Wednesday 7 December 2016

Economic performance is uneven across nation - EY

Published 07/12/2015 | 02:30

Mike McKerr of Ernst & Young
Mike McKerr of Ernst & Young

Economic performance remains uneven throughout the country, despite declining unemployment in all regions, EY (Ernst & Young) has claimed.

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In its latest assessment of the Irish economy, the global consultancy group said urban centres have experienced much more rapid growth than elsewhere.

It pointed out that unemployment in Dublin and the commuter belt in the mid-east fell to 8pc and 8.1pc respectively by the end of September. But other regions haven't fared quite as well, particularly in the south east and midlands, where unemployment is still higher.

Mike McKerr, EY Ireland managing partner, said employees and investors remain drawn to the cities.

"That notwithstanding, the strength of the manufacturing, tourism and agriculture sectors hold potential for the rural areas that struggle to compete for professional services," he said.

EY revised up its growth forecast at 5.8pc for 2015, slowing to 4.3pc next year. It said the economy in Northern Ireland is set to grow by 1.7pc, slightly slower than the 2pc projected during the summer.

Neil Gibson, economic advisor to EY's assessment, said domestic growth in the economy here is matching the export sector.

EY said that the Government must focus on the shortage of housing and in plugging infrastructure needs.

Irish Independent

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