The economy of Dublin has experienced a major growth from the later half of the 20th century. According to the UN reports, the economy of Ireland is experiencing a growth of 5 to10% annually and most of its credit goes to its capital, Dublin. Traditionally, Dublin's economy has depended on the export of agricultural products. The situation worsened when the modernization of agriculture took place resulting in an immense loss of jobs. But, the situation took a better turn from the second half of the 20th century.
Causes behind the growth of Dublin Economy
The Government of Ireland joined the European Union in the year of 1973. This measure helped considerably in the recovery of the country's economy. The economy of Dublin was also strengthened by this measure. The fundings started pouring in great volumes in this capital city from EU. The foreign business companies were permitted to start business in the land of Dublin. An amicable atmosphere was offered by the local and national government to set up business in Dublin. The businesspersons in Dublin enjoy a big subsidized rate in many sectors like teleservicing, information technology and many others.
The organizations to contribute largely to create an amicable atmosphere for the business in Dublin
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include Dublin Chamber of Commerce, Dublin Docklands Development Authority.
Information Technology & other business sectors in Dublin
The sector of information technology has contributed extensively in the growth of Dublin economy. The location in Dublin where bulk of the computer-related business has thrived is the East Point Business Park. Few of the internationally renowned IT companies to have started their business here include HP, Lexmark, AOL, Sun Microsystems, Bertelsmann, Quintiles, Oracle, Intel, Gateway 2000.
The other sectors to contribute to the growth of Dublin economy include shopping centers, teleservicing, car dealerships and many others. Some of the industrial estates in Dublin include Sandyford Industrial Estate, International Financial Services Center. Thousands of job openings have been created owing to this prosperity of the Dublin industries. One of the companies to support the economy of Dublin since the later half of 18th century is the Guinness Brewery at St. James Gate.
The thriving business scenario of Dublin since the later part of 20th century has helped the GDP per capita of Ireland to exceed that of Britain.
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