customs and traditions, language, music, art, literature, folklore, cuisine and sport associated with Ireland and Irish people today. However, the culture of the people living in Ireland is not homogeneous...
in the county. Ireland's transportation network
Transport in Ireland
Most of the transport system in Ireland is in public hands, either side of the Irish border. The Irish road network has evolved separately in the two jurisdictions Ireland is divided up into, while the Irish rail network was mostly created prior to the partition of Ireland.In the Republic of...
radiates from the city. Previously seen as a peripheral backwater of Europe, Dublin is now a minor world financial centre and the European base for many multinational corporations. Dublin is seen as a vibrant, cosmopolitan city, with a high standard of living.
Rankings
In 2004, the GMP of Greater DublinGreater Dublin Area
Greater Dublin Area , or simply Greater Dublin, is a term which is used to describe the city of Dublin and various counties in the hinterland of the city in Ireland. The term has no basis in law and no local government, department of government or agency of the state is bound by the term...
was € 69.6 bn, the 17th highest in the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
.
Dublin was at the centre of Ireland's rapid economic growth
Celtic Tiger
Celtic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995 and 2007. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010...
from 1995 to 2007. Both the standards and the cost of living in the city rose dramatically. Dublin became the world's 16th most expensive city but has since dropped to 36th place. In 2008, it was the city with the 2nd highest wages in the world, but dropped to 10th place in 2009.
In 2007 Dublin ranked 1st in Ireland by Disposable Income
Disposable income
Disposable income is total personal income minus personal current taxes. In national accounts definitions, personal income, minus personal current taxes equals disposable personal income...
per person, at 109% of the State average. The three counties surrounding Dublin also ranked in the top 5.
| Rank | County | Disposable Income |
|---|---|---|
| 1 | Dublin County Dublin County Dublin is a county in Ireland. It is part of the Dublin Region and is also located in the province of Leinster. It is named after the city of Dublin which is the capital of Ireland. County Dublin was one of the first of the parts of Ireland to be shired by King John of England following the... |
€24,038 |
| 2 | Kildare County Kildare County Kildare is a county in Ireland. It is part of the Mid-East Region and is also located in the province of Leinster. It is named after the town of Kildare. Kildare County Council is the local authority for the county... |
€22,636 |
| 3 | Limerick County Limerick It is thought that humans had established themselves in the Lough Gur area of the county as early as 3000 BC, while megalithic remains found at Duntryleague date back further to 3500 BC... |
€21,966 |
| 4 | Meath County Meath County Meath is a county in Ireland. It is part of the Mid-East Region and is also located in the province of Leinster. It is named after the ancient Kingdom of Mide . Meath County Council is the local authority for the county... |
€21,871 |
| 5 | Wicklow County Wicklow County Wicklow is a county in Ireland. It is part of the Mid-East Region and is also located in the province of Leinster. It is named after the town of Wicklow, which derives from the Old Norse name Víkingalág or Wykynlo. Wicklow County Council is the local authority for the county... |
€21,660 |
Government
Dublin is capital of the Republic of Ireland. Most of the Irish Civil service is located in the Dublin 2 postal district directly to the south of the River LiffeyRiver Liffey
The Liffey is a river in Ireland, which flows through the centre of Dublin. Its major tributaries include the River Dodder, the River Poddle and the River Camac. The river supplies much of Dublin's water, and a range of recreational opportunities.-Name:The river was previously named An Ruirthech,...
. There have been proposals to move civil service departments to other centres, but this has not materialized to a significant degree.
Transport
Dublin is the fulcrum of the Irish transport system. Ireland's two longest canals, the Royal Canal and the Grand Canal, meet in Dublin Bay. The Irish train system radiates from Dublin. Similarly, the Irish road system was constructed spreading outwards from Dublin. Dublin Port is Ireland's largest port facility, and has the deepest port on Ireland's East coast. The port of Dún LaoghaireDún Laoghaire
Dún Laoghaire or Dún Laoire , sometimes anglicised as "Dunleary" , is a suburban seaside town in County Dublin, Ireland, about twelve kilometres south of Dublin city centre. It is the county town of Dun Laoghaire-Rathdown County and a major port of entry from Great Britain...
is also located nearby.
The Irish airlines Aer Arann
Aer Arann
Aer Arann is a regional airline based in Dublin, Ireland. Aer Arann operates scheduled services from Ireland and the Isle of Man to destinations in Ireland, the United Kingdom, and France, with a fleet of 18 aircraft. Aer Arann has expanded from a single aircraft to Ireland's third largest airline...
, Aer Lingus
Aer Lingus
Aer Lingus Group Plc is the flag carrier of Ireland. It operates a fleet of Airbus aircraft serving Europe and North America. It is Ireland's oldest extant airline, and its second largest after low-cost rival Ryanair...
and Ryanair
Ryanair
Ryanair is an Irish low-cost airline. Its head office is at Dublin Airport and its primary operational bases at Dublin Airport and London Stansted Airport....
have their head office in Dublin.
