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News : Irish Economy Last Updated: Oct 9, 2015 - 12:32 AM

News : Irish Economy

Irish Economy: The number of people on the Live Register at the end of November + unemployed people who were in publicly funded jobs and education course schemes, was at 451,000 or 21% of the workforce.

Dec 3, 2014 - 2:22 PM

News : Irish Economy

The Irish service sector PMI (purchasing manager's index) survey shows further strong improvements in both activity and new business during November, helping employment growth to accelerate to the sharpest since September 2006. Business sentiment also improved during the month. Meanwhile, higher salary payments are reported to have contributed to another solid increase in input prices, but the rate of output price inflation eased and was only slight.

Dec 3, 2014 - 6:48 AM

News : Irish Economy

The Irish Exchequer deficit at the end-November 2014 was €5.8bn compared to €8.6bn in the same period last year.

Dec 3, 2014 - 1:19 AM

News : Irish Economy

Irish manufacturing PMI rose for the 18th straight month in November but the data are distorted by overseas contract production.

Dec 1, 2014 - 6:21 AM

News : Irish Economy

The Irish Times reports today that Irish Water spends more than €81,000 a week on legal fees and has paid more than €5m to three of Dublin's biggest law firms since it was set up last August - we said last month that the State is the biggest customer for legal services and as with other purchases, it still tries to provide its suppliers with a shield of Victorian secrecy.

Dec 1, 2014 - 12:26 AM

News : Irish Economy

Irish Economy 2014: Tourism activities (Accommodation and food service activities) account for half the jobs added since the end of the first quarter of 2011 when the current governing Coalition was in office for 22 days. If the official data issued by the Central Statistics Office (CSO) is used, both tourism activities and 'Agriculture, forestry and fishing' account for two-thirds of the jobs added.

Nov 28, 2014 - 6:40 AM

News : Irish Economy

Irish Economy: Usually the ritualistic 'Dance of the Seven Veils' that precedes the annual Budget - with official leaks, denials, speculation and a raft of submissions from vested interests pleading for tax breaks and more spending - begins about five months before October, but on Thursday Enda Kenny, taoiseach, fired both the opening shot of the general election campaign, due to be held by April 2016, and the Budget 2016 ritual, by confirming more income tax cuts with another reduction in the top rate.

Nov 28, 2014 - 6:04 AM

News : Irish Economy

Ireland: The Irish economy achieving "escape velocity" after prolonged downturn, exhausted debt-deflationary headwinds being usurped by mild reflationary tailwinds as credit impulses revive, is a scenario presented by Donal O'Mahony, global strategist at Davy, Ireland's biggest stockbroking firm.

Nov 27, 2014 - 8:22 AM

News : Irish Economy

Irish full-time employee numbers grew by 14,000 in the 12 months to the third quarter of 2014 and remain 258,000 below the Q2 2008 level, just before the economic crisis became a full-scale emergency, according to today's data from the CSO. Meanwhile the broad jobless rate is at 21% of the workforce.

Nov 26, 2014 - 2:37 PM

News : Irish Economy

Irish Economy 2014: The CSO reported today that net jobs in the economy grew by 27,700 in 12 months to third quarter.

Nov 26, 2014 - 11:33 AM

News : Irish Economy

Irish Economy: Average hourly total labour costs fell by 1.9% over the four years to Q3 2014 from €24.72 to €24.26 per hour according to the CSO on Tuesday.

Nov 26, 2014 - 7:44 AM

News : Irish Economy

Data from the Fiscal Advisory Council (FAC) show that 2.5% of the 5.8% rise in Irish GDP (gross domestic product) in H1 2014, or 43%, came from contract manufacturing overseas, that has no material impact on jobs in the economy. Dell, the PC company, books its Polish output in Ireland for tax avoidance purposes.

Nov 25, 2014 - 8:59 AM

News : Irish Economy

Irish Pensions: 50% of all 35 to 45-year-olds have no occupational retirement provision beyond the state pension according to an analysis of 5,000 defined contribution (DC - where there is no guaranteed payout) pension plan members by Mercer, the pension consultants. Based on current savings levels, it is also projected that 35 to 45-year-old DC pension plan members can expect an average income in retirement of just 22% of final salary.

Nov 25, 2014 - 6:51 AM

News : Irish Economy

The Irish government has caved-in to the powerful vested interests of the legal professions and parked a key legal services reform in Limbo where it is likely to remain indefinitely.

