According to new EU commission estimates Ireland’s GDP grew by 7.8%, well above the euro area average. This is supported by positive labour market trends as well as investment in construction. This strong growth in GDP is project over the remainder of 2018 and all of 2019.
The employment rate, particularly full time employment, increased strongly last year. The unemployment rate as of March 2018 is 6.1% and is expected to drop below 5% in 2019. Incomes grew through job creation and an increase in wages.
Investment in construction increased by 16.7%, however, construction activity was relatively low last year in comparison to previous years. Exports grew 6.9% largely driven by royalties linked to intellectual property rights and computer services.