Economic & Social Overview
We have Restored a Strong Economy |
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· 206,000 jobs have been created since the Action Plan for Jobs in 2012. · Unemployment rate is down to 6.4% from a peak of 15.1% in 2011. · Wages have increased in most sectors in the last year. |
· We were the fastest growing economy in Europe in 2015 & 2016 (GDP). · While GDP data can be problematic for Ireland, consumer spending is a reliable domestic statistic and it grew by 3.0% in 2016 and 4.5% in 2015. |
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To Support a Fair Society |
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A Regional Recovery |
· Disposable income (after tax) is increasing in every region (2014 data). · Employment has increased in all 8 regions since Action Plan for Jobs. · Over 2/3rds of new jobs in the last 12 months were outside of Dublin. · We published 8 Regional Jobs Plans as part of a €250m strategy. |
A Fair Recovery |
· €5 p.w. increase in social welfare: pensions, jobseekers (JB&JA), carers’ allowance, disability allowance, and one parent family payment (2017). · USC & Income tax cuts targeted at low and middle income workers (benefits are capped at €70,000 salary). · Increased the minimum wage by 20%, from €7.65 to €9.25. · Ireland is more equal & poverty is decreasing (decrease in ‘Gini co-efficient’, consistent poverty, at risk of poverty & deprivation, in 2015). · Core weekly social welfare rates were protected during consolidation. |
Investing in Our Future |
· A new ‘Single Affordable Childcare Scheme’, from Sept 2017, which provides both universal and targeted subsidies towards childcare costs. · Completed the roll-out of the 2nd free pre-school year. · Introduced 2 weeks of paternity leave from September 2016. · 2,400 extra teaching posts in schools, including 900 resource teachers. |
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· We commit to an extra €6.75bn current spending on public services, using the proceeds of a strong economy. · We commit to €5.1bn extra capital spend, above the €42bn capital plan. · Employment in the health sector increased by over 8,000 in the last 2 years; with over 80% of this increase in front line activities. |