The Irish Business Club

NEWS

EMBASSY OF IRELAND NEWSLETTER

September 2015 ISSUE

NEW TEAM AT THE EMBASSY OF IRELAND, HELSINKI

The new Ambassador of Ireland, Colm Ó Floinn, successor to Dónal Denham, presented his credentials to the President of the Republic of Finland, Sauli Niinistö on 3 September 2015.  He was accompanied at the ceremony by the new Second Secretary of the Embassy, Caoimh Kett, who has replaced Marylee Wall.

Irish economy
Data released 13 March 2014 by the Central Statistics Office (CSO) confirm that the Irish economy contracted slightly (by -0.3 per cent in GDP terms) in 2013. The contraction was largely driven by the impact of the patent cliff in the pharmaceutical sector, which has a large weight in Irish output and exports. Despite the challenging conditions that prevailed in trading partners for the first part of 2013, overall exports continued to grow during the year, and accelerated once again in the final quarter. Investment grew for the first full year since 2007, indicative of a pick-up business confidence.

Gross national product (GNP), which excludes the impact of repatriated profits, expanded strongly, by 4.3 per cent year-on-year. This is reflective of growth in sectors such as agriculture, construction and tourism in 2013. The current account recorded a surplus of 6.6 per cent of GDP in 2013. This is the highest on record and reflective of the considerable competitiveness improvements of recent years.

Commenting on the release, Minister Michael Noonan stated “Today”s numbers show that measured GDP in Ireland fell slightly in 2013. By contrast, labour market conditions are encouraging.  Employment data is a reliable indicator of underlying developments in the economy and figures released a fortnight ago show employment growth of 3.3 per cent year-on-year in the fourth quarter of 2013.

Job creation is the Government’s primary objective and full employment by 2020 is the stated objective in the Medium Term Economic Strategy. In this regard, the fall in unemployment by 3 percentage points over the last two years is welcome and inroads are being made into the unacceptably high level of unemployment

Finally, today’s very successful bond auction by the NTMA, at historically low levels, highlights the significant progress that has being made in recent years and is a vote of confidence in Ireland’s recovery.”
Bond Auction
The NTMA this morning sold 1 billion worth of 10-year bonds, at a yield of 2.967 per cent. This is the first time on record that 10-year bond yields have fallen below 3 per cent and indicates significant financial market confidence in the Irish economy.
A new video “Eire Of Successâ€

A new video “Eire Of Success” has just been released on Youtube.
The aim of the video is to celebrate the wonderful achievements of Irish people all over the world and to inspire young people of Irish heritage that they can also achieve amazing things themselves.

You can view the video clicking on the web-site link below:

http://youtu.be/71G46zDdFzY

Ireland ”the world”s friendliest destination”

Ireland has been voted as the world’s friendliest destination according to a list compiled by the Lonely Planet travel guide.

http://www.ireland.com/newspaper/breaking/2007/1017/breaking31.html