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News : Irish Economy Last Updated: Oct 24, 2014 - 9:00 AM

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

News : Irish Economy

The notion just two years ago that the Double Irish tax avoidance scheme would be axed in the short-term would have been viewed as risible but just as the economy is at last recovering from a momentous crash, conventional wisdom has been shown to be wrong again.

Oct 15, 2014 - 7:24 AM

News : Irish Economy

Irish Budget 2015: The IPOA (Irish Property Owners' Association) called on the 85 Oireachtas members who are landlords (including 9 Ministers) to "get real" about the value of the private rental sector....

Oct 14, 2014 - 6:07 PM

News : Irish Economy

Irish Budget 2015: With Michael Noonan, finance minister, due to begin his Budget speech at 2:30 pm to be followed by Brendan Howlin, spending minister, the final big leak has been reported.

Oct 14, 2014 - 2:12 PM

News : Irish Economy

Irish Budget 2015: After 3 months of lobbying by vested interests and ministerial leaks, modest cuts in income taxes are expected today when the finance and public expenditure ministers outline tax and spending measures. In addition, officials have leaked that the Double Irish corporation tax dodge will be axed in 2020. Meanwhile after the huge anti-water protest in Dublin last Saturday, pensioners will get a €100 gift to defray the cost of water.

Oct 14, 2014 - 4:53 AM

News : Irish Economy

In an interview published today in the Observer, the British newspaper, Bono, the font man of the Irish U2 rock group, has defended the Irish corporate tax regime as U2's own use of a Dutch letter-box company to avoid tax, has dented Bono's bona fides as a celebrity anti-poverty campaigner.

Oct 12, 2014 - 3:56 PM

News : Irish Economy

Last Thursday the Government issued what it termed "a new plan aimed at creating an extra 93,000 jobs from startup companies in the next five years" - - in effect doubling employment at Irish young firms.

Oct 12, 2014 - 12:55 PM

News : Irish Economy

The European Commission is reported to be pressing Ireland to end the 'double Irish' tax dodge in next Tuesday's budget.

Oct 10, 2014 - 8:45 AM

News : Irish Economy

Irish Budget 2015: In last October's budget a second pension tax/ levy on Irish private sector pension funds was introduced and this new tax may well be raised to fund the much spinned income tax cuts or to make the continued raid on funds appear more palatable - to help finance a social housing programme.

Oct 10, 2014 - 8:36 AM

News : Irish Economy

Irish Economy: CSO data show that tourism/restaurant jobs rose 23,000 from the second quarter of 2011 to the same period in 2014 but it's foolish or self-serving to claim all of these jobs resulted from a cut in the VAT rate. A major trade union today proposed that the VAT cut be reversed.

Oct 9, 2014 - 2:15 PM

News : Irish Economy

Irish Economy: The Economic and Social Research Institute (ESRI) says today that the 2013 Balance of Payments surplus turns into a deficit when the impact on the national accounts of tax inversions are excluded. The institute also notes that new trade data standards have "apparently had a significant effect on the national accounts for recent quarters."

Oct 8, 2014 - 8:51 AM

News : Irish Economy

Irish Economy 2014: The Economic and Social Research Institute (ESRI) says economic growth is expected to be strong in 2014 and 2015, with Ireland's gross national product (GNP) forecast to grow by approximately 5% in each year.

Oct 8, 2014 - 7:56 AM

News : Irish Economy

Irish Economy 2014: The CSO said today that the number of new private cars licensed for the first time increased by 34.4% to 4,376 in September 2014 compared to September 2013. However, used (imported) private cars licensed for the first time were down 7.6% to 4,376 for the same period. In total, there were 86,894 new private cars licensed in the year to the end of September 2014, a rise of 30.5% compared to the same period in 2013. The corresponding figure for 2014 in respect of used (imported) private cars was 41,134 and this was up 9.9% from 2013.

Oct 7, 2014 - 3:36 PM

News : Irish Economy

Both Irish industrial production and the monthly services index fell in August according to the CSO today -- which could be attributed to volatility but remember the headlines in early September following the publication of PMI (purchasing managers' index) surveys that manufacturing activity rose to a 15-year high in August while services were back to early 2007 levels?

