Irish export gains mask unemployment

Published:  8 Feb at 6 PM
Want to get involved? Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Tagged: Spain, USA, Ireland, Euro
As reported by Bloomberg, although signs are showing that the Irish economy is starting to recover after its financial bailout 15 months ago, its leaders say the economy is still suffering the worst crisis since the Second World War.

The nation’s unemployment figures, standing at 14.2% in January, has nearly reached its highest level since the country last saw similar austerity measures in the 1980s. Experiencing a higher unemployment rate in Europe are Spain and Greece.

Unemployment is predicted to hit 14.6 percent this year, predicted the central bank on Feb. 2, as companies like Royal Bank of Scotland Group Plc and Allied Irish Banks Plc are getting ready to shed more employees.

Irish Prime Minister Enda Kenny said on Feb. 5 that the government was putting finishing touches on policies for unemployment assistance and loans for small businesses.

Irish bonds have churned the most positive resultes in the euro area during the past 12 months, as the European Central Bank purchased the country’s debt, growing investor confidence that the government would pay its debts.

Exports also grew about 4% last year, while American firms like Pfizer Inc., which operate within Ireland, continue to grow. The yields have not been enough to counterbalance job losses in the construction, retail and financial-service sectors, however.
Like this news?

Comments » No published comments just yet for this article...

Feel free to have your say on this item. Go on... be the first!

Tell us Your Thoughts On This Piece:

Your Name *
Email * (not published, needs verification one time only)
  • Facebook
  • Follow us on Twitter
  • RSS feed
  • Facebook

Latest Headlines

News Links

News Archive