Irish people are now richer than Americans

The economy: Irish people are now richer than Americans, according to the report.

For the first time since the report was compiled, the Irish GDP per capita, adjusted for purchasing power to $36,360, is higher than the US figure of $35,750.

The Irish economy grew by an average of 6.8 per cent a year in the period 1990-2002, a performance surpassed only by China (8.6 per cent annual growth).

Inflation in the same period averaged 2.6 per annum, one of the highest rates among OECD countries.

The report shows we depend on foreign trade to a greater extent than any of our neighbours. In 2002, 83 per cent of our goods and services were imported, and a massive 98 per cent were exported.

Some 41 per cent of exports were classified as high-technology, higher than in any other western country.

However, some figures in the report cast doubt on Ireland's claim to be a high-tech economy.

Internet usage is surprisingly low at 271 per 1,000 people. This is about half the levels found in the US or Scandinavian countries. The report also finds that this country has fewer researchers than any other western state apart from Spain.

Military expenditure, at 0.7 per cent of GDP, is the lowest for the top 50 countries in the index, apart from Iceland.

Electricity consumption, at 6,417 kilowatt-hours per capita, is only one-fifth of that in Norway, and half that found in the US.