Celtic Phoenix: Difference between revisions

Browse history interactively

← Previous edit

Content deleted Content added

VisualWikitext

Inline

Latest revision as of 15:26, 12 August 2021

Redirect to:

Economy of the Republic of Ireland#Signs of recovery (2014–2016)

From a merge: This is a redirect from a page that was merged into another page. This redirect was kept in order to preserve the edit history of this page after its content was merged into the content of the target page. Please do not remove the tag that generates this text (unless the need to recreate content on this page has been demonstrated) or delete this page.
- For redirects with substantive page histories that did not result from page merges use {{R with history}} instead.

@@ Line 1: / Line 1: @@
+#REDIRECT [[Economy of the Republic of Ireland#Signs of recovery (2014–2016)]] {{R from merge}}
-{{pp-vandalism|small=yes|expiry=June 1, 2015}}
-{{mergeto|Economy of the Republic of Ireland|discuss=Talk:Celtic Phoenix|date=May 2015}}
-'''''"Celtic Phoenix"''''' is a term used by some economic commentators and media outlets to describe the strong economic growth in Ireland since 2014.<ref>{{cite web|url=http://www.shelflife.ie/rise-of-the-celtic-phoenix/|title=Rise of the Celtic Phoenix?|publisher=''Shelflife Magazine''|date=16 September 2014}}</ref><ref>{{cite web|url=http://www.independent.ie/irish-news/news/ireland-is-a-spending-nation-once-again-as-celtic-phoenix-rises-30531688.html|title=Ireland is a spending nation once again as Celtic Phoenix rises|publisher=''Irish Independent''|date=24 August 2014}}</ref> The term "Celtic Phoenix" was coined by journalist and satirist [[Paul Howard (journalist)|Paul Howard]] for his fictional [[Ross O'Carroll-Kelly]] character.<ref>{{cite news|url=http://www.independent.ie/opinion/soapbox-is-the-boom-really-back-30842425.html|title=Soapbox... Is the boom really back? ...and Is the so-called 'Celtic Phoenix' all it's cracked up to be?|last=Sweeney|first=Tanya|work=[[Irish Independent]]|date=19 December 2014|accessdate=20 May 2015}}</ref> It refers to the concept of a [[Phoenix (mythology)|phoenix]] rising from the ashes of the [[Celtic Tiger]] (a term applied to a period of growth in [[Republic of Ireland|Ireland]] in the mid 1990s and early 2000s, which ended with the [[Post-2008 Irish economic downturn|2008–2013 economic downturn]] and [[Post-2008 Irish banking crisis|related banking crisis]]).
-==Background==
-In late 2013, Ireland exited an [[Post-2008_Irish_economic_downturn#Exit_from_bailout|EU/ECB/IMF bailout]]. By 2014, the Irish economy began to grow again, with the construction sector showing signs of recovery.<ref>{{cite web|url=http://www.independent.ie/business/rise-of-new-orders-for-battered-irish-construction-sector-indicates-recovery-30077982.html|date=10 March 2014|publisher=''Irish Independent''|title=Rise of new orders for 'battered' Irish construction sector indicates recovery}}</ref> The economy grew by 4.8% in 2014, making Ireland the fastest growing economy in the European Union.<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0312/686549-cso-gdp-growth|title=GDP growth of 4.8% makes Ireland fastest growing EU economy|publisher=''RTÉ News''|date=12 March 2015}}</ref> Contributing factors to growth included quantitative easing, a weak euro, and low oil prices.<ref>{{cite web|url=http://www.irishtimes.com/business/economy/irish-economic-growth-outpacing-rest-of-europe-says-ibec-1.2173163|title=Irish economic growth outpacing rest of Europe, says Ibec|date=13 April 2015|publisher=''The Irish Times''}}</ref> This growth helped to reduce national debt to 109% of GDP, and the budget deficit fell to 3.1% in the fourth quarter.<ref>{{cite web|URL=http://www.irishtimes.com/business/economy/strong-growth-sees-national-debt-fall-to-109-of-gdp-1.2182317|title=Strong growth sees national debt fall to 109% of GDP |publisher=''Irish Times''|date=20 April 2015}}</ref>
