There was more good news for newcomers and returning Irish emigrants looking for jobs in Ireland this month as an economic report predicted that there would be 150,000 new jobs in Ireland by 2020.
The quarterly report, which was undertaken by The Central Bank of Ireland (CBI), also stated that increase in the number of jobs in Ireland would drive unemployment even lower.More specifically, this means that the country is on track to have an unemployment rate as low as 5 percent in 2019 and 2020 – the figure that is generally considered to represent full employment in a country or region. In addition, the report from the CBI predicts that Gross Domestic Product (GDP) will grow by 6.7 percent in 2018, 4.8 percent in 2019 and 3.7 percent in 2020.
Industry, including construction, and services occupations are the two employment sectors which will see the greatest growth through 2020, with the agriculture expected to remain around its current level.
The CBI report also reveals that consumer spending for the first half of 2018 increased, indicating that residents of Ireland are more willing to dig deeper into their pockets for goods and services than before. The numbers to support this trend have been revised following an unexpected increase in retail sales and general consumer confidence in the first six months of 2018. As a result, it is now expected that the overall consumption growth figures for 2018 will hit 3 percent, with further increases of 2.5 percent in 2019 and 2.3 percent in 2020 as disposable incomes and jobs in Ireland continue to rise.