Healy Consultants: Ireland's economy post-Brexit

By: Healy Consultants
 
SINGAPORE - March 6, 2017 - PRLog -- The Irish economy has been projected to grow by 3.4% by the European Commission (http://www.irishtimes.com/topics/european-commission). The Commission says that domestic demand and an improvement in labour market will be the key driving forces behind the country's economic growth. Ireland's economy has been experiencing a lot of uncertainty post-Brexit. Being a small country with 30 per cent of its population dependent on food and drink exports to Britain due to the existing free trade agreement, the country's most important industry is faced with economic risks. There are underlying fears that once the Brexit process is complete, tarrifs may be imposed that will have hugely adverse effects on Ireland's food and drink industry.

Bord Bia, the Irish food and drink marketing and development agency, says that if Irish exports to the UK in 2015 were valued at current euro/sterling exchange rates, the loss to Irish producers would have been €570m, well over 10 per cent of total food and drink exports to the British market. (source –Financial Times (https://www.ft.com/content/5b039b18-e1a6-11e6-8405-9e5580...))

However, Brexit has had some positive effects on the Irish economy as more UK-based financial services companies are looking into setting up businesses in Dublin. According to the Global competitiveness Index reports, Ireland has posted numbers that prove there has been a steep recovery in its economy since the last recession in 2009. Ireland's economy has been the best performing in the European Union for the last three years.

About Healy Consultants

For over a decade, the incorporation experts at Healy Consultants Pte Ltd have been assisting investors worldwide to set up the optimum corporate structure for doing business in Ireland. The services offered include company registration, banking solutions, accounting and tax and legal services and corporate support services.

Contact us

To inquire more about Ireland company setup options and schedule a conference call, email us at email@healyconsultants or call
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