What's Driving Jobs Growth?
Economic activity is continuing to climb. Davy's also reports that GDP growth could come close to topping 5 percent in the last fiscal year (2014). 2015 and 2016 GDP growth rates could inch toward 4 percent per year, despite the continuing economic problems in the rest of the Euro Zone, including Germany (which is currently seeing a contraction in its economic outlook).
The growth in Ireland's economy seems to be driven by sustainable activity, in particular exports. As Davy's explains, "...we have revised up our forecasts (due to) Ireland's strong export performance. The ICT (Information Computing Technology) services sector, pharmaceutical companies, and indigenous manufacturers are all seeing output expand at a rapid rate.... Our forecasts mean Irish GDP will reach its 2007 pre-recession peak in 2015;one year earlier than we previously expected."
The weakness of the euro against other currencies including the US dollar means that many export markets are getting more bang for their buck: those currencies buy more Irish goods, which are traded in euro. This isn't good news for other economies but it is helping to consolidate Ireland's economic recovery.
In addition to higher exports (which are creating Irish-based jobs), other sectors are recovering. Ireland's consumer spending is at last beginning to rebound. Despite higher taxation, disposable income is rising if only incrementally. Subsequent spending on everything from new cars to restaurant meals is finally increasing.
The government has also begun to hire to fill jobs in the public sector. Nurses, doctors, teachers, police and other public servant positions are once again being filled.
Tourism is also on its way back driven mainly be an increase in visitors from the U.S. Hotel occupancy across the country is now higher than its been in years.
Boding Well for the Future
Ireland still has much to achieve if it is to fully recover from the recent economic crisis. National debt continues at an all time high. Expenditures outpaces tax revenues, meaning that the Irish government must continue to borrow to meet daily overheads.
But the country is on its way back. As of this writing, Ireland's economy is growing faster than any other country in the EU. If you are considering a move to Ireland and want to find a job, then now is the time to begin your preparations.
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