-The headline unemployment rate remained steady at 10%, with the youth unemployment rate remaining at over 20%.<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0429/697564-live-register-figures/|title=Unemployment steady at 10% in April - CSO|date=29 April 2015|publisher=RTÉ News}}</ref><ref>{{cite web|url=http://www.irishtimes.com/business/economy/ireland-tops-the-european-poll-for-reducing-unemployment-rates-1.2195156|title=Ireland tops the European poll for reducing unemployment rates|date=30 April 2015|publisher=''The Irish Times''}}</ref> Emigration had continued to play a significant factor in unemployment statistics, however the emigration rate also began to fall in 2014.<ref>{{cite web|url=http://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2014/|title=Population and Migration Estimates|publisher=Central Stastics Office|date=26 August 2014}}</ref><ref>{{cite web|url=http://www.irishtimes.com/news/social-affairs/emigration-of-irish-nationals-falls-20-in-year-to-april-1.1908275|date=26 August 2014|publisher=''The Irish Times''|title=Emigration of Irish nationals falls 20% in year to April}}</ref>
-Despite the trade surplus falling by 1%, the value of Irish exports increased to a 13-year high in spring 2015, boosted in part by the weak euro.<ref>{{cite news|url=http://www.irishexaminer.com/business/trade-surplus-slips-1-but-exports-set-to-grow-324283.html|title=Trade surplus slips 1% but exports set to grow|work=[[Irish Examiner]]|date=16 April 2015|accessdate=24 April 2015}}</ref> [[Davy Stockbrokers]] reported that goods exports were up 17.4% in the first three months of 2015 compared to 2014, due in part to a rebound in pharmaceuticals, which were up 21% year on year.<ref>{{cite web|url=http://www.independent.ie/business/irish/exports-at-13year-high-as-weak-euro-boosts-competitivesness-31226629.html|title=Exports at 13-year high as weak euro boosts competitivesness|date=16 May 2015|publisher=''Irish Independent''}}</ref><ref>{{cite web|url=http://www.rte.ie/news/business/2015/0515/701327-cso-exports-and-imports/|title=Value of exports up 21% in March on a yearly basis - CSO|publisher=RTÉ News|date=15 May 2015}}</ref>
-Property prices also increased in 2014, growing fastest in [[Dublin]]. This was due to a housing shortage, especially in the Dublin area. The demand for housing caused some recovery in the Irish construction and property sectors.<ref>{{cite web|url=http://www.irishtimes.com/business/economy/property-prices-nationally-up-15-per-cent-in-12-months-1.1939910|title=Property prices nationally up 15 per cent in 12 months|publisher=''The Irish Times''|date=24 September 2014}}</ref>  By early 2015, house price increases nationally began to outpace those in Dublin. [[Cork (city)|Cork]] saw house prices rise by 7.2%, while [[Galway]] prices rose by 6.8%. Prices in [[Limerick]] were 6.7% higher while in [[Waterford]] there was a 4.9% increase.<ref>{{cite web|url=http://www.rte.ie/news/business/2015/0407/692463-property-prices-daft/|title=Dublin property price growth fell below national average in first three months of 2015|publisher=RTÉ News|date=7 April 2015}}</ref> The hosing shortage resulted in over 20,000 applicants being on the social housing list in the [[Dublin City Council]].<ref>{{cite news|url=http://www.irishtimes.com/news/social-affairs/dublin-city-social-housing-list-tops-20-000-1.2224318|title=Dublin city social housing list tops 20,000|last=Kelly|first=Olivia|publisher=''[[The Irish Times]]''|date=25 May 2015|accessdate=25 May 2015}}</ref>
-On the 14 October 2014, Minister for Finance [[Michael Noonan]] and Minister for Public Expenditure and Reform [[Brendan Howlin]] introduced the [[Irish budget, 2015|budget for 2015]], the first in seven years to include tax cuts and spending increases.<ref>{{cite web|url=http://www.rte.ie/news/budget/keypoints/|title=Budget Key Points|date=14 October 2014|publisher=''RTÉ News''}}</ref>  It reversed some of the austerity measures that had been introduced over the previous six years, with increased spending and tax cuts worth just over €1bn.<ref>{{citeweb|url = http://www.independent.ie/business/budget/news/budget-2015-give-and-take-30665621.html|title= Budget 2015: Give and take|date= 15 October 2014 |work=Irish Independent|accessdate=15 October 2014}}</ref><ref>{{citeweb|url = http://www.rte.ie/news/2014/1014/652100-budget-2015/|title= Budget 2015: as it happened |date= 14 October 2014 |work=RTE News|accessdate=15 October 2014}}</ref><ref>{{citeweb|url = http://www.irishexaminer.com/ireland/noonan-denies-budget-framed-for-election-291364.html|title= Noonan denies budget framed for election|date= 14 October 2014 |work= Irish Examiner|accessdate=15 October 2014}}</ref><ref>{{citeweb|url =http://liveblog.irishtimes.com/bdfb23bf73/LIVE-Budget-2015/|title= Budget 2015|date= 14 October 2014 |work=Irish Times|accessdate=15 October 2014}}</ref>
