Brexit Digest – Positive projections for the Irish economy with a focus on Accountancy Practices

Brexit Digest – Positive projections for the Irish economy with a focus on Accountancy Practices

Martin Brennan 19.04.2017

For anyone who remembers, the film Groundhog Day can easily be forgiven for making similar comparisons to national broadcasters and media outlets reporting on familiar headlines over recent months.

Whether it is items such as uncertainty in the Irish political landscape, An Garda Siochana’s crisis after crisis, Irish Water and then of course Brexit. 

For those of you who may not have seen the film, Bill Murray played Phil Connors in the film, an arrogant weatherman, who found himself in a time loop with the same day repeating itself. 

On the 29th March, British Prime Minister, Theresa May triggered Article 50, which generated various discussions again on how this will affect Ireland and what opportunities it will present.

Initial reports from the Central Bank of Ireland give cause for optimism with revised growth forecasts showing an upward trajectory, despite the threats of Brexit. The Central Bank has said that Ireland’s economic performance is sustainable based on foreign direct investment rather than credit and has therefore reviewed its growth forecasts upwards.

Having come through the first quarter of the year, reports remain positive with growth expected to be 3.5 percent for 2018, which is marginally higher than initial predictions. More importantly, despite Brexit concerns and a weaker sterling, consumer spending has increased across multiple sectors, construction activity has increased not just in the capital, but also in the regions throughout Ireland. 

It is also worth noting that these reports from the Central Bank of Ireland highlight key factors such as strength of domestic demand, which is reflected in growth in consumer spending and investment which will lead to continued growth in 2017 and the first quarter of 2018. 

How will this growth happen you may ask – the key component will be continued gains in employment and incomes. From a recruitment perspective and from meeting with candidates and clients on a daily basis it does me give me optimism that these figures and reports bear fruit in the shape of increasing job numbers and companies expanding their workforce. 

Within the practice market new opportunities are available in key sectors such as Corporate Finance, Business Consulting, Aviation Advisory Services, Audit and much more. All interesting roles which will give candidates valuable experience. 

It is important to add that these opportunities are not only consigned to the Big 4, but also to small and medium sized practices which also give candidates real opportunities to develop and enhance their accounting skills. 

For me there are still some questions to be answered on Brexit and how it will impact Ireland. No doubt Ireland will benefit from potential employment opportunities, with leading companies relocating to our shores but will this ultimately come at a price without our former leading trading partner in the EU alongside us? Let’s hope that the political powers that be will work in partnership and achieve the best possible result over the coming months.

Martin Brennan's picture
Consultant | Practice Recruitment
mbrennan@morganmckinley.ie