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Ireland's economy will grow this year and next, with households seeing increase in real wages

Meanwhile, unemployment is predicted to rise to 4.3% in 2024 and 4.2% in 2025.

IRELAND’S ECONOMY IS expected to continue to grow over the next year and a half, while households are seeing an increase in real wages.

That’s according to the Economic & Social Research Institute’s (ESRI) quarterly economic commentary report published today. The ESRI is an independent research institute. 

The outlook is supported by a positive international environment, “quicker-than-expected” disinflation and low unemployment.

The ESRI said it expects GDP, heavily influenced by the multinational enterprises, to grow by 2.5% this year and 3.2% in 2025.

Commenting on the report, Kieran McQuinn of the ESRI said for the first time in two years, Irish households will see an increase in real wages in both 2024 and 2025.

“This will support increased consumption levels in the domestic economy.”

Modified domestic demand (MDD), which the ESRI says is a more accurate measure of underlying Irish economic performance, saw a more moderate pace of growth in 2023 mainly because of lower rates of investment.

It expects MDD to grow by 2.2% in 2024 and by a further 2.9% in 2025.

Inflation

Overall, the pace of inflation is continuing to decrease.

Compared to the higher inflation in many other European countries, inflation in Ireland is relatively low by some measurements.

“This, in combination with increasing nominal wages, has led to real wage growth for the first time in two years.

The ESRI expects Consumer Price Index (CPI) inflation to increase by 2% in 2024 and to drop below 2% in 2025. Accordingly, given increases in nominal wages, it expects real wages to grow by 2% in the current year and 3% in 2025.

“The Irish labour market remains strong,” the report continues, “with employment surpassing 2.7 million workers for the first time in modern history and unemployment standing at 4%.

“This suggests that the labour market is operating at full capacity, with limited potential for further growth in the absence of inward migration.”

Risks to the domestic outlook include potential geopolitical shocks in both Europe and Asia. Another risk is maintaining investment levels in the presence of certain capacity constraints.

Co-author Conor O’Toole added: “Ireland’s economy is likely to benefit from a more benign international outlook and a robust domestic performance. A main challenge will be addressing capacity constraints through investment without adding to price pressures.”

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    Mute Kevin
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    Jan 4th 2015, 5:39 PM

    He was once asked what it was like to be black and Irish. He replied – “Like a Pint of Guinness.” A true legend who is very dearly missed.

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    Mute amos brearly
    Favourite amos brearly
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    Jan 4th 2015, 5:31 PM

    Absolute legend.

    173
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    Mute Andrew Hickey
    Favourite Andrew Hickey
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    Jan 4th 2015, 9:16 PM

    Hadn’t a note. A populist nonsense.

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    Mute Isaac Smyth
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    Jan 4th 2015, 11:42 PM

    You clearly know nothing about music. Phil definitely did. He was original, edgey, wrote catchy and timeless tunes famous the world over, launched the careers of some guitar greats, inspired future generations of heavy metal , hard rock and pop acts ( such was his influence on multiple genres). A gentleman by all accounts, fantastic rhythm and timing, excellent vocalist, excellent and moving lyricist. A proud Irish son in the tradition of irish genius. Up there with Joyce and Yeats for his contribution to the Irish arts.

    Now tell us, what have you achieved in music that qualifies you to say he hadn’t a note?

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    Mute Nollaig Kelly
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    Jan 4th 2015, 5:44 PM

    The fishing boats are lying safe at howth
    Phil old pal so are you

    Still missed today

    Tonight I’ll another bottle of wine and another bottle of gin

    And blast out live and dangerous sorry neighbours

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    Mute Gary Gary
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    Jan 4th 2015, 5:53 PM

    I didn’t know him but I’m sorry for your loss guys.
    Hope yis are ok just remember the good times you had with Phil

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    Mute ted hagan
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    Jan 4th 2015, 9:54 PM

    Ola

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    Mute Liam Fleming
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    Jan 4th 2015, 5:46 PM

    29 years gone, but never forgotten

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    Mute William Clay
    Favourite William Clay
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    Jan 4th 2015, 7:03 PM

    To each their own but in my opinion that accolade goes to Rory Gallagher.
    I have been of fan since I saw both in Punchestown in 1982 but Rory, for me, will always be ahead.

    When asked in an interview what it was like to be the best guitarist in the World, Jimi Hendrix replied, ‘I wouldn’t know, ask Rory Gallagher’

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    Mute Jack Delaney
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    Jan 4th 2015, 8:07 PM

    I’m with William on this….Rory is the best…..so far. Phil is a close second though. Love both their music.

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    Mute RI Twing
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    Jan 4th 2015, 5:47 PM

    Gone but not forgotten

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    Mute Catherine Mayock
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    Jan 4th 2015, 5:55 PM

    A real showman whos music is still remembered today. He was a legend.

