Last Updated on July 18, 2024 by admin
Positive outlook for Ireland’s economy in 2024, 2025.
The Economic and Social Research Institute of Ireland anticipate growth across all main economic activity indicators in 2024 and 2025 in a recent report. This comes despite discrepancies between Modified Domestic Demand (MDD) and headline indicators like GDP and GNP regarding the direction of change in Irish economic activity in 2023. The ESRI now believe MDD will grow by 2.3 per cent in 2024 and 2.5 per cent in 2025, while anticipating GDP, heavily influenced by the MNE sector, to grow moderately at 2.5 per cent this year and 2.3 per cent in 2025. These developments are driven by two factors. First, for all to expect an improvement in the performance of the traded sector of the economy which had seen a decline in 2023. Second, to expect the domestic economy to continue to post modest growth for the coming two years. As we have seen our market growing in the carton and labelling industry, this trend seems to be on par with the European market growth particularly driven by Pharma.
The Irish labour market continues to perform robustly and is now operating close to capacity. With the expected decline in inflation in 2024, we expect a return to growth in real incomes. Unemployment is expected to average 4.3 per cent in 2024 and 4.2 per cent in 2025.
While the outlook for the Irish economy is positive over the medium-term, it is clear there are several challenges which need to be considered. These include geopolitical tensions and their impact on global trade flows, dealing with infrastructure bottlenecks in an economy operating at capacity, and efficiently managing a small open economy with a very large multinational component. At Label Craft and part of the Asteria group at large, our capacity to produce across Europe has increased with every new acquisition from the group. There has never been a better time for clients as far as Asia and the states to be producing carton and labelling products across Europe.
For further info contact our sales team at sales@label-craft.com
