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THE IRISH ECONOMY has turned the corner and domestic demand has increased for the first time since the economic crisis.
That is the conclusion made today by the Economic and Social Research Institute in its latest quarterly outlook.
The ESRI has predicted that GNP will grow by 2.7 per cent next year on top of growth of 2 per cent this year.
This is being driven they say by growth of 0.9 per cent in domestic demand this year, the first increase since the crisis began.
GNP is the value of economic output minus the value of goods and services produced by multinationals.
The think-tank say that the labour market is the most most useful indicator as to what is happening in the Irish economy today, in large part because of the ending of pharmaceutical patents of companies based here.
As a result of what they describe as “substantial” employment growth over the past year, the ESRI are revising upwards their estimate of employment growth for 2013, predicting overall growth of 2.4 per cent.
They predict that unemployment will fall to 12 per cent next year.
It is also “likely”, the ESRI conclude, that Government borrowing for this year will be less than what had been targeted.
Next year they predict that the the higher growth forecast for GNP will lead to the general government deficit falling further to around 4.4 per cent of GDP.
This is less than the Government’s target of 4.7 per cent of GDP with Finance Minister Michael Noonan also saying yesterday that the deficit is likely to be less than the Government’s prediction, leading to a possible easing of spending cuts next year.
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“Fair City actress”
lol – actress.
It just shows what good community spirit can do for an area. Well done to all concerned.
Only problem.i ever had with the axis, was the price they charge local projects to use the place. I know you can’t give it for free but its a not cheap
tbh the axis always comes across as an state funded orts outpost in ballymun. As someone mentioned, they used to (probably still do) charge local groups silly money to use their facilities, especially considering that they hoover up so much funding directed to the area.
The Axis is a brilliant resource for Ballymun. We’ll done to Mark and everybody connected with the Axis Centre.
Ballymun is now an area in santry.
Really? When I lived there it was you live where…..oh..
Would just like to wish the axis the greatest luck with their show “cleaners” it looks fantastic. I was born in Ballymun and moved out at 5 years of age, but I am delighted to be bringing my play any summers to the Axis and back to the place that I was born because the community spirit that is alive in that area today is one that we should all take a great example from.
Check out http://www.anysummers.com
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