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    Mute ptriley
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    Jan 4th 2015, 8:15 PM

    Too fast to live too young to die !! Met him a few times and he was a lovely fella but he was a total slave to the poxy drugs that eventually killed him

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    Mute Tommy Shannon
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    Jan 4th 2015, 8:27 PM

    Remember the morning I heard he passed away on the radio,I was 9 heading off to school
    Those 29 years since have flown by
    Makes me think : life is short indeed

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    Mute Frank
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    Jan 4th 2015, 6:40 PM

    One of my favourites is “Out in the Fields” with Gary Moore. AFAIK It was also his last recording.

    http://www.youtube.com/watch?v=xsKpazeA5L8

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    Mute Ricky Mccabe
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    Jan 4th 2015, 8:51 PM

    Why or how did this turn into a competition between Phil and Rory on a day that we celebrate the greatest ever songwriter , Rory was an amazing guitar player , don’t put them against each other , just be proud we had the joy of hearing them both in our lifetime.

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    Mute Arthur Pewty
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    Jan 4th 2015, 9:11 PM

    We are, it’s just a friendly discussion. Relax.

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    Mute Stephen O'Rourke
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    Jan 4th 2015, 6:37 PM

    Philip a Legend.

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    Mute Suzanne Mc Aleenan
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    Jan 4th 2015, 6:45 PM

    Loved him. Thin Lizzy best band ever.

    29
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    Mute james broderick
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    Jan 4th 2015, 6:45 PM

    Smack head he Was

    28
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    Mute benny dowling
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    Jan 4th 2015, 6:49 PM

    Fool u are

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    Mute Nollaig Kelly
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    Jan 4th 2015, 6:54 PM

    Don’t feed the troll

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    Mute Tom the Bomb
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    Jan 4th 2015, 9:18 PM

    Obvious troll is obvious. but unfortunately he’s not wrong.

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    Mute kevin
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    Jan 4th 2015, 6:54 PM

    -Yes its true he had an addiction problem.
    -Like so many whose star shines so bright and then there is nowhere to go but down
    -and how to deal with it. Few can really
    -but he was a great personality, singer , performer and songwriter…
    one of the good guys still loved by so many

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    Mute Arthur Pewty
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    Jan 4th 2015, 8:37 PM

    I’m torn between Phil and Rory myself….but it’s a fine choice to be stuck on. Everyone wins in the end when you listen to them

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    Mute John O'Neill
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    Jan 5th 2015, 12:34 AM

    Philo great…Rory, Genius!

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    Mute Kearney32
    Favourite Kearney32
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    Jan 4th 2015, 5:54 PM

    He wasn’t born in ireland though!!!!

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    Mute vv7k7Z3c
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    Jan 4th 2015, 5:55 PM

    That’s why I said Dublin-raised…

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    Mute Kearney32
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    Jan 4th 2015, 6:01 PM

    I was just saying as alot of irish singers were not born in ireland wasn’t being mean or anything!!

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    Mute Mr L.Jay
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    Jan 4th 2015, 6:42 PM

    He classed himself as being a proud Irishman.

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    Mute bmul
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    Jan 4th 2015, 6:56 PM

    A lot of people in the same boat as him but unless your rich or famous not as accepted

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    Mute bmul
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    Jan 4th 2015, 9:16 PM

    Irish parent irish day your born

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    Mute Tom the Bomb
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    Jan 4th 2015, 9:20 PM

    If either of your parents was an Irish citizen who was born in Ireland, then you are automatically an Irish citizen, irrespective of your place of birth.

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    Mute Kearney32
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    Jan 5th 2015, 8:18 AM

    Tom the bomb your right but so many second generation irish get a tough time as when they go back to ireland all you hear is your not irish as you haven’t got the accent or plastic paddy a phrase i cannot stand!! Its the second generation that really do fly flag for ireland and so proud of their roots !!!

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    Mute Frank Gorman
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    Jan 4th 2015, 8:54 PM

    emerald and the cowboy songs kick ass

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    Mute Kerry Blake
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    Jan 4th 2015, 9:01 PM

    Taken before his time but his music still lives on.

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    Mute ted hagan
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    Jan 4th 2015, 9:52 PM

    Magic guy

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    Mute Arthur Pewty
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    Jan 4th 2015, 9:13 PM

    Time to revisit on Spotify I think. Amazing musician

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    Mute Isaac Smyth
    Favourite Isaac Smyth
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    Jan 4th 2015, 11:47 PM

    Phil loved Jesus, he will be will looked after.

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    Mute Danny Judge
    Favourite Danny Judge
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    Jan 6th 2015, 8:27 PM

    Philo maybe gone but not forgotten his music will live on in our hearts and our minds forever. RIP Philo, Garry, Roary.

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