Ireland Economic Snapshot

13 February 2020 - Economic Survey of Ireland

Ireland’s living standards remain high. Growth has been strong, despite bouts of volatility. The average real wage was on par with the OECD average in the mid-1990s, but now stands more than 15% above. Furthermore, a highly redistributive tax and transfer system has contained income inequality in disposable incomes. The population also benefits from a high level of wellbeing across other dimensions. Life satisfaction is high, according with the strong economy as well as other features such as low levels of pollution, strong community engagement and high perceived personal security. Performance in education depends less on socio-economic status than in most other OECD countries. The gender wage gap is also one of the lowest in the OECD, having declined markedly over recent decades. Ireland continues to be an attractive destination for foreign direct investment, with a stable political system, a relatively-young Englishspeaking population and a supportive regulatory and tax regime. Looking forward, the country is well positioned to take advantage of the opportunities presented by technological change, though there are various challenges that need to be carefully navigated.

Executive Summary