IDA Report finds strong economic growth in Ireland
According to the IDA’s Report for Q2 2018 the IMD ranks Ireland 6th in the world for overall competitiveness. In addition, they found that Ireland was the fastest growing economy in Eurozone for past four years (2014 – 2017).
While Ireland received an “A” grade from all major credit rating agencies, the country is experiencing high levels of investor confidence in the economy with Sovereign debt ratings upgraded, and Irish bond yields trading below 1 percent and in line with core European sovereign yields. The report also highlights that additional capital expenditure will see capital public investment in Ireland move to among the highest in the EU.
Real GDP Growth Rate
National and International forecasts predict continued strong GDP growth into 2018.
FDI Continues to Grow
Although there is global economic & political uncertainty, Ireland remains a stable, competitive, secure, and pro-business economy. With 210,443 people directly employed by FDI Companies it is clear that Multinationals make a substantial contribution to the Irish Economy.
They account for:
- 10.2% of total Employment in Ireland (2017)
- 70% of Exports (2016)
- 80% of Corporation Tax (2016)
- €17.9bn annual spend in Irish Economy on payroll, materials and services (2016)
- €5bn invested annually in capital projects (2017)
Some of the investments secured include:
Ireland's Labour Market continues to strengthen
The Irish Economy has strong employment growth with over 2.23 million people now at work in the country. Unemployment rates were down to 6 percent in February 2018, half of what they were 4 years ago. Ireland’s unemployment rate is below the EU (7.3 percent) and Eurozone (8.6 percent) average. Ireland employment is at its highest level since 2008. For every 10 jobs lost in the recession, 7 have been replaced.
The report also found that the IMD World Competitiveness Yearbook 2017 ranks Ireland 1st for labour productivity and efficiency, and adaptability and flexibility of workforce. Ireland had the youngest population in the EU with 33 percent being under 25 (EU 28 average is 26.8 percent). Irish labour productivity is 78% above the EU 28 average.
Ireland is pro Europe
The IDA report notes that Ireland’s future in the EU is not in question. The country will remain a core member of the EU single market & Euro currency. Ireland is the only English speaking country in the Eurozone. Ireland is most positive about the EU - 86 percent in favour of the free movement of EU citizens to live, work, study, and do business in the EU (EU average is 81 percent). With 15 percent of Ireland’s workforce being international, Ireland proportionately has the 3rd highest international workforce in Europe.
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