Menu
13/04/2010
ERSI Predict 'Modest' Growth
Ireland's Economic and Social Research Institute has given some hope to the flagging Irish economy by predicting growth to return in 2011.
In its quarterly economic commentary, published today, the ERSI said that expectations for 2010 were subdued and that the year would end essentially unchanged from its 2009 volume.
However, for 2011, the institute said it expected gross national and domestic product to grow by over 2%. A spokesman for the institute said that while the return to growth is to be welcomed, it should be seen as a "modest pace of growth".
The report said: "One reason for describing the 2011 growth forecast as modest relates to our expectation that employment will not grow between 2010 and 2011. Instead, we expect the number employed to average close to 1.9 million in both 2010 and 2011."
The ERSI said that in spite of the stability in the numbers employed, they expected unemployment to fall between 2010 and 2011, averaging 13% in 2010 and 13% in 2011.
"This expected fall in the rate of unemployment is related in part to expected migratory outflows – 60,000 in the year ending April 2010 and 40,000 in the year ending April 2011. We also expect to see on-going falls in labour force participation," the report said.
The ERSI report coincides with research published yesterday in the UK, which revealed the first signs of growth in the construction sector there since the crushing downturn.
The study from the Purchasing Managers Index showed UK construction activity has now moved into growth for the first time since February 2008.
The fortunes of UK construction industry are widely accepted to have an impact on the construction firms in Eire.
Concluding this morning, the ERSI said that in their analysis, assuming the Government implements its indicated budgetary package for 2011, they expected to see the General Government Deficit falling to 10% of GDP in 2011, down from 12% in 2010.
(DW/BMcC)
In its quarterly economic commentary, published today, the ERSI said that expectations for 2010 were subdued and that the year would end essentially unchanged from its 2009 volume.
However, for 2011, the institute said it expected gross national and domestic product to grow by over 2%. A spokesman for the institute said that while the return to growth is to be welcomed, it should be seen as a "modest pace of growth".
The report said: "One reason for describing the 2011 growth forecast as modest relates to our expectation that employment will not grow between 2010 and 2011. Instead, we expect the number employed to average close to 1.9 million in both 2010 and 2011."
The ERSI said that in spite of the stability in the numbers employed, they expected unemployment to fall between 2010 and 2011, averaging 13% in 2010 and 13% in 2011.
"This expected fall in the rate of unemployment is related in part to expected migratory outflows – 60,000 in the year ending April 2010 and 40,000 in the year ending April 2011. We also expect to see on-going falls in labour force participation," the report said.
The ERSI report coincides with research published yesterday in the UK, which revealed the first signs of growth in the construction sector there since the crushing downturn.
The study from the Purchasing Managers Index showed UK construction activity has now moved into growth for the first time since February 2008.
The fortunes of UK construction industry are widely accepted to have an impact on the construction firms in Eire.
Concluding this morning, the ERSI said that in their analysis, assuming the Government implements its indicated budgetary package for 2011, they expected to see the General Government Deficit falling to 10% of GDP in 2011, down from 12% in 2010.
(DW/BMcC)
Related Irish News Stories
Click here for the latest headlines.
08 June 2010
Employers Group Predicts Better Outlook
One of Ireland's leading employers groups has revised its growth predictions for this year and next year marginally upwards. The IBEC, which represents Irish business, today published its economic forecasts for 2010 and 2011 in its latest Quarterly Economic Trends revising its previous predictions for 2010 from -0.7% up to -0.
Employers Group Predicts Better Outlook
One of Ireland's leading employers groups has revised its growth predictions for this year and next year marginally upwards. The IBEC, which represents Irish business, today published its economic forecasts for 2010 and 2011 in its latest Quarterly Economic Trends revising its previous predictions for 2010 from -0.7% up to -0.
15 May 2009
Economic Recovery Expected By 2011
The Irish economy could return to an average annual economic growth rate of 5% between 2011 and 2015, according to an independent economic group of experts. However, the Economic and Social Research Institute (ESRI) specified that the growth depends on a quick recovery in the world economy.
Economic Recovery Expected By 2011
The Irish economy could return to an average annual economic growth rate of 5% between 2011 and 2015, according to an independent economic group of experts. However, the Economic and Social Research Institute (ESRI) specified that the growth depends on a quick recovery in the world economy.
29 July 2011
HeyStaks To Represent Ireland At Vodafone Mobile Clicks
A social web-search start-up company, with offices in NovaUCD and San Francisco, has been selected to represent Ireland at the Vodafone Mobile Clicks 2011 Final with the chance to win the €225,000 prize fund. HeyStaks will represent Ireland in the finals at the PICNIC festival in Amsterdam, The Netherlands on 15 and 16 September.
HeyStaks To Represent Ireland At Vodafone Mobile Clicks
A social web-search start-up company, with offices in NovaUCD and San Francisco, has been selected to represent Ireland at the Vodafone Mobile Clicks 2011 Final with the chance to win the €225,000 prize fund. HeyStaks will represent Ireland in the finals at the PICNIC festival in Amsterdam, The Netherlands on 15 and 16 September.
27 July 2011
Minister Announces Re-Opening Of Poultry Welfare Scheme
The Minister for Agriculture, Food and the Marine, Simon Coveney, has announced the re-opening of the Poultry Welfare Scheme for new applications. The Minister stated that the revised closing date for receipt of applications under the Scheme will now be Friday, 12 August 2011.
Minister Announces Re-Opening Of Poultry Welfare Scheme
The Minister for Agriculture, Food and the Marine, Simon Coveney, has announced the re-opening of the Poultry Welfare Scheme for new applications. The Minister stated that the revised closing date for receipt of applications under the Scheme will now be Friday, 12 August 2011.
24 February 2012
Irish Economy Returned To Modest Growth In 2011
There is still uncertainty regarding the outlook for the euro zone, according to the Economic and Social Research Institute (ESRI).
Irish Economy Returned To Modest Growth In 2011
There is still uncertainty regarding the outlook for the euro zone, according to the Economic and Social Research Institute (ESRI).
-
Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
