Ireland Spring 2018
Published: Feb 13, 2018
- 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.
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