Belfast Telegraph

12-year high in Republic's growth rate

The Irish economy is growing at its fastest pace since 2006 and is the most popular destination for companies looking for a post-break-up base in the EU, according to a report. (Niall Carson/PA)
The Irish economy is growing at its fastest pace since 2006 and is the most popular destination for companies looking for a post-break-up base in the EU, according to a report. (Niall Carson/PA)

By David Chance

The Irish economy is growing at its fastest pace since 2006 and is the most popular destination for companies looking for a post-break-up base in the EU, according to a report.

Goodbody Stockbrokers said the Irish economy's gross domestic product would grow 5.9% this year and by 3.3% in 2019. It said unemployment would fall this year to 5%.

Goodbody chief economist Dermot O'Leary said: "The current level of savings does not suggest that Irish consumers are spending beyond their means. Growth is buoyant but showing no signs of froth."

And he said there was a surge in firms from Britain coming to the Republic to retain single market access.

"Indeed, there is already evidence that Ireland is becoming the most popular destination for firms looking for an EU base in the post-Brexit world," Mr O'Leary said. But he added that new housing was still desperately needed, at a rate of around 35,000 units a year.

Belfast Telegraph

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