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Ireland
Ireland, a highly developed country in Western Europe, continues to demonstrate significant economic resilience despite facing numerous global challenges. The country's economy is diverse, with strong sectors in technology, pharmaceuticals, financial services, and agriculture. Economic growth is expected to recover and strengthen in the coming years, supported by strategic investments and ongoing reforms.
Ireland's economy experienced a contraction of 3.2% in 2023, primarily due to weaknesses in specific multinational-dominated sectors. However, the GDP is projected to grow by 1.2% in 2024 and 3.6% in 2025. This rebound is driven by a recovery in consumer demand, increased investment, and a strong export performance. Modified domestic demand, which better reflects the underlying domestic economic activity, is expected to grow by 1.7% in 2024 and 2.4% in 2025..
Inflation has been easing, with headline inflation expected to decrease from 5.2% in 2023 to 1.9% in 2024 and 1.8% in 2025. The labor market remains robust, with the unemployment rate projected to average around 4.4% in 2024 and 2025. Real wage growth is anticipated to turn positive as inflation slows, supporting household incomes and consumer spending.
Ireland's fiscal policy remains strong, with a budget surplus of 1.7% of GDP in 2023, expected to decline slightly to 1.3% in 2024. Public debt is projected to fall from 43.7% of GDP in 2023 to 42.5% in 2024. Government expenditure continues to focus on infrastructure, healthcare, and education, supporting long-term economic stability and growth.
Top banks
Bank of Ireland
Bank of Ireland is one of the largest banks in the country, offering a wide range of financial services to individuals and businesses.
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AIB (Allied Irish Banks)
AIB provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
Ulster Bank
Ulster Bank is a significant player in the Irish banking sector, offering various financial services and maintaining a strong market presence.
Permanent TSB
Permanent TSB offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Cash (Airgead)
Credit and Debit Cards
Bank Transfers (Aistrithe Bainc)
Mobile Payments
Online Payment Platforms
Prepaid Cards
Cryptocurrencies
Concluding remarks
Ireland's economy is poised for continued recovery and growth, supported by a diverse payment landscape and robust economic fundamentals. As the country navigates through global economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Airgead)
Cash remains a commonly used payment method, particularly for small transactions. Despite the rise of digital payments, cash continues to play a significant role in everyday transactions.
Credit and Debit Cards
The use of credit and debit cards is extensive, with major card networks like Visa, MasterCard, and American Express widely accepted. Contactless payments are becoming increasingly popular due to their convenience and security.
Bank Transfers (Aistrithe Bainc)
Bank transfers are frequently used for larger transactions, such as real estate deals and business payments. SEPA (Single Euro Payments Area) transfers facilitate efficient cross-border payments within the Eurozone, benefiting Ireland’s integration with European financial systems.
Mobile Payments
Mobile payment options, including Apple Pay and Google Pay, are gaining popularity in Ireland. These methods provide a quick and secure way to make transactions using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and Stripe are widely used for eCommerce transactions. They offer secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger consumers and those without access to traditional banking services. These cards are often used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Ireland, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, with the government working to integrate digital currencies into its financial system while ensuring compliance and security
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
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