Sleeping Celtic Tiger Sharpening Its Claws

A report from the Economic and Social Research Institute has said the Irish economy will bounce back to outperform its European neighbours from now to 2025.

As a result the ERSI has projected the income per head of population in Ireland to come close to 120% of the EU15 average in the years 2020- 2025.

The institute's expectation is based on a pick-up in global economic activity and a consequent increase in the demand for Irish exports.

The level of growth has been estimated at almost 4% per year by the institute for the stuttering next few years, however the increase is expected to exceed 5% from 2010 onwards.

Explaining the reasons for the prediction, the The ESRI said the economy had entered a new phase of development. Market services - particularly business and financial services - are gradually replacing manufacturing as the engine of Irish economic growth.

Already, services exports account for 43% of total exports. By 2025, the ESRI projects that market services will account for 60% of net output in the Irish economy and in excess of 70% of all Irish exports.

Business and financial services, which are the fastest-growing components of market services in the Republic, are projected to employ more than 750,000 people, or some 30 per cent of the workforce, by 2025.

The news comes as a huge boost for the presently flagging economy facing a myriad of declining world market conditions.


Related Irish News Stories
Click here for the latest headlines.

07 October 2011
Ireland To Launch Tourist Initiative
A two-day forum in Dublin Castle has heard that Ireland will soon launch its biggest ever tourist initiative. With the aim to attract over 300,000 visitors to Irish shores next year, the initiative titled 'The Gathering' will be a year long event which will allow people at home and abroad to help aid the State's economic recovery.
04 December 2019
Irish Woman To Be Charged Over Terrorist Offence
An Irish citizen arrested on suspicion of terrorist offences has been charged to appear in court. The 38 year-old will appear before a sitting of the District Court, Criminal Courts of Justice today, Wednesday 04 December. It comes after her arrest at Dublin Airport on Sunday following her deportation from Turkey.
03 December 2019
Irish Students Among Top Performers In Reading
The 2018 PISA (Programme for International Student Assessment) results have shown that Ireland's 15 year-olds are among the best in reading literacy. The study, which takes place every three years, aims to measure how well pupils are performing in the three areas of reading, mathematics and science.
02 December 2019
Irish Woman Arrested On Suspicion Of Terrorist Offences
A 38-year-old Irish woman has been arrested at Dublin Airport on suspicion of terrorist offences following her deportation from Turkey. She is currently being detained at a South Dublin Garda station under the provisions of Section 30 of the Offences against the State Act, 1939 as amended.
23 September 2015
Govt To Invest €30m In Rural Towns And Villages
The Government is to invest €30m in rural towns and villages between 2016 – 2021, Ministers Alan Kelly and Ann Phelan announced on Tuesday.