Farrell welcomes ESRI’s projection of strong economic growth and decrease in unemployment

07/08/2014

Fine Gael TD for Dublin Fingal, Alan Farrell, has welcomed the Economic and Social Research Institute’s (ESRI) strong growth forecast in its Quarterly Economic Commentary.

“Following the Central Bank’s recent upwards revision of its growth forecast, this positive report from the ESRI is welcome news for the Irish economy and businesses throughout the country. The fact that the ESRI are now predicting that economic growth will be higher than previously expected is testament to the policies implemented under the current Government. I understand that the past few years have been very hard on people and families in Dublin Fingal and throughout the State but strong levels of economic growth will allow for the economic recovery to continue and for the Government to give back to those who have struggled throughout these harsh economic times.”

“The ESRI are expecting growth of 3.4% in GNP this year and 3.7% next year. In addition to this, unemployment levels are projected to fall to 9.8% from the current level of 11.5%. Unemployment levels have fallen for 25 consecutive months, but much work needs to be done to ensure this trend continues and to ensure that support is available to assist people in returning to work. As a core principle of our Programme for Government, getting as many people as possible back into the workforce is crucial to ensuring that everybody feels the impact of our economic recovery in their own homes.”

“This strong economic growth forecast from the ESRI will provide reassurances to businesses throughout Dublin Fingal as, due to the strengthening of exports from the State and growth in domestic consumer demand, companies will feel the boost of increased consumer confidence on their business activities. Furthermore, the continuing decreases in unemployment levels show that the Government’s Action Plan for Jobs is working and this will provide much needed hope to those trying to get back to work in the constituency and throughout the country.”