Dáil Éireann Debate, Tuesday - 24 July 2018
1294. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation the methodology used for job creation forecasts in Enterprise 2025 Renewed; and if she will make a statement on the matter. [35127/18]
Amharc ar fhreagraEnterprise 2025 Renewed aims to deliver opportunities across all regions and to deliver sustainable employment and higher standards of living for all.
Based on a review of Enterprise 2025, which was originally published in 2015, the employment growth potential was updated in the context of the macro-economic forecasts underpinning the 2018 Budget published by the Department of Finance in October 2017 and the latest available Labour Force Survey data (CSO). Specifically Enterprise 2025 Renewed sets the ambition to reach 2.3 million people in employment by 2020, an increase of circa 100,000 over the 2.2 million employed at Q3 2017 (Labour Force Survey). The ambition is to have an unemployment rate of no more than 5.5% by 2020.
The enterprise development agencies, IDA Ireland and Enterprise Ireland, play a key role in providing direct supports and services to export oriented enterprises. They are targeted with contributing circa 30,000 jobs to the potential private sector employment growth which will result in a total of 450,000 employed in their client portfolios - the highest ever.
Forecasting is not an exact science - and is particularly challenging for Ireland as a small open economy where it is exposed to external drivers of change. As the Deputy will be aware, Ireland has outperformed expectations to date, and the unemployment rate is now 5.1%.
Over a longer-term horizon, Project Ireland 2040 projects an increase in population of around 1 million people by 2040. This will require that 660,000 be created over that period.
