SEVENTH ISSUE OF ‘DUBLIN ECONOMIC MONITOR’ LAUNCHED

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DUBLIN’S ECONOMIC PERFORMANCE BROADLY STABLE, DESPITE RISING UNCERTAINTY

The seventh issue of the Dublin Economic Monitor has been launched today.  A joint initiative of the four Dublin local authorities, the Monitor looks exclusively at 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.  Most of these indicators show that Dublin’s economic performance is broadly improving, but challenges related to housing and the unfolding consequences of Brexit remain problematic.  

Key Highlights:  

Employment growth continued at pace, with 25K new jobs added in year to Q2. Owing to a faster increase in the labour force, the unemployment rate rose slightly compared to Q1 and stood at 7.9% in Q2. View Chart Here

Residential rents in Dublin returned to growth in Q2 2016 with rents for both houses and apartments rising sharply in the period.View Chart Here

Residential property prices rose by 3.8% YoY in July to stand at the highest level recorded since September 2009. However this rate of increase was markedly slower than the rest of Ireland. View Chart Here

Arrivals at Dublin Airport continued to increase at a rapid rate and reached a record high of almost 1.14 million in May 2016, evidence of continued strong performance of the tourism industry. View Chart Here

Passenger trips on Dublin’s public transport system fell back to 50 million in Q3 2016 on foot of the strikes and closures in the LUAS service. View Chart Here

Housing completions in Dublin remained subdued in Q2 2016. View Chart Here

 

This issue of the Economic Monitor also contains a report by SOLAS Labour Market Economist, Jasmina Behan, on growth and demand in the Dublin labour market, and a special feature by the CEO of Keelings, Caroline Keeling, on the economic contribution and outlook for the Capital’s agri-food sector.

 

Speaking at the publication of this issue, Ciara Morley, Economic Consultant at DKM Economic Consultants said: “The latest set of indicators presented in the Dublin Economic Monitor show that the Capital’s economy is performing well, though an increase in the unemployment rate in Q2 2016 coupled with ongoing issues in the housing market suggest there remains room for improvement.”

Austin Hughes, Chief Economist at KBC Bank Ireland said: “The weakening in the Dublin Consumer Sentiment Index largely reflects notably increasing uncertainty about the economic outlook. The UK Brexit referendum played a significant role but so too did worries about layoffs at Intel and a number of high profile industrial relation disputes that weighed on consumer thinking about the jobs market in Dublin.”

Andrew Harker, Senior Economist at Markit said: “Latest PMI data suggest that the Dublin economy has held up reasonably well following the UK’s vote to leave the EU, with output, new orders and employment all rising at faster rates during the third quarter of the year. The improvement in the rate of job creation is particularly welcome given the marked slowdown seen in Q2. As was the case in the previous quarter, the construction and services sectors led overall growth, with manufacturing production rising at a more modest pace.

The picture in the Dublin economy compares favourably with that seen across the Rest of Ireland, where rates of expansion eased from the second quarter. Whether Dublin can maintain this outperformance remains to be seen given current levels of economic uncertainty, but the economy seems set to meet any future challenges from a position of strength.”

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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