The seasonally-adjusted unemployment total has fallen below 240,000 for the first time in seven years, according to figures from the Central Statistics Office (CSO).
There were 238,000 people signing on the live register in February, compared to 241,400 in January, the figures showed. The unadjusted figures show there are now 241,800 people signing on compared to 246,500 in January. The rate of unemployment now stands at 9.7 per cent compared to 12.6 per cent in Germany and an EU average of 10.5 per cent.
The seasonally-adjusted figure at 238,000 has fallen by 22,400 between February and the same period last year.
The latest CSO figures are the first set to take account of the Seagate closure in Clonmel, Co Tipperary, where 1,400 people lost their jobs.
According to a Seagate spokesman, more than half of these people have secured employment since the closure was announced in December.
The figures have been welcomed by the Government, including the Tanaiste, Ms Harney and the Minister of Social, Community and Family Affairs, Mr Ahern.
"Ireland's unemployment rate is below that of the economic powerhouse of the EU - Germany," said Ms Harney.
"We have done especially well with foreign investment in recent times and I am determined the momentum be maintained during my forthcoming 10 day promotional visit to the USA later this month."
She added that the Government remained committed to halving unemployment over the next five years.
Mr Ahern said the figures reflected the "continuing downward trend due to the improved economic climate and the success of the Employment Support and Back-to-Education programmes".
However, the Irish National Organisation of the Unemployed (INOU) said unemployment was only being reduced to the levels of 1987.
"At that time, this level of unemployment was considered a national crisis; both government and opposition were united in recognising it as a serious threat to our society and our citizens," said general secretary, Mr Mike Allen.
"This raises a very serious question of why 241,000 people on the dole was a crisis in 1987, but is considered acceptable by so many people now," he said.
The Labour Party welcomed the latest fall, but said it feared that many people moving off the live register "are not moving out of poverty".
A regional analysis of the figures shows a drop of 924 in those signing on the live register in Dublin, from 73,115 to 72,173.
The largest monthly decrease came in the south-west where there was a fall of 1,038 to 36,353. One likely explanation for this is the large number of job projects locating in Cork in recent months.
According to the figures there are now 50,900 people under the age of 25 unemployed, when seasonal factors are taken into account.
This compares with 62,000 in the same period last year. Of the those under-25 and unemployed, 29,000 are male and 21,900 female.
