International

Irish unemployment at 11-year low

NEOnline | IR

According to Ireland’s national statistical service (CSO), the country’s unemployment rate fell to an 11-year low of 5.4% in March, with youth unemployment standing at 13,4%, numbers that are significantly lower than the Eurozone average of 7.8%.

Unemployment has dropped dramatically in Ireland since 2012 when the country was immersed in a financial crisis and the jobless rate stood at 16%.

The Irish economy continued to expand in 10 of its 14 main economic sectors in the fourth quarter of 2018, with services and construction driving the economy. Ireland is also attracting EU migration, particularly in the technology sector, but also in civil engineering and health services.

The Irish economy continues to grow robustly, despite Brexit uncertainty and the deceleration of growth in Italy, Germany, and France. Tax revenue continues to surpass projections, with a 7.1% increase in the first quarter compared to last year.

Thus far, corporation tax is double of what was projected for the 2019 budget while the budget deficit is also on a downward trajectory, despite a surge in Irish contributions to the EU budget.

 

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