Irish economy will see a growth in Gross Domestic Product (GDP) by 13.6% towards the end of 2021, the Economic and Social Research Institute (ESRI) has predicted. The strong export and international trade will help Ireland to continue the growth despite of the ongoing pandemic situations.
The unemployment will also decrease by 7% by the end of the year, the final quarterly report for 2021 says. The unemployment had decreased by 21% in the first quarter and this trend will follow to next year too. By the final quarter of 2022, the unemployment in Ireland will return to pre-pandemic levels which was 5%.
Ireland’s domestic economy, measured in modified domestic demand (MDD), is also set to grow by 6.2% by the end of the year. A surge in spending by consumers which is the recent trend will help for this.
Meanwhile the ongoing spread of Omicron variant is not a good indication for the economic growth of the country, the ESRI says. The issues pertaining Northern Ireland Protocol may also impact trade and finally result a backlash to the economy.