Export growth set to continue

Irish exports will continue to grow next year despite the economic difficulties in Europe, according to a new report.

Our exports are expected to grow by 4.5% in 2012, according to National Irish Bank's Quarterly Report.

However that forecast is down from the previous prediction of 5.5% export growth.

European markets account for 60% of Irish exports.

NIB said mprovements in competitiveness over recent years coupled with Ireland’s strong export sector should still allow for a reasonable level of export growth next year.

“2012 will be a more difficult year in terms of exports, " said NIB Chief Economist Dr Ronnie O'Toole.

"However the improvements in competitiveness over recent years coupled with Ireland’s relatively ‘recession proof’ export mix should still allow for a reasonable level of export growth next year.”

NIB said the forecast for Irish export growth of 4.5% should be sufficient to drive a continued increase in export employment in 2012, although less than the employment increase of 5,000-8,000 forecast for 2011.

In a recent survey, almost half of all multinationals indicated that they planned to increase employment numbers over the coming year, while most of the remainder expected no substantive change, the bank said.