The Irish economy has always been in the spotlight internationally. Ireland is admired by other Eurozone countries for its resilience in the wake of the last economic crisis and its ability to attract and nurture professional talent.
As we have mentioned in previous articles, the Irish government knows how to leverage its strengths and use them to keep the Gross Domestic Product growing every year. The technology and pharmaceutical sectors are the ones that generate the most wealth in the country and this is where the government makes the most of its strengths.
According to the latest statements from the professional services company EY the economy will grow by 3.4% this year. With this, the number of jobs across the island of Ireland is expected to increase by over 192,000 in the next five years.
On the other hand, house prices fell by 0.9% in Dublin last year. However, according to migration data and the fact that some 21,000 homes were completed in the State last year are indicators that house prices will gradually rise again.
The state of the economy in the Eurozone
Although these data reflect the good state of the country’s accounts, there are things that are beyond its control, such as the economy of the euro zone or the world economy.
The eurozone data are positive so far. The PMI in the Eurozone strengthened for the second month in a row in January and grew to 51.3 points, above the forecast and 50.9 in December. A modest growth rate although the highest recorded since August 2019.
Business confidence regarding the outlook has also improved significantly. For this reason, fears that the slowdown will spread to sectors such as the services sector are diminishing.
All countries have recorded growth in private sector activity, but Ireland has been the fastest growing country in the European Union.
As you can see, now is the perfect time to invest in Ireland and start a new business on the island. In ISEA we are experts in promoting trade relations between Spain and Ireland. Contact us and we will be happy to help you.