JimD

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.

The national accounts for the third furth were published early in March and show that GDP advanced 3.6% in that quarter. That leaves GDP 1.2% up for the year. Modified Domestic Demand had a better year and overall was up 2.6% on 2023. So far this year, i.e. January, the indices of industrial and services production are weak. Industry is down 3.4% and services only marginally up on end 2024. On the other hand, unemployment data for January and February show a continuing decline in the number and rate of unemployment, suggesting robust activity in the first quarter of this year, The AIB survey of purchasing managers for February is also positive with gains for both manufacturing and services. On balance the data suggest some gains for the economy in the first months of 2025.