The ESRI estimates economic growth of just over 11% in 2021

With the strong performance of the Irish export sector driving much of this expansion. Domestic demand is also expected to rebound strongly as the economy reopens, with consumption expected to grow by 7.5% in 2021.

 

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Investment is expected to grow significantly throughout the latter half of 2021 as economic activity resumes, growing by 5.8% overall.

The ESRI expects unemployment to fall to 9% by the end of 2021 and to average 7.1% in 2022. They estimate that the cost of lost output in 2020 and 2021 is approximately €24bn, however, by 2022, the economy should recover to where it would have been, had the pandemic never occurred.

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