Dublin Economic Monitor

Eighth Issue Of The ‘Dublin Economic Monitor’ Launched

#Dublineconomy

Mixed Signals For Economic Growth In The Capital

The eighth issue of the Dublin Economic Monitor has been launched today.  A joint initiative of the four Dublin local authorities, the Monitor focuses on the Dublin region, and tracks 15 key economic indicators.  It captures data from the height of the boom to the economic crash and the subsequent recovery.  These indicators show that mixed economic signals have come to the fore from a combination of domestic and external factors and reflect a strong economy which nonetheless is facing challenges on a number of fronts.

Key Highlights:  

Dublin’s unemployment rate dipped slightly to 7.8% in Q3 2016 following an unexpected increase in the second quarter of the year. View Chart Here

Employment levels in Dublin continued to rise, with the most significant expansions in the industry and construction sectors.View Chart Here

Residential rents in Dublin showed mixed signs in Q3 2016 as rents for houses dipped, but rents for apartments rose in the quarter.View Chart Here

Residential property price growth sharpened between July and October 2016 with prices returning to 2009 levels.View Chart Here

Passenger arrivals at Dublin Airport reached a new monthly record of 1.17 million in September 2016.View Chart Here

This issue of the Economic Monitor also contains an article by the Managing Director of Future Analytics Consulting Limited, Dr. William Hynes, on The Dublin Regional Enterprise Strategy 2017-2019, and a special feature by Microsoft’s Regional Datacenter Director for EMEA, Eoin Doherty, on the company’s presence in Grange Castle Business Park, Dublin 22. 

Speaking at the publication of this issue, Lorcan Blake, Economic Consultant at DKM Economic Consultants said: “The latest indicators for the Dublin economy point to a strong performance with growth underpinned by an ongoing improvement in the labour market and robust business activity levels.  However, the downward trend in consumer sentiment and stubbornly high residential and commercial rents are of concern.” 

Austin Hughes, Chief Economist at KBC Bank Ireland said: “Dublin consumer sentiment declined significantly in late 2016 as the mood of consumers in the Capital weakened notably more than that of consumers in the rest of Ireland. In part, the drop in confidence stems from greater nervousness about the general economic outlook because of threats posed by Brexit and potential changes in US policymaking. However, a more influential factor was a downgrade of consumers’ own personal finances that may reflect pressure on living costs in Dublin.”

Andrew Harker, Senior Economist at IHS Markit said: “The latest Dublin PMI shows that the local economy continued to perform well during the final quarter of last year. In fact, Q4 saw the sharpest expansion of the year as growth of manufacturing production rebounded strongly following relative weakness during the rest of 2016. There was less positive news from other indices as new orders and employment increased at weaker rates, but crucially both remained in growth territory. The Dublin economy therefore seems well placed at the start of 2017. Dublin firms continued to see output and new orders rise at faster rates than across the Rest of Ireland, but increases outside of Dublin were still robust overall.”  

Access to the full report is provided by clicking on the following link: www.dublineconomy.ie

Register at the following link http://bit.ly/1W3Xdjs for quarterly updates on Dublin’s economic performance.

ENDS

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