(Bloomberg) -- Three years ago, Kanye West and Kim Kardashian spent their honeymoon at Castlemartyr Hotel and Resort, a palatial 17th-century manor house built around 13th-century Norman castle ruins.
In September 2015, the five-star, 220-acre estate set in the quiet countryside outside Cork, Ireland, was bought by British hotelier Martin Shaw, who also has a major stake in Hampshire’s golf mecca Old Thorns Manor, for million.
And now, after the June 2016 vote that led to Brexit, the uncertainty about future trade terms with the United Kingdom has prioritized skilled construction and restoration work from British vendors while it’s still possible. And those visitors are adding more to the economy, too—travel spending from non-European, non-British travelers is up by more than 20 percent year-to-date.
In the process, these charming Irish castles have quickly morphed from British-occupied weekend retreats to world-class resorts, drawing the attention of well-heeled travelers from the Americas and beyond. Counterintuitive to the fears that Brexit may stifle the local economy, the International Monetary Fund expects Ireland to achieve 3.5 percent gross domestic product growth this year and 3.2 percent in 2018.
It led to a sharp increase in unemployment—along with substantial declines in output, consumption and investment.
But the resort is benefiting from Brexit more than any glamor afforded by a jet-setting celebrity duo.WASHINGTON — The Dow industrial average hit 22,000 in August, ushering in yet another noteworthy high.But Americans also reached the big time with a different financial milestone this year — and not in a good way.However, it is here the mainstream media should have learned their lesson.
The chart below shows the S&P 500 index with recessions and when the National Bureau of Economic Research dated the start of the recession.
You will remember that during the entirety of 2007, the majority of the media, analyst and economic community were proclaiming continued economic growth into the foreseeable future as there was Of course, a full-year later, after the annual data revisions had been released by the Bureau of Economic Analysis was the recession officially revealed.