General Industry News

Unemployment rate stays above 24% as lockdown continues

Business Post – 01.04.2021

Covid-19 youth unemployment rate is at 59 per cent, CSO figures show, as government announces €17 million fund to help struggling hospitality businesses provide outdoor dining, Sarah Taaffe-Maguire reports. Almost a quarter of the workforce was unemployed in March as Covid-19 restrictions continue to take their toll on the economy, the latest figures from the Central Statistics Office show. The unemployment rate, including those on the pandemic unemployment payment (PUP), was 24.2 per cent, down slightly from 24.8 per cent in February. Young people were worst affected, with 59 per cent of 15 to 24-year-olds unemployed in March.

IBEC cuts growth forecast and warns on risk from global tax reform

The Irish Times – 29.03.2021                                         

IBEC has cut its growth forecast for the Irish economy by two percentage points on account of “the length and severity of the current restrictions”. In its latest quarterly outlook, IBEC said it was now expecting the economy to grow by 3.1 per cent in gross domestic product (GDP) terms this year. This is down from a forecast of 5.3 per cent just a few months ago and comes on the back of an extended lockdown since Christmas to curb the spread of the coronavirus. IBEC also predicted unemployment would remain elevated for a prolonged period, possibly until 2023, echoing a warning from the Economic and Social Research Institute last week.