Robert Besser
23 Jan 2023, 18:44 GMT+10
NEW YORK CITY, New York: Fitch Ratings has announced that Ireland's Long-Term Default Rating has reached 'AA-' with a Stable Outlook.
Ireland's revenue performance and end of Covd-19 supports will lead to a general government surplus of some 1 percent of GDP this year.
Fitch noted that Exchequer revenue was up by EUR14.2 billion, equal to 2.9 percent of GDP, or 16.5 percent in 2022. Of this, some one half of this increase was due to corporate tax income revenues.
Also, Ireland's debt to GDP ratio fell by an estimated 9 percent in 2022 to 46.5 percent, below the 'AA' median of 48.5 percent.
"We forecast that robust economic growth and strong primary surpluses will drive a fast reduction in debt to 35.3 percent of GDP at end-2024," said Fitch in a statement.
Fitch also noted that the labour market remains very tight, driven by the reopening of the economy after the pandemic and the strong performance of the multinational enterprise sector. The labor force continued increasing in 2022 and grew on average by 5.7 percent between the first and third quarter of 2022.
Additionally, the unemployment rate continued to decline, reaching 4.4 percent in November.
Get a daily dose of Irish Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.
More InformationSACRAMENTO, California: Sixteen migrants from Venezuela and Colombia, who had entered the United States through Texas, were transported to California ...
GRAND ISLE STATE PARK, Louisiana: Almost two years after Hurricane Ida struck the barrier island and destroyed most of its ...
YANGON, Myanmar - A regime court sentenced to death five people detained for their alleged involvement in a deadly August ...
HARTFORD, Connecticut: Following a state Senate debate and vote to approve Connecticut's most comprehensive gun legislation since the laws put ...
SPENCER, Massachusetts: Spencer, Massachusetts Fire Chief Robert Parsons has said that a June 2 fire that burned down a 160-year-old ...
MOSCOW, Russia: Journalists from countries that are "unfriendly" to Russia will be banned from covering this year's St. Petersburg International ...
PARIS, France: European plane manufacturer Airbus is reported to be close to a record agreement to sell 500 narrow-body jets ...
DUBLIN, Ireland: Officials in Ireland have reported that 15,589 Ukrainian students were enrolled in schools last month.Throughout Europe, Ireland continues ...
MOSCOW, Russia: Journalists from countries that are "unfriendly" to Russia will be banned from covering this year's St. Petersburg International ...
WASHINGTON D.C.: The Pentagon said this week that the satellite communications service started by billionaire Elon Musk, SpaceX's Starlink, has ...
BRUSSELS, Belgium: EU tech chief Margrethe Vestager has said that a draft code of conduct on artificial intelligence (AI) could ...
MOSCOW, Russia: After a turbulent 15 months of store closures and declining demand, Russian designers and brands are assisting the ...