Investor Presentaiton
Ireland really competitive now, so we need to avoid repeat
of mid-2000s
Nominal Labour Cost Ratio - IE vs Euro Area
Wage growth a natural consequence of
improving labour conditions (1999-2021)
110
105
100
95
90
00
T
Most competitive
since early 2000s
Nominal wage growth per head
10.0%
Wage Growth = -0.62* (UR) + 0.086
R² = 0.73
8.0%
6.0%
4.0%
2.0%
0.0%
2.0%
5.0%
8.0%
11.0% 14.0% 17.0%
-2.0%
-4.0%
85
-6.0%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Source: Eurostat, NTMA analysis *Ratio = IE Nom. Labour
Costs/EA Nom. Labour Costs
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Unemployment Rate
Source: CSO, NTMA analysis *red dots are SPU2017 forecasts (2017-
2021); Non-Agriculture employment/wage data
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