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Economy will grow more than expected this year - ESRI

Updated 06.50 The Economic and Social Research Institute is predicting stronger than expected eco...
Newstalk
Newstalk

06.45 7 Aug 2014


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Economy will grow more than ex...

Economy will grow more than expected this year - ESRI

Newstalk
Newstalk

06.45 7 Aug 2014


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Updated 06.50

The Economic and Social Research Institute is predicting stronger than expected economic growth of 3.5% this year.

In its Quarterly Economic Commentary, the Institute also says unemployment is expected to fall to a little over 9% by the end of 2015.

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However, it is cautioning about weak growth prospects in the Eurozone and the possible impact of that on Ireland.

ESRI Economist David Duffy is one of the report's authors:


A summary of some of the ESRI's findings

Though the ESRI is saying unemployment could drop to a little over 9% by the end of next year, it is warning it still remains a serious issue. 

Mr Duffy says a lack of investment and credit could impact employment figures, "Even though we see unemployment coming down, we do think that the high rate of unemployment is a challenge for the economy, and particularly the fact that about two-thirds of those who are unemployed are long-term unemployed." 

More start-ups

In further signs the economy is recovering, Vision-Net has released new figures that show the number of start-up companies reached its highest level last month since before the recession.

Over 1,500 new firms set up in July - 11% more than this time last year - that is equivalent to 49 new companies starting up every day.

The professional services sector was the most active industry with 22% of new enterprises, followed by the wholesale and retail sector at 10% and the construction industry at 9%.

Managing Director of Vision-Net is Christine Cullen:


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