During the past five years, the annual growth rate of Ireland’s GNP has halved – from the heady heights of 10%, enjoyed during the boom years of 1995-2000, to around 5%. However, it is predicted that, in the absence of major shocks in the world economy, this level of growth can be sustained over the next few years.

A major beneficiary of the growth in Ireland’s economy has been the construction industry. New house completions have increased from 30,000 in 1995 to more than 76,000 in 2004.