Competitiveness in the Republic took a dive over the past year, according to the results of a worldwide survey.

The World Economic Forum's Global Competitiveness Report 2003-04 ranks Ireland at number 30 in its overall league table. The State's ranking is down from 23 last year and 11 in 2001.

Ireland was ranked just 13 of all 15 EU countries, ahead of just Italy and Greece.

Finland tops the league, with the United States in second place. A number of the Republic's key competitors for inward investment are ranked far ahead of it in this year's survey.

The UK is in at 15, a fall of four places on last year's position, while Israel, where the State's largest industrial employer, Intel, also has a facility, is at number 20, down from 17 last year.

Spain, which this year's IDA Ireland survey of greenfield investment projects singled out as a competitor, comes in at 23, down two places on its 2002 ranking.

Along with Finland, there are five European states in the top 10: Sweden (3), Denmark (4), Switzerland (7), Iceland (8) and Norway (9).

The survey looks at the macroeconomic environment, technological innovation and the soundness of public institutions. It blamed Ireland's fall on a "widespread decline in all components".

However, Standard & Poor's (S&P) re-affirmed the AAA credit rating which the State has held since the 1990s. This measures the State's ability to pay its debts.

"The affirmation reflects Ireland's diversified and flexible economy, strong general government finances, and favourable demographic structure and manageable future pension obligations," S&P analyst Ms Mary Nnachi said.

Fine Gael's finance spokesman, Mr Richard Bruton, said Ireland's poor showing in world competitiveness rankings exposed the Government's failure to tackle the areas of the economy for which it had responsibility.

The countries showing the most rapid advance up the table among the elite were Iceland, ranked eighth this year against 12th in 2002, and Japan, which climbed five places to 11th.