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8. 8
… competitiveness and …
Ireland Greece
Spain
Portugal
US
Euro Area
Poland France
Italy
Germany
UK
-15
-10
-5
0
5
10
15
20
Change 2009-15,
%
Unit labour costs ↑
Unit labour costs ↓
9. 9
… a recovery in trading partners
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
-1
0
1
2
3
4
Real GDP,
annual change, %
Destination for
c. 2/5th of Irish exports
c. 1/5th of exportsc. 1/5th of exports
14. 14
… and broadening out across sectors ...
-10
0
10
20
30
Agriculture
Accommodationandfood
Professional,scientificand
technical
Industry
Healthandsocialwork
Other
Education
Administrative
Transportation
Construction
Informationand
communication
Publicadministration
Wholesaleandretailtrade
Financial,insuranceandreal
estate
000s,annualchange
Employment by sector in Q4 2013
15. 15
… and regions ...
0
5
10
15
20
25
30
BMW Dublin South-East South-West Mid-West Mid-East
000s,
annual change
Employment by region in Q4 2013
20. 20
Improving business sentiment ...
0
20
40
60
80
Total Dublin Rest of Leinster Munster Connaught/Ulster
Confidence in situation facing business over the next 12 months
More Less No difference
Net
49
Net
40
Net
48
Net
47
Net
59
21. 21
... and construction activity ...
30
40
50
60
70
2012 2013 2014
Index
Construction PMI
> 50: expansionary territory
28. In a nutshell
o Typical recovery path
o Broadening out of activity to continue ...
o ... supporting the labour market
o Positive growth this year & next
28
30. Thanks for your attention
30
Data sourced from the CSO, European Commission,
IMF, Department of the Environment , Community and
Local Government, Investec, Bank of Ireland, Ulster
Bank and KBC/ESRI
The latest BOI ERU Outlook on the Irish
Economy can be found at:
http://corporatebanking.bankofireland.com/fs/doc/
publications/general-publications/bank-of-ireland-
the-outlook-may-2014.pdf