Ireland creates almost 20,000 jobs in the first quarter of 2017

Ireland’s economy is witnessing massive employment growth and official statistics have revealed that around 20,000 Jobs were created in the nation in the first quarter of 2017. The rapid growth of employment in the construction and technology sector is the driving factor for this acceleration in the growth of jobs, as quoted by the Irish Times.

The updated Quarterly National Household Survey has revealed that the annual growth in Employment in Ireland was 68, 600 or 3.5% for Jan-March 2017 that resulted in an overall employment of 2.04 million. 

In the first quarter of 2017, the growth of employment was by 19, 300 jobs that was the fastest rate of growth in the past four years. This was preceded by job growth of 16, 800 in the fourth quarter of 2016 and 14, 600 jobs in the third quarter of 2016.

This survey is deemed to be the most precise measure of labor market scenario in Ireland and revealed that out of the 14 sectors that were reviewed, 11 sectors had witnessed the growth of employment. The highest yearly growth rate was witnessed by the Communication and Information sector that had a job growth of 8.8% or 7,500 jobs. This was followed by the construction industry with an increase of 8.5% or 11, 100 jobs.

Ireland’s unemployment rate is now considerably lower while compared with the European Union average of 9.5%. It has been predicted by the job market analysts that rate of unemployment in Ireland will dip further lower to less than 6% by the end of 2017.

The growth of employment in Ireland has also reduced its rate of emigration that was being witnessed owing to the earlier crisis in the economy. The latest population statistics have revealed that net inflow of immigration is now increasing in the nation.

Ireland’s Finance Minister Michel Noonan has said that the recent growth of employment rate was an indicator that growth of the economy is bearing a positive result for the job market.

He elaborated that the government policies are now bearing positive results. The aim for the upcoming years is to strengthen the economy further and accentuate the growth of jobs, added the Ireland’s Finance Minister.

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