||Last Updated: Mar 26, 2015 - 7:36 AM
Mar 25, 2015 - 7:24 AM
Irish Economy: The ESRI (Economic and Social Research Institute) warns in its latest economic commentary that the Coalition should avoid vote-buying tax cuts in next October's Budget, which will precede a general election that is expected to be held in February or March 2016.
Mar 16, 2015 - 8:11 AM
Joan Burton, tánaiste (deputy prime minister), is in Boston attending St. Patrick's Day events and mindful of her political future at home she is due to present a case for the European Commission to water-down (Irish Water, the controversial public agency, may well be part of her concern) new rules that limit public spending in Ireland — in effect she is begging Berlin to back a Budget next October that would allow the coalition parties to provide jam in advance of the general election due by March 2016 rather than promises of some to come.
Mar 15, 2015 - 4:53 PM
Six years after Michael Dell founded his PC company while a student at the University of Texas, Dell Computer Corporation opened a manufacturing facility in Limerick, Ireland. It was closed in 2009 with the loss 1,900 jobs and over 2,000 jobs remain in mainly service positions.
Mar 13, 2015 - 7:34 AM
Ireland: Cash outflows amounting to €20bn at the peak of the economic crisis in 2010 and 2011, remain unexplained and are likely to remain so.
Mar 12, 2015 - 2:05 PM
The CSO reported today that preliminary estimates indicate that GDP (gross domestic product) in volume terms increased by 4.8% for the year 2014. For the third successive year, GNP (gross national product) showed an increase over the previous year, at a rate of 5.2% in 2014 over 2013. However both GDP and GNP data has been distorted by tax avoidance and the booking of overseas manufacturing as exports caused the value to jump by 23% (20% due to tax) in the year while imports rose by 22% (14% due to tax) resulting in a net goods exports rise of almost €10bn.
Mar 12, 2015 - 7:41 AM
Ireland: The Government launched a report Wednesday which is claimed to detail a new strategy for the international financial services sector for the period to 2020 but the document should more accurately be termed a menu of 30 steps while employment in this exporting sector may be about 24,000 or over 35,000.
Mar 9, 2015 - 1:27 PM
Irish Industrial production for manufacturing industries for January 2015 was 0.1% lower than in December 2014 according to the CSO Monday.
Mar 6, 2015 - 8:33 AM
The latest American Chamber of Commerce in Ireland annual report on US FDI (foreign direct investment) into Ireland and claimed Irish investment into US is deeply flawed as it presents data significantly distorted by tax avoidance, as fact.
Mar 5, 2015 - 7:15 AM
Irish pensions funds performed strongly in February and the Aon Hewitt Managed Fund Index, an index representing the performance of traditional Irish pension managed funds, increased by 5.2% in in the month. This has contributed to the index delivering a positive return of 25.7% over the past 12 months.
Mar 4, 2015 - 12:02 PM
The CSO reported today that on a seasonally adjusted basis the Live Register total recorded a monthly decrease of 4,300 (-1.2%) in February 2015, reducing the seasonally adjusted total to 355,600. Together with 85,080 in publicly funded activation schemes (January data are the latest available), the total number of unemployed in receipt of public support is 440,680, giving a broad jobless rate of 20%.
Mar 4, 2015 - 7:18 AM
Growth of business activity in the Irish service sector slowed in February 2015, but remained sharp. Meanwhile, faster increases in new orders and employment were recorded and optimism regarding the 12-month outlook improved. The rate of cost inflation picked up from that seen at the start of the year.
Mar 4, 2015 - 7:01 AM
Irish tax revenue of €6.8bn to end-February 2015 represents a year-on-year increase of €925m (15.9%) and is €345m (5.4%) above target according to Department of Finance data. Meanwhile the exchequer deficit fell to €205m at the end of February from €1.68bn in 2014 — however last year's data were distorted by once-off changes to a new European payment system.
Mar 2, 2015 - 7:57 AM
Irish manufacturing PMI (purchasing managers' index) in February was at its highest since 1999 but as we explained here, this is not a measure of activity as some journalists assume. It is a measure of sentiment and making historical comparisons are not reliable.
