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Ireland’s economic & competitiveness update – IDA Q1 2018

Strong Sustained Economic Growth:
  • The IMD ranks Ireland 6th in the world for overall competitiveness
  • Fastest growing economy in Eurozone for the past four years (2014 – 2017)
  • Ireland has received an “A” grade from all major credit rating agencies
  • High levels of investor confidence in Irish Economy:
    – Sovereign debt ratings upgraded
    – Irish bond yields are trading below 1% and in line with core European sovereign yields
  • Additional capital expenditure to 2021 will see capital public investment in Ireland move to among the highest in the EU
Real GDP Growth Rate:

FDI Continues to Grow Strongly:
  • In the face of global economic and political uncertainty, Ireland remains a stable, competitive, secure, pro-business economy
  • 210,443 people directly employed by FDI Companies
  • Multinationals make a significant contribution to the Irish Economy;
  • 10% of total employment in Ireland (2016)
  • 70% of exports (2016)
  • 80% of corporation tax (2016)
  • €17.9bn annual spend in Irish economy on payroll, materials and services (2016)
  • €4.9bn invested annually in capital projects (2016)

Labour Market continues to strengthen:
  • Strong employment growth – over 2.2 million people at work in Ireland
  • Unemployment 6.1% in November 2017 at its lowest level in 9 years
  • Ireland’s unemployment rate below EU (7.6%) and Eurozone (9.1%) average
  • Exporting companies created 1 in every 2.5 additional jobs in Ireland since 2012
  • IMD World Competitiveness Yearbook 2017 ranks Ireland 1st for labour productivity and efficiency, and adaptability and flexibility of workforce
  • Youngest Population in the EU: 33% under 25 (EU 28: 26.8%)
Ireland at the heart of Europe:
  • Ireland will remain a core member of the EU single market & Euro currency
  • Ireland will be the only English speaking country in the Eurozone, post Brexit
  • Ireland is most positive about the EU. 86% in favour of the free movement of EU citizens to live, work, study, do business in the EU (EU average 81%)
  • Proportionally Ireland has the 3rd highest international workforce in Europe. Today, 15% of Ireland’s workforce is international.

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