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 InformationVICTORIA, Texas: This week, U.S. District Judge Drew Tipton in Victoria, Texas, ruled that President Joe Biden did not have ...
WASHINGTON D.C.: The National Transportation Safety Board (NTSB) said it is investigating a JetBlue flight on Monday that experienced sudden ...
SEOUL, South Korea: Marking a tougher stand against North Korea, South Korea held its first large-scale military parade in over ...
WASHINGTON D.C. After hundreds of deaths overseas from contaminated cough syrups, the U.S. Food and Drug Administration (FDA) has cracked ...
EL PASO, Texas: Over the weekend, Oscar Leeser, Mayor of El Paso, said that the surge in migrants crossing the ...
HONG KONG: This week, Ronson Chan, chairman of the Hong Kong Journalists Association, was sentenced to five days jail for ...
As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...
OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...
DUBLIN, Ireland: The Irish Aviation Authority (IAA) has raised concerns over an escalating safety issue involving unruly passengers, which is ...
(Photo credit: Kelvin Kuo-USA TODAY Sports) South Korea's Hae Ran Ryu made five birdies in a six-hole stretch to rush ...
Prime Minister Ulf Kristersson has called in the military to quell an unprecedented wave of violent crimeCriminals in Sweden aren't ...
Russian President Vladimir Putin is calling up 130,000 conscripts for military service this fall, increasing the age limit of conscripts ...