Nov 19, 2014 - 6:46 AM

News : Irish Economy

Irish Economy: Prices on average, as measured by the CPI, were 0.2% higher in October compared with October 2013 with the fall in oil prices leading the decline in the month.

Nov 13, 2014 - 2:25 PM

News : Irish Economy

Irish Economy: Preliminary figures for September 2014 show that seasonally adjusted exports decreased by €323m (-4%) to €7.69bn from August 2014. The CSO said seasonally adjusted imports also decreased by 4% (-€191m) to €4.44bn, leading to a decrease of €132m (-4%) in the seasonally adjusted trade surplus to €3.25bn in September. Exports were down 3.8% in the third quarter.

Nov 13, 2014 - 2:17 PM

News : Irish Economy

Richard Bruton, enterprise minister, is back in the US to reassure investors on the Irish corporate tax regime but apart from the certainty of the headline rate of 12.5%, the ongoing reform process at global and European level suggests that uncertainty will prevail for sometime.

Nov 13, 2014 - 7:47 AM

News : Irish Economy

Hidden Taxes Report: In recent years, Enda Kenny, taoiseach, has made several categorical statements on tax that to informed observers who haven't a vested interest, were economical with the truth, and an international report published Tuesday, says he "has denied any special treatment for Apple despite the clear evidence to the contrary, revealed through the EC investigation," while he "continues to strongly defend Ireland’s overall tax regime."

Nov 12, 2014 - 8:25 AM

News : Irish Economy

The CSO said today that the number of new Irish private cars licensed for the first time increased by 6.7% to 3,021 in October 2014 compared to October 2013. However, used (imported) private cars licensed for the first time were down 8.7% to 4,252 for the same period.

Nov 10, 2014 - 2:24 PM

News : Irish Economy

Irish pension managed funds delivered a mixture of positive and negative returns during October, with a mean gain of 0.5% for the month.

Nov 7, 2014 - 10:24 AM

News : Irish Economy

Irish Jobs: Richard Bruton, enterprise minister, is the frontman for the Government's permanent publicity campaign on jobs but he needs to allocate some time to address key policy flaws rather than spinning for media headlines.

Nov 7, 2014 - 8:51 AM

News : Irish Economy

The European Central Bank threatened to cut off emergency funding to Irish banks, unless Ireland applied for a bailout, according to a November 2010 letter that was sent by Jean-Claude Trichet, ECB president, to Brian Lenihan, finance minister - it contains no surprises.

Nov 6, 2014 - 8:53 AM

News : Irish Economy

Irish Economy 2014: Industrial production excluding construction for September 2014 was 3.3% higher than in August 2014 while there was a decrease of 0.1% in the seasonally adjusted industrial sales value turnover index. The CSO reported that on an annual basis turnover increased by 13.7% when compared with September 2013.

Nov 5, 2014 - 12:53 PM

News : Irish Economy

The CSO reported today that seasonally adjusted monthly services value index increased by 1.1% in September 2014 when compared with August 2014 while, in the year to September 2014, there was an increase of 5.1%. There was a 1.3% fall in August.

Nov 5, 2014 - 12:34 PM

News : Irish Economy

The standardised unemployment rate (SUR) in October 2014 was 11.0%, down from 11.1% in September 2014. The seasonally adjusted unemployment rate from the most recent Quarterly National Household Survey (QNHS) was 11.5% in the second quarter of 2014. The number on the Live Register + activation schemes (data for September at 75,600) was 447,000.

Nov 5, 2014 - 12:21 PM

News : Irish Economy

The Irish Exchequer deficit at end of October 2014 stood at €8.5bn compared to €10.5bn in 2013 as tax receipts exceed target by €1.1bn.

Nov 5, 2014 - 8:13 AM

News : Irish Economy

Growth in the Irish service PMI (purchasing managers' index) remained strong in October, and companies generally foresee further increases in activity over the coming year. However, later this morning the official services index for September (which excludes financial services) will be published and in August it fell.

Nov 5, 2014 - 6:43 AM

News : Irish Economy

The National Treasury Management Agency (NTMA) has priced its 15-year bond sale to yield below the UK's equivalent borrowing costs according to the Financial Times, after attracting an €8.2bn order book for the deal that will be used to pay back International Monetary Fund loans ahead of schedule.

Nov 4, 2014 - 3:22 PM

News : Irish Economy

The overall KBC Ireland/ESRI Consumer Sentiment Index decreased in October to 85.5, from 92.8 in September. The 3-month moving average fell to 88.5 in October, from 89.8 in the previous month.

