2.3m in work and growth to continue

ireland ‘heads to full employment’

IRELAND is moving towards full employment with 2.3 million people in work, experts predicted yesterday.

The economy is set for an estimated 2.2% rise in the workforce this year, to be followed by 1.8% in 2019.

The total number of people in employment in Ireland would then amount to an extra 89,000 – ahead of the pre-crisis 2007 peak.

Meanwhile, a slight moderation in GDP growth at 3.9% is expected to provide more good news for the country’s coffers, according to the Central Bank of Ireland’s first quarterly figures for this year.

BOI director of economics and statistics Mark Cassidy said: “The outlook for Ireland’s economy is largely positive, driven by broad-based growth in employment, which has boosted incomes and consumer spending.

“Crucially, our outlook brings the prospect of full employment into view as the unemployment rate is projected to fall to just over 5% next year. Average earnings are also expected to increase, by 3.2% this year and 3.4% next year. However, we cannot afford to be complacent as the economic growth we are projecting will not necessarily be plain sailing and is faced by real and varied risks.

“The small and open nature of our economy leaves us particularly vulnerable to the present uncertainty in the global taxation environment. “Brexit continues to be the big unknown, and with such solid growth, the risk of economic overheating – or boom and bust cycles – means we urge prudence in public spending.”