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Ireland is set to create 57,000 jobs a year by 2022 - report

Ireland’s economic growth is set to continue – but house prices and rental levels are hampering the country’s competitiveness.

shutterstock_373700113 Source: Shutterstock/Rawpixel

A NEW REPORT suggests that, economically, things are looking decidedly rosy for Ireland over the next four years.

The latest Economic Eye report for summer 2018, compiled by accountancy firm EY, suggests that jobs are set to be created at a rate of 57,000 a year (227,200 in total) in the Republic until 2022.

Meanwhile, Gross Domestic Product (GDP – a measure of the value of the goods and services produced by a country over a set period), which already saw bumper growth of 7.8% in 2017, will continue to grow at a rate of roughly 3.84% over the next four years.

The company’s ‘Brexit Tracker’ shows that 21 firms or financial service organisations have confirmed that they will move some or all of their operations from the UK to Dublin in the aftermath of the Brexit referendum result two years ago.

3 Source: EY

This places the Irish capital as the most popular post-Brexit location in the EU, ahead of Frankfurt, Luxembourg, and Paris.

It’s not all good news however unfortunately – the report, perhaps unsurprisingly, warns that the heightened levels of house prices and rent inflation seen in Ireland at present are “adversely affecting on overall competitiveness”.

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“The impressive growth rate Ireland has experienced since 2015 looks set to continue, supported by Dublin’s top-table position as a preferred post-Brexit destination,” said chief economist with EY Neil Gibson.

However, if we are to sustain growth at current rates, we must retain a focus on competitiveness. The Spring Economic Statement last week showed us that the Government is walking a fine line between not overspending, and investing in growth-enabling infrastructure.

“There will be plenty of demands for increased spending and tax cuts – careful prioritisation will present a new challenge for politicians,” Gibson added.

You can download the full report here

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