Oct 7, 2014 - 1:48 PM

News : Irish Economy

Irish pension managed funds delivered further positive average returns during September, with a mean gain of 0.9% for the month. Merrion Investment Managers took top spot with a return of 2.3% for the month, while Setanta Asset Management propped up the league table with a return of -0.3%. Over the third quarter, the average fund gained 4.4%. The best performing fund over the quarter was that of Merrion Investment Managers, which returned 5.9%, while the worst performing fund was that of Setanta Asset Management, which returned 2.2%. Managed funds have returned 10.7% on average over the first nine months of 2014.

Oct 7, 2014 - 8:11 AM

News : Irish Economy

Spar Ireland said today that 50 new Irish franchise shops will add 1,000 jobs by 2016 - - 20 jobs per store.

Oct 6, 2014 - 3:52 PM

News : Irish Economy

Irish Economy 2014: The overall KBC Ireland/ESRI Consumer Sentiment Index increased in September to 92.8, from 87.1 in August - - its strongest level since January 2007. The 3-month moving average rose to 89.8 in September, from 85.9 in August.

Oct 6, 2014 - 3:49 PM

News : Irish Economy

Irish Economy 2014: The Economic and Social Research Institute (ESRI) says today that using a new forecasting tool, "nowcasting", to produce more timely estimates of both GDP and GNP for the Irish economy, suggests that GNP grew by 2.4% in the third quarter. However a research note [pdf] does not address massive distortions in the data and focuses on more timely information rather than reliability.

Oct 6, 2014 - 3:03 PM

News : Irish Economy

Irish Economy 2014: The Central Bank said today that the recovery in the economy has gained momentum and is broadening, though the underlying strength of the economy is less than that suggested by the recent exceptionally buoyant Quarterly National Accounts data. It has sharply revised 2014 data while slightly upgrading its previous 2015 forecast.

Oct 3, 2014 - 11:36 AM

News : Irish Economy

Today's Irish services PMI (purchasing manager's index) data shows fastest expansion in new business since May 2006. "Employment continued to rise sharply, amid comments from panellists that current staffing levels had been insufficient to deal with growth of new work." However, caution is required here as the biggest services companies like Google book orders for tax purposes via their use of the Double Dutch Irish tax scheme.

Oct 3, 2014 - 7:37 AM

News : Irish Economy

Irish Budget 2015: The Exchequer deficit was at €6bn in September, which was an improvement of €1.2bn on the target that was set in last October's budget with tax revenues up €703m.

Oct 2, 2014 - 5:26 PM

News : Irish Economy

Following the publication on Tuesday by the European Commission of its initial findings of its state aid probe of Ireland's tax deals with Apple Inc. in 1991 and 2007, there has been speculation that the US electronics giant could be forced to pay Ireland billions of euros in tax covering the past ten years. However, as per the chart above from the Commission's document, the tax implications in respect of an adverse findings relating to Irish branches of Apple Operations Europe and Apple Sales International would not be significant - - but an extension of the investigation to beyond the Irish branch transactions could result in big claims from other countries.

Oct 2, 2014 - 8:38 AM

News : Irish Economy

Irish Economy 2014: The CSO said today that standardised unemployment rate (SUR) in September 2014 was 11.1%, down from 11.2% in August 2014. The seasonally adjusted unemployment rate from the most recent Quarterly National Household Survey (QNHS) was 11.5% in the second quarter of 2014. On a seasonally adjusted basis the Live Register total recorded a monthly decrease of 4,700 (-1.2%) in September 2014, reducing the seasonally adjusted total to 374,800 - - we have used the unadjusted total of 370,000 and added 20,000 to the August public scheme total of 62,000 as in September, the normal pattern in recent years is that that 20,000-25,000 return to 'Back to Education' schemes for the unemployed every September.

Oct 1, 2014 - 11:43 AM

News : Irish Economy

The Irish manufacturing PMI survey index eased slightly in September with output and new orders continuing to rise. Markit the index compilers say firms responded to higher new business by increasing employment, and this extra capacity enabled them to deplete outstanding work. Both input costs and output prices decreased during the month.

