Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

U-turn photo via Shutterstock

2013 the 'turning point' for domestic economy, says IBEC

The employers group has a cheery outlook for 2013 – predicting that the public will become as optimistic as outsiders.

2013 IS SET to be the “turning point” for the fate of Ireland’s domestic economy, as households begin to share the optimism held by outside investors, the country’s employers’ union has said.

IBEC’s quarterly economic outlook, published this morning, predicts that an economic recovery will gain momentum this year, as households begin to feel more confident about their outlook and therefore begin to increase their general spending.

Confidence would also be improved by a deal on restructuring Ireland’s debts under the promissory note regime, which could help to cut down on the government’s overall spending bill and allow it to invest in other areas.

The body expects final figures for 2012 to show economic growth of 1.2 per cent – three times the growth of 0.4 per cent outlined in the most recent leaked European Commission reports on Ireland’s bailout programme.

This would make Ireland the second fastest-growing economy in the eurozone for the year, behind only Slovakia – and would then lead to growth of 1.8 per cent in 2013, ahead of the 1.1 per cent expected by Brussels.

The employers’ group also believes that private sector employment will begin to grow this year, ending successive years of decline, while unemployment will stabilise – though it will “remain high for some time”, the group concedes.

“The economy performed better than many predicted last year,” said IBEC chief economist Fergal O’Brien. “Exports had another record year and a number of indicators suggest the domestic economy has stabilised and is poised to recover.

“Although many Irish households continue to grapple with debt and unemployment, there is growing evidence that 2013 could be a turning point for the domestic economy,” he added.

Surging international investment in the sovereign, banks and utilities demonstrates that those outside of Ireland have growing confidence in our recovery.

When Irish households start to have that same confidence, the recovery will gain greater momentum.

The report also projects an increase of 8 per cent in corporate investment in equipment and machinery, making 2012 the first year in five that the investment sector had not been “a drag on economic growth”.

Read: IBEC’s quarterly economic forecast in full (PDF)

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
25 Comments
    Install the app to use these features.
    Mute Ollie Fitzpatrick
    Favourite Ollie Fitzpatrick
    Report
    Jan 20th 2025, 7:14 PM

    Run with the hare and hunt with the hound, just ain’t on. People voted Independents because they didn’t want mainstream parties. But first chance they get those Independents, turn Turk and push those same mainstream parties into power. Let government give some of their speaking time to them and not opposition time!!!

    224
    Install the app to use these features.
    Mute Tim Brennan
    Favourite Tim Brennan
    Report
    Jan 20th 2025, 8:14 PM

    @Ollie Fitzpatrick: All elected representatives should firstly make a serious effort to get into government. How many more times will the social Democrats come up with excuses for fear of government. Much easier pick up soft money on the back benches and guarantee reelection. The SD’s are nothing more than a debate society and Labour young kids think opposition is better than government. Watch the Labour vote transfer from FG disappear.

    24
    Install the app to use these features.
    Mute Shaun Gallagher
    Favourite Shaun Gallagher
    Report
    Jan 20th 2025, 7:16 PM

    We have very little to give out about American politics what this s”"tshow going on

    172
    Install the app to use these features.
    Mute Des Hanrahan
    Favourite Des Hanrahan
    Report
    Jan 20th 2025, 6:49 PM

    I think that this is about trying to hobble Auntú rather than a matter of principle .

    63
    Install the app to use these features.
    Mute Thesaltyurchin
    Favourite Thesaltyurchin
    Report
    Jan 20th 2025, 8:58 PM

    @Des Hanrahan: no harm

    5
    Install the app to use these features.
    Mute Stephen
    Favourite Stephen
    Report
    Jan 20th 2025, 6:59 PM

    Is Kevin Kerr dead? Or has Brennie just not switched profiles lately?

    43
    Install the app to use these features.
    Mute DJ D
    Favourite DJ D
    Report
    Jan 20th 2025, 8:52 PM

    @Padraig Rice Social Dems: I’d be more concerned about Trump24, Tired Jim, Mrs O’Brien, Paul F Doe, Buster Lawless etc than that tool. That first tool I mentioned is never off the Journal and seems to just try to divide Journal commenters on every thread to rile people. That person is obviously a freak, has nothing to contribute and obviously is a dole recipient!

    54
    Install the app to use these features.
    Mute DJ D
    Favourite DJ D
    Report
    Jan 20th 2025, 8:54 PM

    @DJ D: Stephen is another of his profiles. Don’t feed the crocodile!

    32
    Install the app to use these features.
    Mute William Jennings
    Favourite William Jennings
    Report
    Jan 20th 2025, 8:15 PM

    Funny how these people want diversity, except when it comes to diversity of opinion. Toibin has every right to do what he has to in order to be allocated speaking rights. Aontu got more votes than PBP, the Green Party and Independent Ireland and only got 15,000 less than Labour and the Social Democrats. This criticism from Sinn Fein and the other left-wing hobgoblins seems like nothing more than a cheap attempt to muffle opinions that they don’t like. I personally think that the rule around speaking rights is pure nonsense and is used by the progressive establishment, whether FG, FF or SF, to make sure that smaller parties are kept small. We really should do away with it and allow all members of the Dáil to have fair speaking time and it wouldn’t have come to this if that was the case.

    42
    Install the app to use these features.
    Mute Tim Brennan
    Favourite Tim Brennan
    Report
    Jan 20th 2025, 8:09 PM

    All the elected reps in SDs and Lab wants speaking time but never made a serious effort to govern. The great Irish debating society the SD’s have run to the hills for fear they would have to do something more than pick up their wages.

    24
    Install the app to use these features.
    Mute Liam Foy
    Favourite Liam Foy
    Report
    Jan 20th 2025, 7:22 PM

    Nothing new to see here even after the election

    11
    Install the app to use these features.
    Mute rory457
    Favourite rory457
    Report
    Jan 20th 2025, 8:25 PM

    He is right.

    8
    Install the app to use these features.
    Mute Blue Moon
    Favourite Blue Moon
    Report
    Jan 20th 2025, 11:38 PM

    Isn’t it just typical of SF taking a pot shot at their Ex member Tóibín. They will do anything and everything just to get media coverage. Maybe they should put their time and effort into repatriating the bodies of the people murdered and buried in shallow graves.

    9
    Install the app to use these features.
    Mute Johnny Wilson
    Favourite Johnny Wilson
    Report
    Jan 20th 2025, 10:45 PM

    In action? SocDems not once, twice but three times have run away from the responsibility of Government. They are as bad as the Shinners.

    9
    Install the app to use these features.
    Mute AnthonyK
    Favourite AnthonyK
    Report
    Jan 21st 2025, 7:58 AM

    Tóibín is correct.

    6
    Install the app to use these features.
    Mute Robert Halvey
    Favourite Robert Halvey
    Report
    Jan 21st 2025, 10:05 AM

    Iff sf want real change maybe they should listen to what the public wants

    3
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds