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News : Irish Economy Last Updated: Jan 31, 2015 - 6:22 AM


News : Irish Economy

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 30, 2015 - 6:14 AM

News : Irish Economy

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 - 7:54 AM

News : Irish Economy

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 27, 2015 - 9:15 AM

News : Irish Economy

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 26, 2015 - 9:09 AM

News : Irish Economy

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 21, 2015 - 6:40 AM

News : Irish Economy

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."

Jan 19, 2015 - 8:01 AM

News : Irish Economy

Dublin Airport opened for business on Friday, January 19, 1940 with a single flight to Liverpool's Speke Airport. Shortly after 9am, an Aer Lingus Lockheed 14 aircraft took off from the grass runway close to the original passenger terminal, which was still being built at that time.

Jan 19, 2015 - 7:57 AM

News : Irish Economy

Allied Irish Banks p.l.c. (AIB) today announced that David Duffy, chief executive, is to resign to to pursue a career opportunity overseas.

Jan 19, 2015 - 7:43 AM

News : Irish Economy

Irish consumer prices on average, as measured by the CPI (consumer price index), were 0.3% lower in December compared with December 2013. Meanwhile, the CSO also reported Thursday that data for November 2014 show that seasonally adjusted exports fell by €520m (-7%) to €7.03bn from October 2014. Coupled with an increase in seasonally adjusted imports of €79m (+2%), the seasonally adjusted trade surplus dipped by €599m (-21%) to €2.30m in the month. Exports also dropped in the 12 months to November.

Jan 16, 2015 - 12:25 AM

News : Irish Economy

Ireland: A "Jobs Cabinet" on Wednesday sanctioned cutting the target date for full-employment by two years to 2018 but Enda Kenny, taoiseach, got his sums wrong by about 60,000 on the increase in employment needed to offset jobs lost during the recession, or as the announcement coupled with a press conference was part of the next general election campaign, the data was massaged to suit the message.

Jan 15, 2015 - 8:01 AM

News : Irish Economy

Enterprise Ireland, the State agency responsible for the indigenous exporting sector on Monday announced that client firms added 19,705 new jobs in 2014 resulting in a net addition of 8,476 jobs to total over 180,000. Here we look at the number of exporters in Ireland and a comparable country, Denmark, which is both an important food producer and successful knowledge economy.

Jan 13, 2015 - 8:36 AM

News : Irish Economy

Enterprise Ireland said today that 19,705 jobs were created by companies that were supported by Enterprise Ireland - an increase of a net 8,476 jobs when job losses are taken into account.

Jan 12, 2015 - 11:27 AM

News : Irish Economy

Irish Economy 2015: The Central Bank proposes today that banks will have to give more detailed information to customers on loan decisions.

Jan 12, 2015 - 7:57 AM

News : Irish Economy

Irish industrial production rose in November at the fastest pace since 1998 according to the CSO Friday but this may be an illusion as tax avoidance-related overseas "contract manufacturing' is counted as Irish output.

Jan 9, 2015 - 2:44 PM

News : Irish Economy

The seasonally adjusted Irish monthly services value index fell by 1.1% in November 2014 when compared with October 2014 while, in the year to November 2014, there was an increase of 5.9%.

Jan 9, 2015 - 2:20 PM

News : Irish Economy

The  volume of Irish retail sales (i.e. excluding price effects) increased by 0.2% in November 2014 when compared with October 2014 and there was an increase of 4.7% in the annual figure. If Motor Trades are excluded, there was an increase of 0.1% in the volume of retail sales in November 2014 when compared with October 2014 and there was an increase of 3.6% in the annual figure.

Jan 8, 2015 - 2:17 PM

News : Irish Economy

Irish pension managed fund returns were in double digits in 2014 with one sample of funds returning an average of 15.6% with returns ranging from 17.8% (Setanta Asset Management) to 11.2% (New Ireland).

Jan 8, 2015 - 10:52 AM

News : Irish Economy

Irish Live Register numbers in December of 363,900 plus 86,200 in public funded activation schemes (using the November total of 86,200; December 2013 was also at 86,200) amounted to 450,100 - 21% of the total workforce.

Jan 7, 2015 - 11:35 AM

News : Irish Economy

IDA Ireland, the leading Irish inward investment promotion agency, said today that client firms added 15,012 new jobs during 2014. When job losses are taken into account, the net increase in employment was 7,131, one of the highest net levels of job creation in a decade. However, both full-time and total jobs in exporting FDI (foreign direct investment) firms in 2014 remained below the level in 2000 despite a 22% rise in the workforce (including the unemployed).

Jan 6, 2015 - 3:08 PM

News : Irish Economy

The Irish Exchequer deficit at end-2014 was at €8.8bn compared to €11.5bn in the same period last year - the deficit was an improvement of €1.4m on the Budget target, driven by increases in tax and non-tax revenues including Central Bank dividends and reduced interest expenditure. Meanwhile the budget deficit based on EU calculations, which will be released next April, has been estimated at about 4% of GDP (gross domestic expenditure).

Jan 6, 2015 - 8:16 AM

News : Irish Economy

The Irish service sector PMI (purchasing manager index) survey data ended 2014 on a positive footing. December saw faster increases in activity and new business, while staffing levels rose at the joint-fastest pace in the survey’s history. Meanwhile, reports of improving economic conditions and strong pipelines of new work contributed to optimism regarding the prospects for activity growth during 2015.

Jan 6, 2015 - 7:02 AM

News : Irish Economy

The end of year manufacturing PMI (purchasing managers' index) survey showed continued strength in December with demand reported "to have strengthened both at home and abroad, with the increase in new export sales the best seen since March 2010. Manufacturers responded by raising their staffing levels to the greatest degree in 15 years."

Jan 2, 2015 - 6:37 AM

News : Irish Economy

Ireland's ISEQ share index rose 14.5% in 2014 following a 33.6% gain in 2013. Among the big cap issues Ryanair gained 56.5% and an impressive 197.4% in five years.

Jan 1, 2015 - 9:03 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

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