Ireland has hitherto not been industrialised to the same degree as the
rest of Europe, and only in the last few years has agriculture been
overtaken as the largest single contributor to national product.
Agriculture remains a key sector, however, and the Government is
seeking to consolidate its role within the economy by modernisation and
expansion of food-processing industries. Beef and dairy dominate the
sector, but there is also large-scale production of potatoes, barley
and wheat. Ireland's recent industrial development has been achieved
by a deliberate policy of promoting export-led and advanced technology
businesses, partly by offering attractive packages for foreign
investors. Textiles, chemicals and electronics have performed
particularly strongly. Promising oil and gas deposits have been located
off the southern coast. Most of Ireland's economic development in the
1990s, however, has been in the service sector. Banking and finance
have grown to the extent that Dublin now supports a sizeable
international financial centre, while tourism has become a substantial
foreign exchange earner. The performance of the Irish economy since
1995 has been the best in Europe, with GDP growth between 7 per cent
and 10 per cent, while inflation and unemployment have been kept to low
levels. The Irish are famously enthusiastic about Europe and there is
little of the scepticism so prevalent in Britain. Ireland joined EMU
among the majority of EU members in the first wave at the beginning of
1999, despite some concern about the consequences of Britain's
non-membership. Government policies to offer financial incentives to
foreign-owned enterprises have produced a massive increase in direct
foreign investment, particularly in the financial services and
electronics industries. Trade with the UK, which provides 30 per cent
of total imports and takes 20 per cent of Ireland's exports, remains
important but the proportion is declining gradually as other EU
countries assume greater importance.
Since 1949 Ireland has been a republic with a bicameral legislature:
the lower house, the Dáil, has 166 members and is directly elected by
universal adult suffrage every five years; the 60-strong Senate has 49
directly elected members with the balance made up of political
appointees. Executive power is vested in the Taioseach (Prime Minister)
who presides over a Cabinet of Ministers. The cabinet is responsible to
the Dáil for its actions.
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