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Economy

Ideas and knowledge have been central to the transformation of Ireland's economy over the last decade. The country's economic growth rate in recent years has consistently been amongst the highest in the OECD, with GDP growth in 2007 expected to be 4.8% compared to the Euro Area average of 2.6%. The country’s economic development has been put down to many contributing factors, including a highly educated workforce, low corporation tax, EU membership and the ability to attract investment by multinational companies. In 2007, according to the IMF, the GDP per capita stood at $59,900.

Source: IMF

The International Financial Service Centre (IFSC) in Dublin is credited, in part, to contributing to the recent success of the Irish economy and the development of Dublin. The IFSC was set up in 1987 by the Irish government to develop a financial service centre in Ireland and 20 years on, the IFSC employs around 22,000 people and is worth over €1.1 billion in corporation tax to the Irish government. Dublin is now the preferred European location for many international financial institutes.