Jobless rate predicted to fall below 7% by end of 2017

The unemployment rate is expected to dip below 7.6% by the fourth quarter of this year and fall below 7% by the end of 2017.

The forecast is one of the main themes in the latest economic outlook bulletin from financial think-tank the Economic and Social Research Institute (ESRI), which was published this morning. The positive outlook on the jobs front — the ESRI predicts just over two million of the adult population will be in work by the end of this year — comes despite the think-tank marginally decreasing its overall growth outlook for the Irish economy.

The ESRI currently expects GNP — its preferred unit of measurement, as it excludes the economic contribution of foreign multinational companies — to grow by 4.8% this year and by 4.3% in 2017. Back in March, at the time of its spring bulletin, the Institute predicted growth of 5% this year.