The Republic of Ireland’s economy, one of the richest in the world, can be described as a knowledge economy. This translates to an economy that emphasizes the use of knowledge to generate tangible and intangible value, with a focus on financial services, technology, and life sciences. Ireland has frequently been considered to as the EU’s fastest-growing economy. The country’s GDP increased by 5.5%, while unemployment fell below 3.7%, marking a great performance in 2019 and laying the foundation for a better 2020 and 2021. Various industries have contributed to this growth, which has had a substantial impact on the Irish economy.
Ireland has evolved as a significant study abroad option for foreign students over the years due to its world-class education and state-of-the-art infrastructure at top universities in Ireland. Candidates are also drawn to its student-friendly regulations, which include flexible post-study work permits, part-time work options, and low tuition and living expenses in Ireland. Candidates are also drawn to its job sector, which gives equal chances for both international and national students to earn a living and live comfortably.
From 2009 to 2019, the statistics above show the distribution of employment in Ireland by economic sector. In 2019, 4.98 percent of Irish employees worked in agriculture, 18.27 percent in industry, and 76.75 percent in the service sector.
Popular Job Sectors in Ireland
Broadly speaking, the job sector in Ireland can be classified into the following professions.
Primary Industries
Agriculture, mining, forestry, and fishing are Ireland’s core sectors, which rely on the country’s rich natural resources and employ approximately 5% of the entire labour force.
Pharmaceutical and Medical Technology Industries
The pharmaceutical and medical technology business in Ireland employs around 50,000 people and generates approximately 60 billion euros in exports per year. High demand, fierce competition, and new start-ups have all contributed to this tremendous increase, with the medical technology and research sector employing approximately 25,000 people and producing 9.4 billion euros per year.
Software and ICT Industries
Over 200 Information and Communication Technology (ICT) businesses, including Facebook, Google, eBay, Amazon, LinkedIn, Twitter, PayPal, and Microsoft, employ over 35,000 people and produce approximately 35 billion euros yearly in Ireland. Ireland’s software industry generates around 16 billion euros per year and employs approximately 20,000 people.
Financial Service Industry
The Financial Services Industry employs nearly 35,000 people and generates an annual tax revenue of approximately 2 billion euros. Bank of Ireland, AIB Bank, and Ulster Bank are banking sector leaders in Ireland, which is one of the leading providers of wholesale financial services.
Export and Trade Industry
Ireland is a large producer of zinc and lead, both of which contribute significantly to Ireland’s export revenues. In addition, the country is a major supplier of software, medical devices, and medicines.