According to the new report released by the government of Ireland the country has achieved a turnaround in the rate of unemployment and claims that it is an evidence of the strengthening Irish economy. It the figures released by the Central Statistics Office, Ireland received better performance in employment segment which has improved a lot.
Whereas the numbers of unemployed fell by 41,700 in the year to the end of September, the number of the people out of work has fallen to 282,900. Thus, in totality, the seasonally adjusted unemployment rate decreased from 13.6 per cent to 12.8 per cent over the July to September quarter. The report shows that the number of people unemployed fell by 18,000.
The report also shows that there has been a better performance in the fifth quarter in succession where unemployment has declined on an annual basis. Additionally, the lower unemployment rate has led to the country on a better growth rate. In fact, it has got the lowest rate of unemployment since 2009 and according to several observers, it is highly encouraging.
Thus, beating most economists’ expectations and suggesting the country is returning to growth, the new data on employment in the country is an indication of a positive outlook. Ireland is to become the first country in EU which will pay back its loans. In his statement Enda Kenny, Ireland’s prime minister, said the growth in jobs was ‘reassuring.’
He also said that creating better conditions for jobs are an absolute priority for government as the country to approach the bailout exit. The country was facing huge unemployment when its property market crashed and financial crisis hit. Then the unemployment rate was higher than 15% and soon it became a priority for the central government.
According to various market observers the Irish economy is now clearly performing very strongly again and all the indications from the employers point. They believe that the country which is on its way to pay its loans back will fare better in 2014. They also believe that the positive employment data show that the government’s policies have been successful to an extent.
Many of these observers and analysts were surprised with the data as many of them had forecast that it would fall at a slower pace. However, contrary to their predictions Ireland’s budget watchdog published benchmark projections last week that shows that unemployment will fall, and real growth in gross domestic product will rise to 2 per cent in 2014.
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