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17
Sep
2015
15
Sep
2015

The OECD said today that 90,000 persons in Ireland have been without a job for 3 years and it said Ireland's high inequality of market incomes largely reflects its uneven distribution of labour earnings. Only 50% of the individuals in the 20-30 age group are employed or are seeking work, 20 percentage points lower than in other advanced economies in the European Union.

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10
Sep
2015

On a seasonally adjusted basis, initial estimates indicate that Irish GDP (gross domestic product) in volume terms increased by 1.9% for the second quarter of 2015 according to the CSO today. Growth in GNP (gross national product) also increased by 1.9% in this quarter. GDP rose by 6.7% year-on-year and this follows from an annual growth rate of 7.2% in the first quarter of the year.

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8
Sep
2015

The sun maybe about to set on the second golden period for Irish commercial property according to the Dublin and London listed Green REIT which announced its results Monday for the 12 months to 30 June 2015. Green REIT reported a total return of 24.4% in the year and profit was at €157m (30 June 2014: profit of €43m) with basic earnings per share (EPS) rising 89.5% to 23.5 cent.

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5
Sep
2015

Ireland has had a positive environment for business for many decades as successive governments sought to make the country an attractive location for foreign direct investment (FDI), besides the offer of low tax rates. During the general election campaign in early 2011,Enda Kenny, taoiseach, stressed the aspiration that by 2016 the country would be "the best small country in the world in which to do business."

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4
Sep
2015
4
Sep
2015

In the world before 1950 it was rare for a poor country without significant natural resources to become rich. The moves led by the United States to cut tariffs in the 1950s prompted the 'Economic Development' report in 1958 in which T.K. Whitaker (1916- ), Ireland's then top civil servant, proposed the end of protectionism and the embracement of re-emerging globalisation by attracting foreign direct investment (FDI) to boost exporting. In a 1957 memorandum on the failure of Irish economic policy and the general sense of hopelessness in the country, Whitaker warned that "without a sound and progressive economy, political independence would be a crumbling facade." Two decades later in 1978 Deng Xiaoping (1904-1997) also faced a choice as it had been over a century since China had been the world's biggest economy — Angus Maddison (1926-2010), the renowned economics historian, chronicled the grim intervening times here.

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3
Sep
2015

On a seasonally adjusted basis the Live Register total recorded a monthly decrease of 1,900 (-0.6%) in August 2015, reducing the seasonally adjusted total to 341,400. In unadjusted terms the CSO reported today that there were 359,076 people signing on the Live Register in August 2015 — this represents an annual decrease of 39,249 (-9.9%). Adding the 67,000 in public activation schemes in July (the level was 65,000 in July 2014 and in non-summer months is typically at about 80,000) gives a total number of 426,000 and a broad rate of unemployment of about 19%.

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3
Sep
2015

The Irish budget deficit continues to decline and Department of Finance Exchequer returns published Wednesday showed red ink (general government items only) of €3.7bn in the year to end-August, down from €6.5bn a year earlier. Stripping out what is seen as a timing issue in one department, the deficit is €1.9bn (0.9% of GDP) better than the government's original Budget 2015 expectations — it is likely to undershoot the original target of 2.7% of GDP by a significant margin to result in a likely outturn of below 2% of GDP in 2015.

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3
Sep
2015

The latest Irish services PMI (purchasing manager's index) survey show improving economic conditions in Ireland continued to benefit the service sector in August, resulting in further sharp expansions of activity and new business. Companies responded by taking on extra staff at the fastest pace in three months. The CSO will publish the official services index for July on Friday — in the 12 months to June, the index was only up by 2.4%.

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