Food and Drink
Dublin occupies a key location on the Irish transport system, connecting the most productive part of the country with the main export port. Ireland's most widely known alcoholic drink, GuinnessGuinness
Guinness is a popular Irish dry stout that originated in the brewery of Arthur Guinness at St. James's Gate, Dublin. Guinness is directly descended from the porter style that originated in London in the early 18th century and is one of the most successful beer brands worldwide, brewed in almost...
has been brewed at the St. James's Gate Brewery
St. James's Gate Brewery
St. James's Gate Brewery is a brewery founded in 1759 in Dublin, Ireland by Arthur Guinness. The company is now a part of Diageo, a company formed via the merger of Guinness and Grand Metropolitan in 1997. The main product produced at the brewery is Guinness Draft.Leased for 9,000 years in 1759 by...
since 1759. The Guinness firm had established for providing the best pay and conditions in the Dublin area for many generations, when economic conditions were adverse. Dublin also profitted from the role of the beef industry, as the main export port for beef bound to Britain. Dublin did not feature prominently in the development of Irish dairy-farming, which was concentrated in Munster
Munster
Munster is one of the Provinces of Ireland situated in the south of Ireland. In Ancient Ireland, it was one of the fifths ruled by a "king of over-kings" . Following the Norman invasion of Ireland, the ancient kingdoms were shired into a number of counties for administrative and judicial purposes...
and south Leinster
Leinster
Leinster is one of the Provinces of Ireland situated in the east of Ireland. It comprises the ancient Kingdoms of Mide, Osraige and Leinster. Following the Norman invasion of Ireland, the historic fifths of Leinster and Mide gradually merged, mainly due to the impact of the Pale, which straddled...
.
Industrial
With the emergence of the Irish state, Dublin started to develop a lot of light industry. This contrasted with both CorkCork (city)
Cork is the second largest city in the Republic of Ireland and the island of Ireland's third most populous city. It is the principal city and administrative centre of County Cork and the largest city in the province of Munster. Cork has a population of 119,418, while the addition of the suburban...
and Belfast
Belfast
Belfast is the capital of and largest city in Northern Ireland. By population, it is the 14th biggest city in the United Kingdom and second biggest on the island of Ireland . It is the seat of the devolved government and legislative Northern Ireland Assembly...
which concentrated on heavy industry until the 1960s. Dublin gained from this, as these sectors generated high valued added, and higher employment rates.
IT Sector
Amazon.com
Amazon.com, Inc. is a multinational electronic commerce company headquartered in Seattle, Washington, United States. It is the world's largest online retailer. Amazon has separate websites for the following countries: United States, Canada, United Kingdom, Germany, France, Italy, Spain, Japan, and...
, Ebay
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
, Dell
Dell
Dell, Inc. is an American multinational information technology corporation based in 1 Dell Way, Round Rock, Texas, United States, that develops, sells and supports computers and related products and services. Bearing the name of its founder, Michael Dell, the company is one of the largest...
Facebook
Facebook is a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc. , Facebook has more than 800 million active users. Users must register before using the site, after which they may create a personal profile, add other users as...
, Zynga
Zynga
Zynga is a social network game developer located in San Francisco, United States. The company develops browser-based games that work both stand-alone and as application widgets on social networking websites such as Facebook and MySpace....
LinkedIn
LinkedIn is a business-related social networking site. Founded in December 2002 and launched in May 2003, it is mainly used for professional networking. , LinkedIn reports more than 120 million registered users in more than 200 countries and territories. The site is available in English, French,...
Twitter
Twitter is an online social networking and microblogging service that enables its users to send and read text-based posts of up to 140 characters, informally known as "tweets".Twitter was created in March 2006 by Jack Dorsey and launched that July...
Google
Google Inc. is an American multinational public corporation invested in Internet search, cloud computing, and advertising technologies. Google hosts and develops a number of Internet-based services and products, and generates profit primarily from advertising through its AdWords program...
, EMC
EMC Corporation
EMC Corporation , a Financial Times Global 500, Fortune 500 and S&P 500 company, develops, delivers and supports information infrastructure and virtual infrastructure hardware, software, and services. EMC is headquartered in Hopkinton, Massachusetts, USA.Former Intel executive Richard Egan and his...
, Microsoft
Microsoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
, Oracle
Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...
, PayPal
PayPal
PayPal is an American-based global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders....
, SAP
SAP AG
SAP AG is a German software corporation that makes enterprise software to manage business operations and customer relations. Headquartered in Walldorf, Baden-Württemberg, with regional offices around the world, SAP is the market leader in enterprise application software...
