Ireland’s economy is advancing at a remarkable pace, with the latest National Accounts confirming GDP growth of 7.8% in 2015 – the strongest rate of annual growth since 2000. To put this into context, the Irish economy grew five times faster than that of the Eurozone last year, and over three times faster than the US and UK. Strong exports in recent years have paved the way for a return to domestically driven growth, something which was absent during the early stages of the recovery. Despite a slight moderation in the pace of employment growth, Ireland still created over 44,000 jobs in the twelve months to Q4. Consequently, 142,000 more people are at work than at the low point in 2012. With unemployment falling, earnings are rising. This, coupled with modest tax cuts, is supporting a notable pick-up in disposable incomes which, alongside cheaper commodity prices, is helping restore confidence.
Source : Savills