Oct 1, 2014 - 7:47 AM

News : Irish Economy

The European Commission today released its letter to the Irish Government and it outlines why it believes Apple Inc., the American electronics giant, was given special tax deals in 1991 and 2007 to reduce its tax liabilities, that departed from standard international transfer pricing rules.

Sep 30, 2014 - 10:37 AM

News : Irish Economy

Irish Economy: Davy economists in a note published Monday foresee a big bounce-back in the economy in coming years and say the positions of the European Commission and IMF for example, are too pessimistic.

Sep 30, 2014 - 4:38 AM

News : Irish Economy

Irish Economy: The volume of retail sales (i.e. excluding price effects) fell by 2.9% in August 2014 when compared with July 2014 and there was an increase of 6.8% in the annual figure. If Motor Trades are excluded, there was an increase of 0.3% in the volume of retail sales in August 2014 when compared with July 2014 and there was an increase of 3.7% in the annual figure.

Sep 29, 2014 - 2:34 PM

News : Irish Economy

The European Commission is expected to announce today that Apple, now one of the world's biggest listed companies, got special treatment from the Irish authorities, when the American company sought assurances on tax issues in 1991 and 2007 - - from the latter year, Apple's foreign tax rate tumbled compared with earlier in the decade. The Financial Times says today that Apple's CFO said the company in 2007 sought an "advanced opinion" that would provide "complete certainty" about its tax liabilities.

Sep 29, 2014 - 6:31 AM

News : Irish Economy

In 2013 Irish prices for consumer goods and services were 18% above the European Union (EU) average despite Ireland being the only member country to have experienced a fall in prices in the period 2008-2012 while according to the OECD, the US and Ireland are among the countries with the highest proportion of the workforce with low pay. Meanwhile, according to the Department of Finance there has been a huge "competitiveness boost through reduction in unit labour costs with a 20% relative improvement forecast against the euro area average" in 2008-2015.

Sep 28, 2014 - 4:20 PM

News : Irish Economy

New research that will be presented today in Dublin shows that Irish firms are over-dependent on banks and are slow to adopt newer financial products, such as crowdfunding and peer-to-peer lending.

Sep 26, 2014 - 2:23 AM

News : Irish Economy

A 50-page briefing titled 'Inequality and Consumption' on the impact of inequality on consumption, published Monday, has a chart which shows that America and Ireland are among the countries with the highest low-paying jobs in the developed world.

Sep 24, 2014 - 5:37 PM

News : Irish Economy

Last week after the OECD issued its pathbreaking proposals on reform of the international corporate tax system, two Harvard Business School academics were in Dublin advising on how the Irish international food strategy could be improved - - it was an interesting juxtaposition not because we should forego future FDI (foreign direct investment) job opportunities in chemicals or high tech but the food sector has the greatest long-term potential for the economy.

Sep 24, 2014 - 7:52 AM

News : Irish Economy

Irish Budget 2015: The Nevin Institute said in its autumn Economic Observer published today that fiscal consolidation should not exceed €800m in next month's budget - - most of the adjustment would come from the already planned introduction of water charges.

Sep 24, 2014 - 6:55 AM

News : Irish Economy

Following dismal ratings in an index of global financial centres that was published Monday, the Government announced today that it will soon begin a search for a new strategy for Dublin's International Services Centre (IFSC) - - the offshore financial centre.

Sep 23, 2014 - 11:56 AM

News : Irish Economy

New York, London, Hong Kong and Singapore remain the top four global financial centres. All four centres lose points in the 16th biennial GFCI ratings but retain their relative ranks. New York remains the top centre but by only one point on a scale of 1,000. Dublin's International Financial Services Centre (IFSC) got a ranking of 70 compared with 13 in September 2008 and is now behind Mauritius and just ahead of the Bahamas - - the poor ranking raises the question of the role and impact of John Bruton, former taoiseach, as an ambassador for the centre.

Sep 22, 2014 - 3:29 PM

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