Quarterly Economic Commentary, Summer 2016

Duffy, David and McQuinn, Kieran and Morley, Ciara and Foley, Daniel (2016) Quarterly Economic Commentary, Summer 2016. [Working Paper]

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Abstract

Mainly due to domestic sources of growth, the Irish economy is still set to grow significantly in 2016. By May 2016 overall taxation receipts were up 9 per cent on the same time last year with income tax witnessing a 6 per cent increase over the same period. Between Q1 2015 and Q1 2016 total employment grew by almost 50,000. However, the weakening contribution of net trade to economic growth is underscored by recent high frequency economic data suggesting that the global slowdown in world trade may be impacting negatively on the Irish traded sector. Much of this is inevitably related to the lower economic growth rates being experienced in the US and the UK in 2016 compared with recent years.

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