Despite jobs growth, households still need help

This week, the Department of Finance released its latest medium-term forecasts for the Irish economy. Based on developments to date, the department has upgraded its growth forecast for this year to 4.3% and to 3.7% for 2018.

This upgrade looks totally justified based on the domestic evidence we have and also based on the stronger-than-anticipated performance and outlook for the global economy, particularly the eurozone.

The unemployment rate is projected to average 6.4% this year and 5.8% in 2018. Both of those labour market forecasts look too conservative at this juncture and it is clear Ireland is rapidly moving towards full employment.