, Symantec
Symantec
Symantec Corporation is the largest maker of security software for computers. The company is headquartered in Mountain View, California, and is a Fortune 500 company and a member of the S&P 500 stock market index.-History:...
, and Yahoo!
Yahoo!
Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...
. Hewlett-Packard
Hewlett-Packard
Hewlett-Packard Company or HP is an American multinational information technology corporation headquartered in Palo Alto, California, USA that provides products, technologies, softwares, solutions and services to consumers, small- and medium-sized businesses and large enterprises, including...
and Intel have large manufacturing plants in Leixlip
Leixlip
-Politics:Since 1988 Leixlip has had a nine member Town Council , headed by a Cathaoirleach , which has control over many local matters, although it is limited in that it is not also a planning authority...
, 15 km (9 mi) to the west of the city centre.
Also located in Dublin is the Internet Neutral Exchange
Internet Neutral Exchange
Internet Neutral Exchange is an Internet exchange located in the Ireland, with points of presence in Dublin at TeleCity - Citywest, Data Electronics - Kilcarbery Park and Interxion - Park West....
(INEX) which provides high-speed, reliable and resilient IP traffic exchange facilities for both Irish and international IP service and content providers.
Irish Stock Exchange (ISEQ) & IFSC
Banking, finance and commerce are also important in the city — the IFSCInternational Financial Services Centre
The International Financial Services Centre is a major financial services centre in North Wall, Dublin, Ireland. The centre employs 14,000 people and was the brainchild of an associate of businessman Dermot Desmond...
alone handles over €1 trillion a year. International firms, such as Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
and Commerzbank
Commerzbank
Commerzbank AG is the second-largest bank in Germany, after Deutsche Bank, headquartered in Frankfurt am Main.-Activities:Commerzbank is mainly active in commercial bank, retail banking and mortgaging. It suffered reversals in investment banking in early 2000s and scaled back its Securities unit...
, have established headquarters in the city. Also located in Dublin is the Irish Stock Exchange
Irish Stock Exchange
-History:The Irish Stock Exchange is Ireland's only stock exchange and has been in existence since 1793. It is an Irish private company limited by guarantee. It was first recognised by legislation in 1799 when the Irish Parliament passed the Stock Exchange Act...
(ISEQ) and the Irish Enterprise Exchange
Irish Enterprise Exchange
The Irish Enterprise Exchange is a market that was launched on 12 April 2005. This market is designed to suit the needs of small to mid-sized companies. IEX offers small to mid-sized companies a number of advantages:...
(IEX).
Celtic Tiger
The economic boom years of the "Celtic Tiger" led to a sharp increase in construction. However, as of 2007, unemployment is on the rise as the housing market has begun to see supply outstrip demand. Redevelopment is taking place in large projects, such as the DocklandsDublin Docklands
Dublin Docklands is the area of the city of Dublin, Ireland, on both sides of the River Liffey, roughly from Talbot Memorial Bridge eastwards to the Point Depot.It is currently undergoing a large amount of development.-Projects:...
, renewing 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 being Liberty Hall
Liberty Hall
Liberty Hall , in Dublin, Ireland is the headquarters of the Services, Industrial, Professional, and Technical Union...
at 59.4 m (195 ft). The U2 Tower
U2 Tower
The U2 Tower was a proposed landmark skyscraper to be constructed in Dublin. The site was in the South Docklands campshires, at the corner of Sir John Rogerson's Quay and Britain Quay, by the confluence of the River Liffey, the River Dodder, and the Grand Canal. The design announced on 12 October...
will be the tallest building on the island of Ireland when it is finished.
In 2005, around 800,000 people were employed in Greater Dublin, of whom around 600,000 were employed in the services sector and 200,000 in the industrial sector.
Economic growth is expected to slow in the coming years, with the Irish central bank predicting medium-term growth rates of around 3–5%.
See also
- List of European metropolitan areas by GRP
- Dublin-Belfast corridorDublin-Belfast corridorThe Dublin-Belfast corridor is a term used to loosely describe a geographical area that encompasses the cities of Dublin and Belfast and the area between...
- Transport in Dublin
- Economy of CorkEconomy of Cork-Statistics:County Cork and County Kerry as part of the South-West Region, Ireland with a population of 620,000 has a GVA of €25bn.The South-West region has a labour force of nearly 300,000....
- Economy of BelfastEconomy of BelfastBelfast was initially built on trade through Belfast Harbour. Later, industry contributed to its growth, particularly shipbuilding and linen. At the beginning of the 20th century Belfast was both the largest producer of linen in the world...
- Economy of LimerickEconomy of Limerick-Statistics:County Clare, County Limerick and North Tipperary as part of the Mid-West region with a population of 360,000 has a GVA of €10.7bn....