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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”.
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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!!!
@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.
We have very little to give out about American politics what this s”"tshow going on
I think that this is about trying to hobble Auntú rather than a matter of principle .
@Des Hanrahan: no harm
Is Kevin Kerr dead? Or has Brennie just not switched profiles lately?
@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!
@DJ D: Stephen is another of his profiles. Don’t feed the crocodile!
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.
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.
Nothing new to see here even after the election
He is right.
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.
In action? SocDems not once, twice but three times have run away from the responsibility of Government. They are as bad as the Shinners.
Tóibín is correct.
Iff sf want real change maybe they should listen to what the public wants
have your say