The global CEO report from PwC forecasts that Ireland will be the fastest growing economy in the eurozone to 2024. Currently, Ireland is projected to have a GDP growth for 3.5% in 2018. Average growth for the years 2020 – 2024 for Ireland is forecast at 2.8%. This compares more favourable than the Eurozone projected average of 1.6% for the 2020-2024 period. However, geopolitical threats (protectionism, climate change and war) may scupper these forecasts.
The most recent figures from CSO show that the average worker in Ireland earns €36,919 per year.
Dublin Port volumes have increased by 30% over the last 5 years. Trade for the first 9 months of the year increased 4.2%. Despite Brexit, there was a 6.2% increase in traffic between Ireland and Britain up to and including Q3 2017. New cars imported via the Port have fallen 5.5% in the three quarters of 2017 so far, due to the low sterling rate.
33 high level employees of the Central Bank have left their employment with the Bank over the last 3 years, highlighting fears for a ‘brain drain’. The gap in pay between the Bank and private financial service companies was believed to be one of the issues.
Google, who have their headquarters in Ireland, paid €164m in tax in 2016, despite earning profits of €19.4bn. Turnover for 2016 increased to €26.3bn.
Facebook, who have their headquarters in Ireland, paid €30m in tax despite earning profits of €174.3m, and revenue of €12.6bn in 2016.
Manufacturing enjoyed an 18-year high in growth for November when it climbed to 58.1 – the highest since 1999. The growth came from strong orders both at home and abroad. Philip O’Sullivan of Investec believes the IMF’s global economic growth forecast of 3.7% for 2018 led to the increase as confidence has increased.