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News : Irish Economy Last Updated: Dec 19, 2014 - 8:41 AM

News : Irish Economy

Irish Economy: Richard Bruton, enterprise minister, said in a statement Thursday that 80,000 jobs had been added in the economy since the Government's 'Action Plan for Jobs' programme was launched in early February 2012. However, 36% of the total are in the 'Agriculture, forestry and fishing' category and this is the subject of an on-going investigation by the Central Statistics Office (CSO).

Dec 19, 2014 - 4:38 AM

News : Irish Economy

When the majority of the output of the Irish Government's publicity machine is bullshit - exaggeration, distortions, the ignoring of challenges/ weaknesses in published reports, the misuse of distorted economic data, and a general disregard for the facts - then it's time to take George Orwell's advice and in 2015 try to restore public confidence with a respect for the truth.

Dec 18, 2014 - 7:13 AM

News : Irish Economy

Irish Economy 2015: The ESRI (Economic and Social Research Institute) in its latest economic commentary forecasts a GNP (gross national product) rise of 4.6% next year with unemployment set to fall to an annual average of 9.7%.

Dec 17, 2014 - 4:14 AM

News : Irish Economy

The OECD on Monday provided an update via a webcast of its BEPS (Base Erosion & Profit Shifting) corporate tax reform proposals.

Dec 16, 2014 - 7:13 AM

News : Irish Economy

Irish Economy: Economists at the Economic and Social Research Institute (ESRI) say in a paper published today that Budget 2015 will have its greatest impact – a reduction of 1% in net household income – on the 10% of households with lowest incomes. Smaller losses will be experienced by most middle income households, with small percentage gains for higher income households. The greatest gain will be close to half of one percentage for the top 10% of households.

Dec 12, 2014 - 7:02 AM

News : Irish Economy

Irish Economy: Prices on average, as measured by the CPI (consumer price index), were 0.1% higher in November compared with November 2013.

Dec 11, 2014 - 3:34 PM

News : Irish Economy

Irish Economic Recovery: Following the rush for superlatives in September when second quarter growth results showed the economy expanded year-on-year by 7.7%, flat growth in the third quarter has Ibec, the business lobby, still declaring growth is "spectacular" with no recognition of distortions that a non-vested interest body such as the Irish Fiscal Advisory Council highlights - see box below for some reality.

Dec 11, 2014 - 2:27 PM

News : Irish Economy

Irish Economy: The CSO said today that preliminary estimates for the third quarter of 2014 indicate that GDP (gross domestic product) remained practically unchanged in volume terms on a seasonally adjusted basis compared with the second quarter of 2014 while GNP increased by 0.5% over the same period.

Dec 11, 2014 - 11:23 AM

News : Irish Economy

The Financial Times today reports that tax avoidance deals raise questions over Ireland’s growth spurt in the first half of 2014.

Dec 10, 2014 - 7:05 AM

News : Irish Economy

Irish Economy: A research note published today by the ESRI (Economic and Social Research Institute) suggests that the current “two-tier recovery” merely reflects longstanding problems not addressed during the boom and bubble years.

Dec 10, 2014 - 7:02 AM

News : Irish Economy

The OECD’s annual Revenue Statistics report found that the tax burden in Ireland increased by 1 percentage point from a GDP (gross domestic product) ratio of 27.3% to 28.3% in 2013. In GNP terms (mainly excluding the profits of foreign own operations in Ireland but distorted by tax inversions/brass plate operations) the burden is similar to UK's. However, it is below the level of 2000.

Dec 10, 2014 - 1:11 AM

News : Irish Economy

Ireland has asked the EU to provide money for the controversial new public agency Irish Water and this news comes a day before planned public protests on Wednesday against water charges. Meanwhile on Monday in what appears to have been an official leak to show that ministers can pushback against Brussels, it was reported that last month senior officials had issued a démarche to visiting representatives of the bailout troika who were in Dublin on a post-bailout surveillance mission. The demand was to stop interfering in domestic issues, in particular water policy; in effect 'Shut your trap and feck off.'

Dec 9, 2014 - 8:49 AM

News : Irish Economy

The number of new Irish private cars licensed for the first time increased by 12.1% to 1,465 in November 2014 compared to November 2013 according to the CSO. However, used (imported) private cars licensed for the first time were down 6.9% to 4,177 for the same period. In total, there were 91,380 new private cars licensed in the year to the end of November 2014, a rise of 29.2% compared to the same period in 2013. The corresponding figure for 2014 in respect of used (imported) private cars was 49,563 and this was up 6.4% from 2013.

Dec 8, 2014 - 4:10 PM

News : Irish Economy

EY’s latest Economic Eye Winter forecast report [pdf] covering both Irish jurisdictions and the UK, has upgraded gross domestic product (GDP) for the Republic of Ireland (ROI) from 2.0% in 2014 and 2.4% in 2015 to 4.8% and 3.3% respectively. The Big 4 accounting firm that used to be known as Ernst & Young says the upgrade caps a turnaround in fortunes marked by broad-based labour recovery and significant improvements in exports and consumer spending.

Dec 8, 2014 - 8:28 AM

News : Irish Economy

Ireland: The Bord Gáis Energy Index hit a 4-year low as Brent crude oil fell by 18% in November and is now 30% lower than this time last year. Despite month-on-month increases in wholesale natural gas prices (+5%), coal prices (+2%) and electricity prices (+3%), the Bord Gáis Energy Index fell by 9% in November due to plunging global oil prices. The price of a barrel of oil had been weak throughout November but news that OPEC decided not to cut its daily production target on November 27 resulted in prices plunging to post their steepest one day fall since 2011.

Dec 8, 2014 - 6:38 AM

News : Irish Economy

Irish Economy: Production for Manufacturing Industries for October 2014 was 10.0% higher than in September 2014, according to the CSO today. On an annual basis production for October 2014 increased by 38.5% when compared with October 2013. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three months August 2014 to October was 3.8% higher than in the preceding three month period - this surge in production seems ridiculous when jobs in industry have fallen in the past year.

Dec 5, 2014 - 4:15 PM

News : Irish Economy

Corporate Tax Reform: From two years of denial as progress on reform of the international business tax system accelerated, policy makers in Ireland may well be in panic in response to the recent initiatives by the big countries in Europe, in advance of completion next year of the Organisation of Economic Co-operation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) project.

Dec 4, 2014 - 7:04 AM

News : Irish Economy

Irish pension managed funds delivered strong returns during November, with a mean gain of 2.6% for the month.

Dec 4, 2014 - 1:36 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

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