Focus economics predicts that the risk economy is set to grow at a strong pace in 2018, with GDP expected to grow by 5.4% in 2018 and by a further 3.3% in 2014.
A very encouraging finding is that new business from overseas expanded at the fastest rate in 29 months in May. Consumer confidence has also increased, according to the KBC Bank/ESRI consumer sentiment index and private consumer consumption is expected to grow by 2.8% in 2018.
Another amazing statistic is that the value of GDP per capital has increased by 40% since 2013. Overall GDP has increased by 43% since 2013 to reach €315 billion. Focus economics products that GDP will reach €376 billion in 2022, which is over double the figure recorded in 2013, a remarkable feat for economy.
The unemployment rate in 2013 was 13.8% and in 2018 this figure had more than halved to 5.9% in 2022, the unemployment rate is expected to fall to 5.1%. Again, when put in context, this is phenomenal turnaround for the Irish economy.
Public dept as a percentage a percentage of GDP has fallen from 119.4% in 2013 to 66% in 2018. By 2022 this percentage is expected to fall to 56.2%, a very healthy dept to GDP ratio which will allow the economy to borrow more at lower interest rates (in theory) as lenders have less of a concern about Ireland’s ability to repay debt. When we compare this to out nearest neighbours, the UK, have a debt to GDP ratio of 85.3%. The United States is hugely indebted with a government debt to GDP ratio of 105%.
The predictions for the Irish economy have remained stable over the past number of months, with the main economy indicator pointing to a buoyant growing economy which has performed a rear miraculous turnaround in economic fortunes since 2013.