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IDA chief executive Martin Shanahan says overseas investors have played their part in reducing unemployment. Image: IDA

CSO reveals unemployment in Ireland has hit a nine-year low

28 Feb 2017391 Views

Ireland needs to stay competitive to keep momentum with jobs, warns the IDA.

Unemployment in Ireland has hit a nine-year low of 6.6pc, according to the Central Statistics Office (CSO).

New figures show that the numbers of workers classified as unemployed now stands at 145,100, down 36,200 on last year.

‘We shouldn’t take this for granted – we need to continue to focus on our competitiveness’
– MARTIN SHANAHAN

The figures show that the unemployment rate stands at 7.1pc for men and 5.9pc for women.

Ireland is winning the jobs battle

Unemployment has fallen every quarter since September 2012.

Youth unemployment now stands at 14.5pc.

IDA Ireland CEO Martin Shanahan said that overseas investors played a considerable role in bringing unemployment down in this period.

He said that total employment at IDA-supported overseas companies in Ireland now stands at 199,877 people, the highest level on record. IDA clients account for almost 10pc of national employment.

“IDA estimates that for every 10 jobs generated by Foreign Direct Investment (FDI) directly, another 7 are generated in the wider economy. This translates into 339,790 jobs that are supported by FDI at the end of 2016.”

“While this trend is very welcome, we shouldn’t take this for granted – we need to continue to focus on our competitiveness,” Shanahan warned.

John Kennedy
By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years. His interests include all things technological, music, movies, reading, history, gaming and losing the occasional game of poker.

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