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Irish Economy Is Now In A Strong Position: Ibec

Published on Aug 9 2017 2:14 PM in General Industry tagged: Ibec / Brexit / Quarterly Economic Outlook

Irish Economy Is Now In A Strong Position: Ibec

The Irish economy is now in a strong position, according to its latest Quarterly Economic Outlook, which it published today (9 August) by Ibec.

Within the analysis the group that represents Irish business has forecasted growth of 4.2% for 2017, and 3.2% in 2018 for Irish Business, driven by a strong domestic economy but warns that Brexit remains a risk.

The report outlined that overall the labour market is now tightening 'rapidly' and 'weathering' any Brexit uncertainty well.

Gerard Brady, Ibec's Head of Tax and Fiscal Policy said, "The business substance within the private sector is driving this growth with business employment, excluding in the agriculture sector and the self-employed, up by 5.2% in Q1."

Brady said that he expects unemployment will be below 6% this year.

However, he warned there are serious downside risks on the horizon.

"Our analysis shows that around 243,000 workers, or 13.2% of the employed population, work in the most Brexit exposed sectors such as agri-food and beverages, tourism, transport and traditional manufacturing." Brady said.

The Ibec analysis shows that the counties with the highest exposure to a 'hard Brexit' are Cavan, Monaghan, Kerry and Longford, with 'with over one in five workers in each of those counties employed in exposed sectors'.

"Meanwhile exposure is lowest, as expected, in urban areas. The least exposed counties include Cork and Galway cities along with the four Dublin local authorities and their surrounding counties." Brady added

© 2017 - Checkout Magazine by Donna Ahern

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