Economy
Waterford is the main city of Ireland's South-East Region. Historically Waterford was an important trading port which brought much prosperity to the city throughout the city's eventful history. Waterford Port is Ireland’s closest deep-water port to mainland Europe, handling approximately 12% of Ireland’s external trade by value. Waterford's most famous export, Waterford Crystal is an internationally known and highly sought after product that was manufactured in the city from 1783 to 2009. Some of the places where Waterford Crystal can be seen include New York City where Waterford Crystal made the 2,668 crystals for the famous New Year's Eve Ball that is dropped each year in Times Square, in Westminster Abbey, Windsor Castle, and the Kennedy Center, Washington, D.C.. Throughout its history Waterford Crystal provided employment to thousands in the city and surrounding areas.
Agriculture also played an important part in Waterford's economic history. Kilmeadan about 5 km from the city was also home to a very successful co-operative. The farmers of the area benefited greatly from the sale of their produce (mostly butter and milk) to the co-op. In 1964, all of the co-ops in Waterford amalgamated, and was registered as Waterford Co-op. This led to the construction of a cheese factory on a green field site opposite the general store, and Kilmeadan cheese was to become one of the most recognised and successful cheddar brands in the world. This is evident as the brand won a gold and bronze medal in the World Cheese Awards in London in 2005.
Today, Waterford is the site of a number of multinational companies including GlaxoSmithkline, Bausch & Lomb, Genzyme, Hasbro, Teva Pharmaceuticals and Honeywell International.
The Irish economic recession from 2008 onwards has had a major negative impact on Waterford's economy. A number of multinational companies have closed from the recession, including Waterford Crystal and Talk Talk, which has led to a high rate of unemployment.
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)