Mar 1, 2015 - 7:01 AM
The Organisation for Economic Cooperation and Development (OECD) reported last year that the US and Ireland had the highest percentage of low pay jobs in the developed world.
Feb 27, 2015 - 2:21 PM
Irish Economy 2015: The volume of retail sales (i.e. excluding price effects) increased by 3.3% in January 2015 when compared with December 2014 and there was an increase of 8.8% in the annual figure. If Motor Trades are excluded, there was a decrease of 0.1% in the volume of retail sales in January 2015 when compared with December 2014 and there was an increase of 4.8% in the annual figure.
Feb 26, 2015 - 6:26 AM
Irish Economy: Jobs growth resumed from early 2013 and in the two years to the end of 2014 only 7,000 or 8% of the 90,000 jobs added were in the Industry and ICT (information and communications technology) sectors according to CSO data published Wednesday.
Feb 25, 2015 - 11:56 AM
There was an annual increase in employment of 1.5% in the Irish economy, or 29,100 in the year to the fourth quarter of 2014, bringing total employment to 1,938,900. This compares with an annual rise in jobs of 1.5% in the previous quarter and an increase of 3.3% in the year to Q4 2013. The labour force including the unemployed fell by 10,500 and the broad jobless rate dropped to 19%.
Feb 23, 2015 - 8:24 AM
Ireland: Only 3% of Irish SMEs (small and medium size firms with up to 249 employees) are active in manufacturing, whereas the equivalent figure for the EU is 10% according to European Commission data.
Feb 20, 2015 - 7:34 AM
Irish food & drinks exports rose by 5% in 2014 and the end of European Union milk production limits (quotas) on March 31, 2015 is being hailed as a great opportunity for Ireland. Simon Coveney, agriculture minister, has termed it "one of the most significant opportunities for the Irish economy that we’ve seen in many years, in the most important indigenous industry for our economy" and he forecast last November that the post-quota scenario would be “extraordinarily exciting” — Irish ministers love superlatives!
Feb 19, 2015 - 8:54 AM
Davy today looks at the political risk to the Irish economic recovery following the success of a radical left party in last month's Greek general elections and Irish polls that show strong support for anti-austerity parties, in particular Sinn Féin, and also non-party politicians.
Feb 16, 2015 - 7:53 AM
Irish overseas 'contract manufacturing' has got a lot of attention in recent months following a Fiscal Advisory Council's report last November but there is a reluctance to call it what it is: tax avoidance.
Feb 15, 2015 - 10:26 AM
Ireland: Enda Kenny, taoiseach, during the general election campaign in early 2011 expressed an aspiration that by 2016 Ireland would be "the best small country in the world in which to do business." He added some social indicators that neither he nor anyone else could credibly measure as not one criterion was specified.
Feb 13, 2015 - 8:09 AM
Irish Economy Boom & Bust: We wonder if conventional wisdom could be fooled again following this week's dramatic acknowledgement by an economist of unimpeachable professional integrity, that both he and Ireland's leading economics think-tank were "totally wrong" in May 2008 when an assessment was made that the "Irish economy is resilient in the face of adverse circumstances" and "the fundamentals of the Irish economy are sound."
Feb 6, 2015 - 6:40 AM
The Government is considering benchmarking income tax to attract Irish emigrants home according to a leak to the Irish Times as part of the publicity chirography leading up to the new "spring statement" on the economy that will be issued in April.
Feb 6, 2015 - 3:56 AM
The Aon Hewitt Managed Fund Index, an index representing the performance of traditional Irish pension managed funds, increased by 4.8% in January. This has contributed to the index delivering a positive return of 22.9% in the past 12 months. Meanwhile the mean managed fund gain for the month was 4.7% according to Rubicon Investment Consultants.
Feb 5, 2015 - 1:40 PM
Irish net worth per capita was €124,523 in Q3 2014 while household debt per capita was at €34,846, according to the Central Bank today. Meanwhile data published by the CSO last September showed that average earnings in 2013 were at €35,830.
