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Ireland Economic Update

Ireland Economic Update. October 2013. The economy is recovering, but growth remains muted. The start to 2013 was difficult, but momentum in the economy picked up during Q2 and this trend looks set to continue into Q3.

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Ireland Economic Update

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  1. Ireland Economic Update October 2013

  2. The economy is recovering, but growth remains muted • The start to 2013 was difficult, but momentum in the economy picked up during Q2 and this trend looks set to continue into Q3. • Exports should do better in the second half of the year, as demand in trading partners picks up • Overall, GDP will expand by just over 1% in 2013 and by over 2% in 2014

  3. Start of 2013 was weak but performance improved in Q2 and Q3 and recovery is set to gain momentum IBEC forecasts July 2013

  4. Strengthening euro a headwind for exporters at the start of the year

  5. The labour market is recovering, with the private sector adding employees during 2012 and start of 2013

  6. Spending power improved marginally

  7. Retail sales remain weak.

  8. Consumer sentiment strengthened during 2012, though Budget worries had an impact towards year end

  9. Households are deleveraging

  10. Migration not all one way..

  11. Largest working age population growth in EU

  12. 85% of austerity has been delivered

  13. International markets’ confidence in Ireland returned Ireland is set for a successful exit from EU-IMF bailout

  14. Employment growing…

  15. Budget 2014 • The decision to reduce the size of fiscal adjustment from €3.1 billion to €2.5 billion was the correct one and will soften the negative impact of the budget on economic growth. • Ibec had a number of wins on employment costs, incomes tax, VAT, R&D, CGT and other business related tax incentives such as the home renovation tax credit. • The budget included a number of welcome initiatives to support business and entrepreneurs and the stimulus measures are largely sensible. • The main disappointment is that Government has put too much extra tax on an already over-taxed economy.

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