An economic forecast from Davy Stockbrokers predicts the Irish economy will grow by 4% in 2007 and 3% in 2008
Ireland Digital:
While it says that 35,000 jobs will be lost in the construction sector over the next 18 months, according to an economic forecast by Davy Stockbrokers, the report predicts the losses will be offset by 15,000 new jobs in building of infrastructure and commerical property developments.
It also predicts general economic growth will remain strong.
Irish shares are currently underperforming European stock markets for the first time in years.
While London is up 8 percent this year, the Dublin market is down 5 percent.
Davy Stockbrokers says the main concern is the housing slowdown and it says construction output will fall by 25 percent.
This represents one of the lowest economic forecasts published recently.
While Ireland's economic growth remains substantially higher than Britain and other countries using the euro, Davy says growth in jobs will be 20,000 next year, down from 80,000 in recent years.
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posted by Diarmid @ 8:33 AM
4 comments
4 Comments:
In an economy with exports up 9%, retail sales up 9.9%, car sales up 7% and the strength of the office market; this report is nonsense
this report is nonsense
Why?
It's nonsesne because the economy gre 6.7% in the first 6 moths of the year. The CSO issued its national accounts figures this week, and the economy continues to boom ahead.
Even though residential construction was down 7.8%, a strong office market and civil engineering saw non-residential rise 17.7%.
As well as that, high levels of growth in public and private spending is adding fuel to the boom.
Industry levelled off in the second quarter, but this was mostly a breather from the first quarter blinder. It's already started to pick up again with the latest figures showing about 14% growth.
As well as that, the rise in exports added about €1.3 billion to these figures,and, hence, the balabce of payments deficit is down a couple hundred million.
The Tiger ROARS on.
if you want more detail on this, just log in to www.cso.ie
If your still saying its nonsense your right, although in the exact opposite sense to your criticism. Obviously the report was far to bullish
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