Economy of Dublin

GDP & Rankings

Greater Dublin's GDP is 69.6 billion euro (2004).

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). [ [http://www.finfacts.ie/costofliving.htm Global/Worldwide Cost of Living Survey Rankings 2007/2008, Cities, International, Europe] 2007] 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. [ [http://www.citymayors.com/economics/richest_cities.html London is the most expensive city in the world while Swiss cities are home to highest earners] ]

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, convert|15|km|mi|0|abbr=on to the west.

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).

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.Fact|date=January 2008 Redevelopment is taking place in large projects such as [http://www.ddda.ie/ Dublin Docklands] , [http://www.spencerdock.ie/ 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 convert|59.4|m|ft|1|abbr=on tall; already under construction in the city is [http://www.skyscrapernews.com/news.php?ref=323 Heuston Gate] , a convert|117|m|ft|0|abbr=on building (134 m including spire). The convert|120|m|ft|0|abbr=on [http://www.skyscrapernews.com/buildings.php?id=1338 Britain Quay Tower] and the convert|120|m|ft|0|abbr=on 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. [PDFlink| [http://www.dubchamber.ie/Uploads/Policy.pdf Dublin employment] |256 KiB ]

Economic growth is expected to slow in the coming years, with the Irish central bank predicting medium-term growth rates of around 3–5%. [ [http://www.rte.ie/news/2007/0418/economy.html Central Bank predicts less growth] ] While this represents a slowdown relative to the early Celtic Tiger years, it is still stronger than growth in most other wealthy countries.

References

See also

* List of European metropolitan areas by GRP
* Dublin-Belfast corridor
* Transport in Dublin
* Economy of Cork
* Economy of Belfast
* Economy of Limerick

External links

* [http://www.dubchamber.ie/Uploads/Policy.pdf Dublin GDP]