Growth of Irish economy is slow but still ahead
DUBLIN: The European Commission reports that the growth of the Irish economy is slowing down. The European Commission’s new winter forecast shows that this year, the growth of the Irish economy is slower than that of the Eurozone. The report predicts that Irish GDP will grow by 3.4% this year. But growth in the eurozone and the European Union is up to 3.8%.
The Irish economy, which survived the recession in 2020, is on track to grow this year. However, the European Commission says it is lagging behind other eurozones and the European Union.
At the same time, the commission noted that Ireland was the only European Union economy to achieve GDP growth last year. Ireland achieved this growth as a result of exports by pharma multinationals even during the Pandemic.
Many economists have warned that unemployment in Ireland will remain high due to the slowdown in vaccinations and current lockdown. However, the European Union points out that Ireland also has a large amount of savings that can accelerate the recovery of the economy if restrictions are eased.
According to the report, the price level of EU-Irish products has risen this year since last year’s decline.
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