Recent data from the CSO gives the Irish population at 5.5 million in April 2024 up by 41% since 2001. This is a very rapid rate of population growth. By contrast EU population grew by 5% in the same period. Migration is the key factor and has provided 54% of the total. As is to be expected migration likely also accounts for a high proportion of the increase in jobs. In the year to April 2024 net migration of over 25 year olds, presumably mostly coming to work, was the same as the total increase in employment - 50,000. Over the time since 2001 this age cohort of migrants was equal to about 54% of the increase in employment and suggests about half of employment growth is accounted for by migrants.

A sharp drop in US inflation was a positive feature of the inflation picture in recent days. But the possibility of price increases resulting from US tariff policy, has pushed expectations the other way. It seems unlikely that interest rates will be cut in the US anytime soon. Meanwhile, in Europe things are moving in the opposite direction with inflation falling and the economy still weak. In Ireland inflation picked up in March with the year to year CPI figure for March 2% up compared with 1.8% in February. An important factor has been a sharp increase in food prices.

Available indicators so far this year suggest that the economy has been expanding at a brisk rate. The indices of industrial and service production for February are positive and unemployment in the three months to March is running well below 2024 levels. These trends are confirmed by the AIB Index of Purchasing Managers for March.