The performance of the Irish economy in 2022 was, once again, positive. But what can we expect in 2023 and how can this influence the routine of Brazilians who live in the country, or are planning to go there this year?
It is worth mentioning that the Irish economy is considered one of the strongest and most dynamic in Europe, having been highlighted in several international economic rankings.
Ireland has a history of robust economic growth, and it shows over the years. Since the 1990s, the Irish economy has experienced steady growth, driven by foreign investment, a strong business base and a strong presence of cutting-edge technology. Furthermore, Ireland has benefited from the European Union, becoming a highly integrated economy in the global economy.
Let’s analyze, then, the main aspects of the Irish economy in 2022 and understand what the prospects are for this year.
2022 economic outlook
In 2022, the Irish economy continued to be strong and dynamic despite the challenges faced by the Covid-19 pandemic. According to recent data, the Irish economy grew by around 5.8% in 2022, beating initial economic expectations.
Furthermore, Ireland has experienced a strong labor market recovery, with the number of people in employment rising by over 3%. The unemployment rate has also dropped significantly, reaching around 5.5% in 2022.
Another important factor to be highlighted is the strong attraction of foreign investment in Ireland. In 2022, Ireland received record foreign investment totaling around €50 billion. This reflects international investors’ confidence in the Irish economy and its capacity for long-term growth.
This increase in investments is a result of the country’s economic stability, as well as its privileged position as a business hub in Europe.
Technology sector in Ireland
The technology sector is one of the most dynamic and innovative sectors of the Irish economy. Ireland has a strong presence of cutting-edge technology companies, including companies such as Google, Facebook and Microsoft.
Therefore, if you want to find good job opportunities, know that the technology area is a fertile sector in Ireland.
We have already spoken here, at Oi.ie, about the strong presence of multinationals in Ireland, check it out here.
Perspectives for the Future
Prospects for the Irish economy are positive for the coming years. The forecast economic growth for 2023 is 4.3%, which is a very expressive rate. Furthermore, the upward trend in foreign investment should continue, which is good news for the country’s economy.
Another positive factor is the political stability of Ireland, which generates even more confidence for those who intend to live in the country.
Therefore, if you are wondering if it is worth living and studying in Ireland in the coming years, know that the country remains one of the best options for foreigners looking for new opportunities.
Therefore, if you dream of studying or living in Ireland, know that the time is right. To get to know this charming European country better, keep following us and check out all the information and news you need to know to do an exchange program in Ireland or even take a tourist trip enjoying the best that this country has to offer.