American Chamber has excellent access to Irish and European public policy networks, opinion leaders and leading media commentators. Through participation in Working Groups and contributions to submissions for Government, the Chamber keeps Irish decision makers focussed on the factors contributing to the continued attractiveness of Ireland as a location for foreign direct investment. More about the Chamber

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November Trade & Investment Report

Key Economic Indicators

Economic News

Major US Investment Announcements


Key Economic Indicators

Indicators

2009

2010

2011 (f)

2012 (f)

Broad Trend

Irish GDP Growth

-7.0%

-0.4%

1.8%

2.3%

US GDP Growth

-

2.7%

2.2%

3.1%

Irish GNP Growth

-9.8%

0.3%

0.2%

0.7%

Irish Inflation (CPI)

-4.5%

-1%

3.0%

1.0%

US Inflation (CPI)

-

2.7%

2.2%

3.1%

Main ECB Interest Rates End of Year

1.0%

1.0%

-

2.25%

Irish Unemployment

11.8%

13.6%

14.3%

14.5%

Balance of Payments C/A

-€4.9b

-€0.1m

€1.5b 

€2.5b

Markit Eurozone Composite PMI

52.5

35.6

46.5

-

Source: ESRI Quarterly Commentary Summer 2011, unless stated

Arrow Direction indicates direction of trend;arrow colour indicates whether trends are perceived as positive (Green) or negative (red).

 (f) = forecast


Economic News

Government Announce Medium Term Review
The Irish Government has unveiled a new Medium Term Fiscal Review. The review comes in the context of modest growth in the Irish Economy however a gap still exists between Government spending and revenue.

It is estimated that to close the gap between tax and spending will necessitate adjustment measures amounting to a total of €12.4 billion over the 4-year period 2012-2015, starting with the €3.8 billion adjustment that is now planned for 2012. The overall composition of the adjustment is intended to consist of €7.75 billion in expenditure reducing measures and €4.65 billion revenue raising measures.

Source: MerrionStreet.ie

Irish Manufacturing Bucks European Trends 
Ireland was the only euro zone economy not to report a fall in manufacturing activity last month. The latest NCB purchasing managers' index (PMI), shows Ireland's production expanded fractionally in October on the back of an upturn in new orders. In addition the overall Business Acitivty Index was also positive at 51.5, up from 51.3 last month.

Source: Irish Times

OECD release Ireland report 
The OECD has said that it expects Irish GDP will to expand 1.2% in 2011 and a slowing in growth next year, to 1% in recently released report on Ireland. To meet fiscal consolidation targets, the report recommends spending restraint be focused on public sector efficiency, welfare reform and infrastructure projects. It also suggests broadening the tax base, through a reduction in tax expenditures and introduction of property taxes.

Source: Finfacts

 
Exports Remain Robust

Seasonally adjusted exports increased by 10% to €7,767m in August resulting in a 15% increase in the trade surplus to €3,699m. On an unadjusted basis, the value of exports in August 2011 (€7,014m) was up 5% when compared with August 2010 and the value of imports (€3,763m) up 8%. The figures for the first seven months of 2011 compared with the same period of 2010 show Exports increased by 4% to €54,258m with Exports of Medical and pharmaceutical products increasing by 11%.

Source: CSO

Minister Bruton Conducts Investment Mission to US 
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, travelled to the eastern USA for a 5-day FDI mission last month. During which he held one-on-one meetings with senior executives of 19 US companies to discuss proposals for investment and job-creation in Ireland. The Minister also held three interviews with major US media outlets to tell the international community that Ireland is open for business.
The 19 companies who the Minister is meeting include:

  • 7 companies in the life sciences sector, 5 IT companies, and 5 financial services companies.
  • A combination of household-name world-leading companies, mid-tier and high-growth emerging companies
  • Companies with combined annual revenues of almost $500 billion, and employing a total of over 1.2million people worldwide
  • Over half the companies already have operations in Ireland, employing a total of 20,000 people, while the remainder are targets of the government

Source: Department of Jobs, Enterprise & Innovation

Games Industry has high Irish potential
Forfás has published a major new report on the games sector entitled, The Games Sector in Ireland: An Action Plan for Growth. The report highlights the potential for Ireland in the video and electronic games sector and identifies issues fundamental to its future success and competitiveness. According to the report, the games industry globally is expected to grow to $82.4billion by 2015, driven by the continuing transition to online and mobile distribution channels and a widening player demographic.

Source: Forfás

Services Exports Growth Continues

Ireland's services sector expanded at a modest pace in October, the 10th straight month of growth, as the reactivation of projects previously put on hold compensated for a fall in new business orders, a survey showed today. Markit's Purchasing Managers' Index for Irish services firms rose to 51.5 from 51.4 in September, above the 50 mark that marks growth.

Source: Irish Times



Major US Investment Announcements 

Hedge Serve Expand by up to 300 new jobs in Dublin
HedgeServ is to expand its Irish operations. The company, located in Dublin, has increased its workforce by an additional 150 people over the last 12 months, bringing its workforce in Ireland to 230. HedgeServ also announced today that it is on track for continued growth in Ireland with the announcement of an additional 300 jobs into the future.

Source: IDA Ireland

Pinger Announce EMEA HQ  
Communications company Pinger, is establishing its EMEA Headquarters and a Customer and Technical Support operation in Dublin which will result in the creation of 15 jobs over the next two years. Pinger, headquartered in San Jose, California, is a cloud-based telecoms company. Pinger develops and markets free texting and phone call applications for use on the iPod touch, iPad, iPhone, Android phones and the web. The Dublin operation will be responsible for managing Pinger across all territories with the exception of North America.

Source: IDA Ireland

Glass Lewis & Co. Open in Limerick
Glass, Lewis & Co., a leading independent governance services firm, is opening its newest office located in Limerick. The new office, the fifth in Glass Lewis' global network, will focus primarily on serving institutional investors throughout Europe. The company will create up to 15 jobs in the first year with potential for additional employment, and will provide excellent employment opportunities in client services, IT and finance in the Mid West region.

 Source: IDA Ireland

Engine Yard to set up in Dublin
Engine Yard, is establishing its EMEA headquarters in Dublin. The established U.S.-based technology company will help to create 30 high quality jobs in the next three years, with the potential to accelerate hiring as it looks to other markets for growth and international expansion.

Source: IDA Ireland