MH&C Times Issue 35

I start my tenure as Managing Partner at an optimistic time for the Irish economy and for the firm.

Recent reports from the Economic and Social Research Institute (ESRI) in Ireland predict that the economy will grow by 3.4% this year, higher than the Government's 2.1% estimate. On a seasonally-adjusted basis there was a 2.7% increase in GDP in the first quarter of this year compared to the fourth quarter of 2013, while GNP rose by 0.5% over the same period. Ireland's deficit was just under €5bn in first half of 2014, a €1.7bn improvement on last year. Meanwhile, tax revenue is up 4.9% on this time last year and 1.2% ahead of profile. In light of these reports and figures the Government is now reconsidering its growth targets for 2014 and 2015, which is likely to impact the Irish budget in a positive manner this October with €1bn rather than €2bn of cuts now predicted.