Ireland moves up in competitiveness rankings

Ireland has moved up four places in the international competitiveness rankings compiled by the World Economic Forum (WEF).

Ireland is now ranked 26 out of 117 economies ranked by the WEF.

The Minister for Enterprise, Trade and Employment Micheál Martin welcomed the improvement.

However, Mr Martin said: "In the context of the forthcoming Partnership talks there is still a concern about the pace of growth in labour costs. Wage moderation combined with improved productivity will be critical to maintain cost competitiveness.

The Minister also noted that Ireland scored well on companies’ capacity to absorb technology.