Mainly due to domestic sources of growth, the Irish economy is still set to grow
significantly in 2016. By May 2016 overall taxation receipts were up 9 per cent on
the same time last year with income tax witnessing a 6 per cent increase over the
same period. Between Q1 2015 and Q1 2016 total employment grew by almost
50,000. However, the weakening contribution of net trade to economic growth is
underscored by recent high frequency economic data suggesting that the global
slowdown in world trade may be impacting negatively on the Irish traded sector.
Much of this is inevitably related to the lower economic growth rates being
experienced in the US and the UK in 2016 compared with recent years
