Business Ireland to see 250,000 new jobs says EY

Business Ireland 250000 new jobs says EY
Photo: Sam Boal/Rollingnews.ie

Auditors and management consultancy EY (formerly Ernst & Young) Economic Eye summer forecast predicts Ireland’s GDP will grow by 4.9 per cent in 2018 and 3.8 per cent in 2019, and then by 3.5 per cent annually in the to 2022.

It also estimates a quarter of a million additional jobs will be created across the island of Ireland between now and 2022 with construction the largest single employer, creating 35,000 of those new jobs.

Information and communication technology will see the second-largest net increase in jobs, it said, with 22,600 posts created between now and 2022.

EY Chief Economist Neil Gibson said: “Assuming a relatively smooth Brexit, which clearly remains a risk, Ireland is projected to remain one of the fastest-growing developed nations in the world.”

Dublin is the most popular city for financial services companies moving operations out of the UK after the Brexit vote, EY’s own tracker survey found. Its EY Brexit Tracker found 21 firms have confirmed they will shift some or all of their operations to Dublin, placing it ahead of the next favourite, Frankfurt, with 12 companies relocating there.

The next two most popular destinations for British financial services firms leaving after Brexit are Luxembourg (11) and Paris (8).

The EY study did not give details on the size of the operations moved out of the UK or the number of jobs being moved abroad.

Prominent companies which have announced that they are expanding their operations in Dublin as a result of Brexit include Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch.

Some large insurance firms have shifted to Ireland or established a presence there so they can retain access to the EU market once the UK leaves the union.


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