It is also expecting 160,000 jobs to be created by 2023
The Central Bank is expecting the domestic economy to grow by over 5 per cent this year - more than previously thought.
It's also revised upwards its projections for GDP growth - which includes multinationals - to over 15 per cent.
The unemployment rate is forecast to fall to around 7 per cent next year - with wage growth of around 5 per cent.
Mark Cassidy from the Central Bank says wages will rise in some sectors more than others:
The Central Bank has published the fourth Quarterly Bulletin of 2021, forecasting that a rebound in the Irish economy is expected to be followed by a sustained period of robust growth. Read more here: https://t.co/PIMzIPMwsO pic.twitter.com/muFEUaLQsw
— Central Bank of Ireland (@centralbank_ie) October 6, 2021
The Central Bank is expecting 160,000 jobs to be created by 2023 as the economy recovers from the pandemic.
Domestic activity is due to reach pre-pandemic levels by the end of the year with growth of over 5 per cent - excluding multinationals.
The unemployment rate is forecast to fall to around 7 per cent in 2022 although some sectors will take longer to recover than others.
Mark Cassidy says they expect a steady drop in the number of people out of work over the coming years:
The Quarterly Bulletin also forecasts the unemployment rate to increase to 7.3% this year declining to 7.2% in 2022 pic.twitter.com/uhESgyki8h
— Central Bank of Ireland (@centralbank_ie) October 6, 2021
Legislation To Establish First All-Ireland University To Be Brought To Cabinet Next Week
Latest Report Shows 227 Adults Faced Homelessness In Kildare
Three Groups In Kildare To Receive Funding for Water Quality Improvements
Kildare To See Good Weather For The Weekend, As Temperatures Could Reach 21 Degrees
Ireland Meets EU Air Pollution Targets
Meta Reportedly Set To Cut 10% Of Global Workforce
Nearly One In Three Women Face Barriers To Free Contraception Scheme
David Mongey Appointed Chair of Irish National Stud Board
