Ireland is on course to becoming the fastest growing EU economy for a second consecutive year in 2015
Ireland is on course to be the fastest growing economy in Europe with a predicted growth of 4% in 2015.
The latest CSO statistical release on 25th of February has identified employment in Ireland has increased by 1.5% comparing Q4 2013 to Q4 2014. This means a reduction in the unemployed numbers from 253,200 to 213,600. This is a net change of 39,600 less people unemployed. This is the tenth quarter in successions where unemployment has declined on an annual basis. The long term unemployed has also decreased from 7.2% to 5.7%.
FDI working with IDA Ireland
One factor for this continued success is consistent Foreign Direct Investment and the successful work completed by IDA Ireland.
Confidence in the Irish market and the success of FDI in Ireland can be measured by employment numbers and by hard economic statistics.
2014 was a record year for foreign direct investment (Up 20% from 2013) and IDA Ireland says it plans to increase foreign direct investment in Ireland by over 40% over the next five years, creating 80,000 new jobs.
Ireland retains its position as a leading location for FDI
Ireland has a lot to offer foreign organisations, from attractive and stable corporate tax rates to a highly motivated and skilled workforce.
These factors, amongst others, have resulted in Ireland becoming one of the most successful locations for foreign investment in the last decade.
While figures indicate that Ireland’s low corporation tax is key, factors such as the below all remain strong positive attributes when Ireland is compared to its European neighbours.
- Talent – 50% of our population is under the age of 35
- Education – Ireland leads the skills race with a higher percentage of 3rd level graduates
- Track Record – 1,195 multinational companies have chosen Ireland as their strategic European base
- Technology – Significant state investment in R&D
- European Market – Access to over 500 million consumers in Europe (22% of global GDP)
- English Speaking – With access to highly developed multi-cultural community (highly skilled people with multiple languages, over half a million Irish residents can speak a foreign language fluently)
- Labour Market – Added 85,000 jobs since the end of 2012
- Irish economy – Ireland grew at the fastest rate in Europe for 2014
- Cost Competitiveness – Since 2008 Ireland cost have reduced for labour, services and property
- One of the most productive Economies – 3rd place behind Norway and Luxembourg
Grow jobs, grow Ireland
Confidence in the Irish market is evident in the statistics and underscore why major organisations choose to invest in Ireland. Organisations such as Tyco International, Biomarin, Regeneron, Ethicon, Zimmer to name just a few from the 2014 announcements, plus the many more existing companies expanding.
In 2014 FDI investment in Ireland contributes €13.9Bn in purchases from Irish suppliers, €8.5Bn in payroll and €2.8Bn of corporation tax.
However, we cannot become complacent. I believe it’s important that we continuously evaluate at the opportunities for FDI in Ireland created by global trends and assess what goals Ireland needs to set to capitalise on those opportunities.
It is critical that we continue the war on unemployment. Unemployment in Ireland still stands at 10.6% but it is going in the right direction.
All the data is indicating the time to expand is now ……… grow jobs, grow Ireland.