Tens of thousands of jobs will be created in sectors from construction to IT by 2020 as Ireland’s economic growth continues to outpace the rest of the European Union, according to a report published this morning.
The Economic Eye Winter Forecast from financial services firm EY predicts that Ireland’s economy will expand by 3.1pc this year and 2.9pc in 2017.
Those predictions are lower than the forecasts published last week by the Economic and Social Research Institute (ESRI). The ESRI believes the Irish economy will grow by 3.5pc next year. But it based its projections on growth in gross domestic product, while EY’s projections are based on growth on gross value added.
EY said in its report today that the economy will enjoy an average annual growth rate of 2.7pc between 2016 and 2020. It added that the economy will be bolstered by increased employment and consumer spending. EY believes the numbers employed by the civil service will remain largely unchanged during the next four years, but that in the health and education sectors an additional 14,000 jobs will be created.
It adds that the retail sector is set for a resurgence in employment growth, with 24,000 jobs expected to be added in the industry by 2020. The construction sector will add almost 21,000 jobs, while information and communications will see another 10,700 jobs created.
Source; Irish Independent