27 Feb 2023
Improved economic outlook a boost to Cork based business as IBEC increases growth forecast
Business advisory group IBEC have significantly upgraded its growth forecasts for 2023, in positive news for businesses in Cork.
Having previously predicted 2% growth, the group has revised its forecast up to 3.6% on the back of sustained consumer demand, despite high inflation, and an easing of inflationary pressures. Estimates now see inflation dropping below 4% this year, with further reductions to 2.9% expected next year.
The positive news was echoed in sentiments for Irish GDP in 2023, which is now forecast to be 5.6% making it potentially the the highest in Europe.
The national news will be welcomed by Cork businesses who have absorbed shocks from Covid, Brexit and the war in Ukraine, with the county reporting several positives in 2022 despite the challenges. The positive announcements across the city and county include:
- Cork coming top European city for economic potential at the recent Financial Times European Cities and regions of the future awards – Read here:
- Opening of the Macroom by pass – Read here:
- 5% increase in employment at Enterprise Ireland client companies, adding over 1100 jobs in 2022 – Read here:
- Several new routes being announced at Cork Airport servicing four countries, in addition to increased frequency to existing schedules – Read here:
- Significant uptake of retail and office space in the city centre including the addition of international outlet Mango to Patrick’s Street: 110% increase in office space uptake in Cork– Read here: Spanish giant Mango joins Patrick’s Street arrivals – Read here:
The recent announcement that Cork was named the Financial Times top European City for Economic Potential, alongside top 4 finishes in several categories and second overall, highlighted the areas economic credentials.
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Read the full story about IBEC revised forecasts here –