Mixed news for Irish economy in latest ESRI report

Mixed news for Irish economy in latest ESRI report

New ESRI figures out today show a mixed picture on the economic front.

Employment expected to grow 3.1% this year, with the unemployment rate expected to average 6.1%, falling to 5.4% next year.

GDP is forecast to grow at a rate of 3.8% this year and 3.6% next year.

The report states that Brexit continues to pose a substantial risk for the Irish economy, however.

It also warns that taxation revenue growth in 2017 has slowed down considerably as income, corporation and excise duties all took in less revenue than expected.

Report author Kieran McQuinn said: "2017 has seen certain countervailing trends emerge in relation to the overall positive performance of the Irish economy.

"On the positive side, labour market data illustrates that the pace of employment creation and subsequent reduction in unemployment increased in 2017."

Co-author Dr Conor O’Toole said: "Less encouragingly, the state of the public finances and the performance of different taxation headings in particular have been significantly less robust in the present year.

"Apart from VAT receipts, most other tax headings either display weak growth or declines with respect to the same time last year."

More in this Section

Tech firm Horizon8 picks Cork as Europe HQTech firm Horizon8 picks Cork as Europe HQ

Abbey eyes more Irish work as profits fallAbbey eyes more Irish work as profits fall

Providence shares see bounce on Tony O’Reilly exitProvidence shares see bounce on Tony O’Reilly exit

Legislation to test self-driving cars on Irish roads approvedLegislation to test self-driving cars on Irish roads approved


Lifestyle

This Christmas remember that there is no such thing as cheap food.Buy local: Use your LOAF

As we wait, eager and giddy, a collective shudder of agitated ardor ripples through the theatre, like a Late, Late Toyshow audience when they KNOW Ryan’s going to give them another €150 voucher. Suddenly, a voice booms from the stage. Everyone erupts, whooping and cheering. And that was just for the safety announcement.Everyman's outstanding Jack and the Beanstalk ticks all panto boxes

Every band needs a Bez. In fact, there’s a case to be made that every workplace in the country could do with the Happy Mondays’ vibes man. Somebody to jump up with a pair of maracas and shake up the energy when things begin to flag.Happy Mondays create cheery Tuesday in Cork gig

More From The Irish Examiner