Money Overview

The Irish economy was the fastest growing economy on the planet for many a 1990's year, at points growing at a clip over 12%. An economy is considered exceptionally healthy when it passes 3% annual growth. This huge swell of prosperity led observors to compare Ireland with the 90's Tiger economies of Singapore and Taiwan. Ireland was "The Celtic Tiger." Well, we only have to look at the busted Asian Tigers to know that even the fat cats sometimes go hungry.

Sure enough, following September 11th and the growing slowdown in the Irish economy, the Tiger was renamed "The Celtic Kitty." Still purring and lively enough, but no longer roaring. By 2003, even the purr had been stilled. The Irish economy slowed to growth rates of around 1%.

In 2005 however the Celtic pussycat again started rustling about in the economic garden. The good times rolled, the tiger rumbled, the kitty was full. They called this version Tiger Two.

Economic growth continues solid in 2007 with 4.5% growth in the economy predicted for the year. Projections for 2008 come in at around 3%. But, there's no doubt that tougher times are here. The housing market has tanked and thousands of construction jobs have been shed. Tiger Two was principally a construction fed boom. Such booms, like mining ventures, can't continue forever. Eventually, the demand for housing is met.

And so it's proved in Ireland. In 2006, more than 90,000 housing units were finished. Compare this to the 13,000 a year not much more than a decade earlier and you understand the flush of money that coursed through the economy in the noughties.

But, this boom has been credit driven with the fastest debt growth of any society, any time, anywhere. Someone had to pay for all those new houses and it turns out to have been the younger generation who've saddled themselves with mortgages lasting up to forty years.

As we head into early 2008, the housing market is "moribund". This is a fancy way of saying that tens of thousands are on the market, but only one in ten are selling. Prices are falling, though slowly.

Only one thing's for sure: tighter times are here. The boom is over. No one's talking recession, but the free spending days are done.

The Vacation of a Lifetime

One reason for Ireland's predicted economic rebound is its productivity. A United Nations report states that the Republic boasts the third most productive workers in the world. Output here is rising faster than in any other industrialized state. Partly that's because the Irish work longer hours each year than most of their European counterparts - some 1,668 hours in 2002. This is exceeded only by the US, Finland and Portugal.

Unlike the serfs of the US economy, however, all Irish workers enjoy by law 4 weeks of paid vacation per year. I compare this to the wage slavery of many of my American friends. They earn more per hour than their Irish counterparts, but get only one or two weeks of vacation per year to enjoy it.

Buyer Beware

In this section I've tried to answer questions concerning money, taxes and prices in Ireland. I am not a trained accountant, economist or self-made millionaire. My economic advice should be handled with care. So, I'll mostly try just to survey those questions of greatest concern to Irish immigrants. Expert advice should be sought when it comes to your key financial affairs.

Statistics

Ireland takes a census every five years. Some of the questions in it are nosy and snoopy and none of the government's damned business! But, what interesting results! Here seems as good a place as any to link you to the Central Statistics Office where you can get population and economic statistics enough to make a math professor swoon.

Salary Comparisons

Check out the Salary page.

Banking

For information about opening a bank account, transferring money to Ireland and an overview of all the key banks, click here.

Pensions

Do you qualify for an Irish pension? What taxes will you owe on pensions transferred from abroad? Click here.

Social Security Payments

You can arrange to have your Social Security/Social Welfare/Pension checks delivered to you almost anywhere, even direct-deposited on your behalf into many banks around the world. Check with your country's appropriate agency for the arrangements that are available. The key point to understand is that, almost surely, you do not need to maintain an address overseas to receive Social Security and similar payments.

Images in This Section

A money section, I'm thinking, should focus the mind on the desirable goodies that moolah buys. So, this section is filled with photos of the Irish countryside. Those of you preferring to stare at €1,000 notes should send me a few for scanning and I'll be happy to oblige.