Feb 5, 2015 - 1:05 PM
Irish industrial production plunged 12.7% in December 2014 due to volatile data from the pharmaceutical sector including tax-avoidance related booking of foreign manufacturing in Ireland.
Feb 5, 2015 - 8:40 AM
Ireland: Today we have separately covered the latest report from the McKinsey Global Institute (MGI) on the rise in global debt and limited deleveraging since 2007 while Michael Noonan, finance minister, made clear in the Dáil on Tuesday that Irish debt is sustainable long-term.
Feb 4, 2015 - 12:32 PM
Irish Economy 2015: The CSO reported today that on a seasonally adjusted basis the Live Register total recorded a monthly decrease of 3,600 (-1.0%) in January 2015, reducing the seasonally adjusted total to 360,200. Adding the 86,027 in publicly funded activation schemes gives a total of 446,000 that results in a broad jobless rate of 21%.
Feb 4, 2015 - 7:18 AM
Official data based on a panel of 2,100 firms show that the seasonally adjusted monthly services value index increased by 2.1% in December 2014 when compared with November 2014 while, in the year to December 2014, there was an increase of 4.1%. the PMI (purchasing managers' index) survey which is based on a panel of 450 firms and includes financial services, rose in January 2015 but at a slower rate than in December.
Feb 4, 2015 - 2:27 AM
Irish Economy 2015: Strong Christmas sales are reflected in January Exchequer returns, which were published on Tuesday.
Feb 3, 2015 - 3:48 PM
Irish Economy 2015: The Central Bank and Moody's, the credit ratings agency, in separate reports today forecast similar levels of growth this year.
Feb 2, 2015 - 2:58 PM
The Society of the Irish Motor Industry (SIMI ) official statistics show that new car registrations in January are 31% (29,948) up on January 2014 which should see sales comfortably exceed 100,000 at the end of the year, for the first time since 2008.
Feb 2, 2015 - 7:47 AM
Further growth in the Irish manufacturing sector was recorded at the start of 2015 as client demand continued to improve. Both output and new orders rose sharply, albeit at slower rates than in December. Falling oil prices led to a solid reduction in input costs, with firms passing these declines on to customers by way of lower output prices.
Jan 30, 2015 - 7:54 AM
Irish Economy: The International Monetary Fund (IMF) expects GDP (gross domestic product) to expand by 3¼% in 2015 but it warns that tax-avoidance related distortions have likely exaggerated the expected outcome for 2014.
Jan 30, 2015 - 6:14 AM
Scotch whisky exports at £3.9bn (€5.2bn) compare with Irish whiskey exports at €365m in 2014, reflecting a dramatic reversal in fortunes for the Irish industry which had a golden period in the nineteenth century.
Jan 27, 2015 - 9:15 AM
Research in the UK covering the period 1996-2008 show that economy has shifted more towards low-skilled jobs and less towards high-skilled ones compared with other European countries, contributing to a fall in productivity, while an INSEAD report also published last week, pointed to the failed Irish apprenticeship system.
Jan 26, 2015 - 9:09 AM
The UK’s economy has moved towards low-skilled jobs and less towards high-skilled ones compared with other European countries, according to Oxford university research. The number of double-jobbers in the economy has also grown and while politicians brag about headline numbers in the UK and Ireland, there is rising insecurity and hours available.
Jan 21, 2015 - 6:40 AM
Ireland: Last week when a so-called "Jobs Cabinet" sanctioned cutting the target date for full-employment by two years to 2018 and Enda Kenny, taoiseach, said: "Our goal is that all of the 250,000 jobs that were lost during the recession will be able to be restored," we wondered where the job loss data came from. We can now report how the Government understates recession job losses compared with official data.
Jan 19, 2015 - 8:01 AM
Ireland: Six years ago last week Anglo Irish Bank was nationalised and as the belated Oireachtas Banking Inquiry trundles along mainly rehashing old news, enduring government spin and lies that damage the economy, were also on display. By Saturday, old-style Irish political journalism, which has much in common with the sports variety, was also on display, and Stephen Collins, political editor of The Irish Times, judged that the governing coalition had recovered its "nerve."