Focus Economics reports that Irish GDP will grow by a phenomenal 5.4% in 2018. Industrial production is expec
ted to grow by 2.8% with strong demand being recorded in both domestic and overseas markets. The GDP growth prediction is the consensus figure from looking at the predictions of 24 commentators on the Irish Economy, from AIB Global Treasury to Oxford Economics.
The current population of the Republic of Ireland is 4.8m. By 2022 Focus Economics predicts that the population of the Republic of Ireland will reach 5m people. Unemployment is predicted to fall to 5.9% in 2018 and will fall further in 2019, to 5.5%.
Public Debt as a percentage of GDP is expected to be 66.6% in 2018 and is expected to fall to 64% in 2019. To put this in context, in 2013, public debt as a percentage of GDP was a whopping 120%. This is very good news for the Irish Economy as a low debt to GDP ratio indicates an economy that produces sufficient goods and services to pay back debts without incurring further debts. In 2016 Irelands public debt ratio fell below that of the UK and 11% below the EU average, with a debt to GDP ratio of 72.8%.
This figure is considerably less than Greece, Italy, Portugal and Spain and is testament to the strength of the Irish economy in recovering from one of the worst recessions in its history.
