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Ireland's jobless rate drops below 8 pct in April

Xinhua, May 25, 2016 Adjust font size:

Ireland's unemployment rate fell below 8 percent in April for the first time since the economic crisis in 2008, according to official figures on Tuesday.

The figures from the Central Statistics Office (CSO) showed that the monthly unemployment rates have been revised down, with the April rate now put at 7.9 percent as against the previously reported 8.4 percent.

The CSO said there was an annual increase in employment of 2.4 percent in the first quarter of 2016. This compares with an annual increase in employment of 2.3 percent in the previous quarter and an increase of 2.2 percent in the year to the first quarter of 2015.

Employment has grown in 12 out of 14 economic sectors with largest increases recorded in accommodation and food service activities and construction, according to the CSO figures.

Alan McQuaid, chief economist with the Dublin-headquartered Merrion Stockbrokers, said the labor market has improved dramatically over the past three years, reflecting the strengthening of the economic recovery.

Ireland's Department of Finance is projecting that the country will pass the two million people in employment mark in 2016 and replace all of the jobs lost during the downturn by 2018.

McQuaid said employment prospects look very good again in 2016 due to the strong economic recovery, with another net rise of around 44,000 forecast.

"As regards unemployment, we are now looking for an average jobless rate this year of 7.7 percent as against 9.4 percent in 2015," he said. Endit