Ireland joined the European Economic Community (EEC) on 1 January 1973, at which point its GDP per capita was approximately 60% of the EEC average — one of the poorest member states. By 2024, Ireland's GDP per capita (in PPS) was approximately 220% of the EU-27 average, the highest in the EU (though this figure is inflated by multinational profit booking; Ireland's Modified Gross National Income, GNI*, a better measure of domestic economic activity, was still approximately 140% of EU average). Ireland received over EUR 40 billion in net EU transfers (structural, cohesion, and CAP funds) from 1973 to 2018, when it became a consistent net contributor. CAP receipts were substantial — agriculture's share of Irish GDP fell from 17% in 1973 to about 1% today, while farm incomes were sustained through direct payments. Ireland's low corporate tax rate (12.5% since 2003) attracted major US tech and pharmaceutical investment, but this strategy was enabled by single market access. Ireland's experience demonstrates that EU membership can facilitate dramatic economic convergence for a small peripheral economy, though Ireland's unique combination of English language, common law system, and US corporate links makes direct extrapolation to Iceland difficult.