-In April 2015, during a "Spring Economic Statement", Noonan and Howlin outlined the government's plans and projections up to the year 2020.<ref>{{cite web|url=http://www.rte.ie/news/2015/0428/697213-spring-economic-statement/|publisher=''RTÉ News''|title=Expansionary budgets until 2020 are possible - Spring Economic Statement|date=28 April 2015}}</ref><ref>{{cite web|url=http://www.irishtimes.com/news/politics/spring-statement-the-main-points-1.2191937|title=Spring statement: the main points|publisher=''The Irish Times''|date=28 April 2015}}</ref> This included policy statements on expansionary budgets, deficit management plans and proposed cuts to the Universal Social Charge and other taxes.<ref>{{cite web|url= http://www.finance.gov.ie/news-centre/speeches/current-minister/spring-economic-statement-speech-minister-finance-mr-michael |publisher= Department of Finance |title= Spring Economic Statement Speech by the Minister for Finance |date= 28 April 2015}}</ref>
-==Reaction==
-In October 2014, German finance minister, [[Wolfgang Schäuble]] said that Germany was "jealous" at how the Irish economy had recovered after the bailout. He also said that Ireland had made a significant contribution to the stabilisation of the [[euro]].
-<ref>{{cite web|url=http://www.independent.ie/business/irish/german-finance-minister-wolfgang-schaeuble-germany-jealous-of-irish-growth-figures-30707713.html|title=German Finance Minister Wolfgang Schaeuble: 'Germany jealous of Irish growth figures'|publisher=''Irish Independent''|date=31 October 2014}}</ref>
-While Taoiseach [[Enda Kenny]] praised the economic growth, and said that Ireland would seek to avoid returning to a "boom and bust" cycle, he noted that other areas of the economy remained fragile.<ref>{{cite web|url=http://www.irishtimes.com/news/politics/oireachtas/enda-kenny-says-irish-economy-strengthening-but-remains-fragile-1.2081867|publisher=''The Irish Times''|date=28 January 2015|title=Enda Kenny says Irish economy strengthening but remains fragile}}</ref><ref>{{cite web|url=http://www.irishtimes.com/news/politics/no-going-back-to-boom-and-bust-says-kenny-1.2131248|date=9 March 2015|publisher=''The Irish Times''|title=No going back to boom and bust, says Kenny}}</ref><ref>{{cite web|url=http://www.irishexaminer.com/ireland/enda-kenny-2015-is-the-year-of-rural-recovery-316346.html|title=Enda Kenny: 2015 is the year of rural recovery|publisher=''Irish Examiner''|date=6 March 2015}}</ref>
-Some other commentators have suggested that, depending on the Eurozone, world economic outlook as well as other internal and external factors, the growth seen in Ireland in 2014 and early 2015 may not indicate a longer-term pattern for sustainable economic improvement.<ref>{{cite news|url=http://www.counterpunch.org/2015/05/01/the-myth-of-the-irish-recovery/ |publisher=CounterPunch |date=1 May 2015 |title=The Myth of the Irish Recovery }}</ref><ref>{{cite news|url=http://www.afr.com/news/world/celtic-phoenix--irelands-economy-emerges-from-ashes-20150317-1m0seb |date=17 March 2015 |title= Celtic phoenix - Ireland's economy emerges from ashes |publisher=Australian Financial Review }}</ref><ref>{{cite web|url=http://www.irishtimes.com/business/economy/imf-sounds-warning-note-over-economic-recovery-1.2197615|title=IMF sounds warning note over economic recovery|publisher=''The Irish Times''|date=2 May 2015}}</ref><ref>{{cite web|url=http://www.irishtimes.com/news/politics/oireachtas/t%C3%A1naiste-joan-burton-warns-ireland-s-economic-recovery-is-not-secure-1.2193459|publisher=''The Irish Times''|date=29 April 2015|title=Tánaiste Joan Burton warns Ireland’s economic recovery is not secure}}</ref>
-The [[European Commission]] also acknowledged the recovery and growth, but warned that any extra government revenue should be used to further reduce the national debt.<ref>{{cite web|url=http://www.independent.ie/business/irish/budget-2016-european-commission-warns-any-extra-revenues-be-used-to-cut-debt-31219278.html|title=Budget 2016: European Commission warns any extra revenues be used to cut debt|publisher=''Irish Independent''|date=13 May 2015}}</ref>
-==See also==
-* [[Economy of the Republic of Ireland]]
-* [[Economic history of the Republic of Ireland]]
-==References==
-{{reflist|colwidth=30em}}
-{{Ireland-stub}}
-{{Ireland topics}}
-[[Category:2014 in the Republic of Ireland]]
-[[Category:2015 in the Republic of Ireland]]
-[[Category:2010s economic history]]
-[[Category:2010s in Irish politics]]
-[[Category:Economic history of Ireland]]
-[[Category:Economy of the Republic of Ireland]]
-[[Category:Economic booms]]