Nov 4, 2014 - 3:04 PM

News : Irish Economy

Irish Economy 2014 : Growth in the Irish manufacturing sector gathered momentum in October according to the latest survey. Firms reported that they took on extra staff at a faster pace, in turn helping lead to a stronger rise in production. Inventory building was a feature of the latest survey, and stocks of purchases rose at the sharpest pace since the survey began in May 1998. Meanwhile, input costs decreased for the third successive month and firms lowered their output prices again in response.

Nov 3, 2014 - 7:30 AM

News : Irish Economy

Last year Germany announced that the Kreditanstalt für Wiederaufbau (KfW), the state development bank, would provide lending for Irish SME (small and medium size firms) firms and today Wolfgang Schäuble, the German finance minister, will be in Dublin together with representatives from the KfW and the European Investment Bank (EIB), the EU's investment bank, for the launch of the Strategic Banking Corporation of Ireland (SBCI) - an Irish State vehicle for funding SMEs.

Oct 31, 2014 - 8:19 AM

News : Irish Economy

Bono, the frontman for U2 the Irish rock group, has again revealed his struggle to reconcile his role as a anti-poverty campaigner with his use of international loopholes to avoid paying income tax in Ireland.

Oct 30, 2014 - 8:21 AM

News : Irish Economy

Eircom Business Solutions today launched Digital Boost, a €250,000 seed fund for Irish SMEs looking to innovate and grow their business through investment in digital solutions. The fund is designed to offer tangible assistance to the SME community in four key areas: business mobility; digital training; sales and marketing; and business productivity. Eircom Business Solutions has partnered with Google, PayPal, Samsung, the Digital Marketing Institute and Salesforce to deliver a suite of digital funding to successful applicants.

Oct 30, 2014 - 3:50 AM

News : Irish Economy

Irish Economy 2014: The volume of retail sales (i.e. excluding price effects) increased by 0.1% in September 2014 when compared with August 2014 and there was an increase of 5.9% in the annual figure. If Motor Trades are excluded, there was a decrease of 0.6% in the volume of retail sales in September 2014 when compared with August 2014 and there was an increase of 3.1% in the annual figure. Sales excluding motor vehicles were also flat in the third quarter.

Oct 29, 2014 - 2:01 PM

News : Irish Economy

Irish Economy: As the country's annual budget deficit falls below the European Union's 3% limit, the Government's band-aid measures in response to serious issues reveal a growing strategic deficit.

Oct 24, 2014 - 8:00 AM

News : Irish Economy

Irish Finance Bill 2014: Last Sunday The New York Times in an editorial following the decision in Budget 2015 to eliminate the Double Irish tax dodge from 2021, said "Ireland, which for years used policies like the Double Irish to attract multinational businesses, appears uninterested in true reform. It will create a new provision known as the Knowledge Development Box that will allow technology, pharmaceutical and other companies that make money from patented products and services to pay a discounted tax rate." Today in further affirmation that the indigenous sector will effectively remain the second fiddle in terms of priorities, the Government is to broaden incentives for foreign executives and increase the opportunities for abuse.

Oct 23, 2014 - 4:25 PM

News : Irish Economy

In recent decades globalization has been a catalyst of technological change, which in turn has accelerated economic integration through step-changes in communications, science, transport and industry. However, there is evidence of a growing disconnect between GDP (gross domestic product) rises and incomes for most workers.

Oct 21, 2014 - 8:38 AM

News : Irish Economy

Randox Laboratories, the medical diagnostics company that is headquartered in County Antrim, today set out a new vision for the company's future in Dungloe, County Donegal where it plans to add 470 jobs by 2020.

Oct 20, 2014 - 3:35 PM

News : Irish Economy

Irish Economy 2014: Preliminary figures for August 2014 show that seasonally adjusted exports increased by €1.46bn (+23%) to €7.97bn from July 2014. Coupled with a small increase of €29mn (+1%) to €4,63bn in seasonally adjusted imports, the seasonally adjusted trade surplus increased by €1.44bn (+75%) to €3.34bn from the low figure in July.

Oct 15, 2014 - 4:41 PM

News : Irish Economy

Irish Budget 2015: The Government implemented €1bn of tax cuts and spending increases in Tuesday's Budget -- we present economic analyses here.

Oct 15, 2014 - 9:09 AM

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