12/11/2022
Ireland Economy Expected to Grow by 3.4% This Year.
Experts from EY have predicted for the to grow by 3.4 per cent this year before moderating in the years to come.
In light of the recent election in Ireland, it is clear that whatever government emerges will continue to emphasize spending on infrastructure and the hiring of public service workers.
On top of this, 192,000 jobs are expected to be created in the next 5 years according to EY.
EY chief economists Neil Gibson commenting on house prices said the “conditions are there for a return to price growth”, because of the increase in inward migration to the Republic and the fact that about 21,000 houses were completed in the State last year.
“The signals are not there for overheating,” however, Mr Gibson said, adding that if it was, we’d see very fast pay rises or high inflation, neither of which are currently happening.
One thing helping to avoid overheating is the fact that there are some slowing pressures outside of Ireland’s control such as the global economy.”
“Regardless of the shape of the next government we are likely to see a focus on public services, quality of life and what can be characterised as more internal, or personal outcomes rather than a singular drive for growth and globalisation,” he said.
EY is forecasting growth to moderate in 2021 to 2.8 per cent and 2.7 per cent in 2022. In Northern Ireland, EY is forecasting growth of just 0.8 per cent this year.
As many other countries are in a state of flux Ireland is becoming an outline in relative to stability and growth. There are many indications showing Ireland is a great location for both investment and as an immigration destination.
There has never been a better time to make the move to Ireland and are here to help you every step of the way.