Munster - Economy

Economy

The province of Munster contributes 40bn euro (US$52.57bn) to Irish GDP (25% of total Irish GDP) (2004) (greater than the Economy of Northern Ireland 37.3bn euro). Munster also is wealthier than Slovenia (pop. 2m), Lithuania (pop. 3.5m), Latvia (pop. 2.5m) and Kenya (pop. 35m). Munster is the home to many modern capital intensive, highly productive private sector enterprises.

The Economy of Cork and Economy of Limerick are the main engines of the province's economy. The Cork harbour area was the centre of Ireland's heavy industry manufacturing sector. Cork had a steel mill, a shipyard, a car assembly plant, a tyre plant, a deep harbour, and a thriving textile sector in the mid twentieth century. However heavy taxes, excessive regulation, competition from larger centres of economic activity, and the sudden removal of protective tariffs upon membership of the European Economic Community caused a decline in the 1970s. Cork was Ireland's rust belt city in the 1980s, as heavy industry moved out, and newer sectors tried to get established in as unemployment peaked.

Munster was the home of 'The Munster and Leinster Bank', which is parent of Ireland's largest bank Allied Irish Bank. Cork, in Munster, is also home of the two largest Irish owned retailing organizations, Dunnes Stores, and the Musgrave Group. Cork is also home to two of the three Irish stout brands; Murphy's Irish stout, and Beamish, as well as the 'Paddy' brand of Irish whiskey.

The Crescent Shopping Centre is Munster's largest shopping centre located in Dooradoyle in Limerick City with over 110 shops in an estimated 100,000 square metres of retail space. Mahon Point Shopping Centre located in Cork City has an estimated total retail floor area of 23,225 square metres and has 60 shops.

Shannon Airport, a rich music tradition, the best food from land and sea, and landscapes of international renown, have all been influential in the development of the tourist sector in Munster.