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||Last Updated: Sep 2, 2014 - 2:51 PM
Irish manufacturing PMI at 42-month high; Official data up 3.4% since 2010
Irish manufacturing sector PMI in August rose to a 42-month high as output and new orders each rose at sharper rates. This encouraged firms to up their rates of growth in input buying and employment, according to the survey. Meanwhile, input prices fell for the first time in over a year and firms lowered their output charges - - this PMI (purchasing managers' Index) survey has not reflected the volatility in the dominant US-owned drugs sector in recent years and CSO data in respect of June showed a rise of 3.5% in industrial production in 12 months and a growth of 3.4% since 2010.
Sep 1, 2014 - 7:25 AM
Irish Economy: Cars boost retail sales in July; Ex-cars sales dip
Irish Economy: The volume of retail sales (i.e. excluding price effects) increased by 8.2% in July 2014 when compared with June 2014 and there was an increase of 8.6% in the annual figure with the the introduction of new 142 car registration plates triggering the surge. If Motor Trades are excluded, there was a dip of 0.7% in the volume of retail sales in July 2014 when compared with June 2014 and there was an increase of 3.1% in the annual figure.
Aug 28, 2014 - 4:06 PM
Irish economic performance since 1922 and Scottish independence
Frank Barry, professor of International Business and Economic Development at Trinity College, Dublin, is the author of a paper for a special issue of Oxford Review of Economic Policy on the question of Scottish independence. He was asked to reflect on Irish economic performance since independence in 1922, including the exercise of fiscal and monetary sovereignty, and on migration policy, without saying anything about Scotland.
Aug 28, 2014 - 8:54 AM
Ireland: Recovery on track but fantasy economics endure
Ireland: The recovery is on track but almost six years after the economic bust, fantasy economics endure.
Aug 27, 2014 - 7:19 AM
Net emigration by Irish nationals at 124,000 in 2009-2014
Net emigration by Irish nationals in the period May 2009-April 2014, amounted to 124,000, according to estimates issued by the CSO on Tuesday.
Aug 27, 2014 - 6:11 AM
Q1 2011-Q2 2014: Irish employee jobs up 21,000; 130,000 part-timers seeking full-time work
The current Irish governing coalition assumed office in March 2011 and today's jobs data from the Central Statistics Office shows that net of public activation scheme jobs, the number of employee jobs is up 21,000 in more than 3 years with a total of almost 130,000 in part-time workers seeking full-time employment - - full-time employees are employees who work 30 or more hours per week.
Aug 26, 2014 - 3:10 PM
Irish Economy: Job numbers & workforce fell in H1 2014; Finfacts proved right
Irish Economy: The number of job numbers fell in the first half of 2014 by 8,000 from 1.910m in December 2013 to 1.902m in June 2014 according to the Central Statistics Office today -- having for long sailed against the winds of conventional wisdom, we can say that Finfacts has been proved right about jobs data that had exaggerated jobs data in the second half of 2013. The overall workforce numbers also contracted.
Aug 26, 2014 - 1:06 PM
Irish Economy: In 4 years to Q2 2014 average hourly earnings fell by 1.5%
Irish Economy: In the 4 years to Q2 2014 while overall average hourly earnings decreased by 1.5% from €21.95 to €21.63, across the sectors hourly earnings have increased in 6 of the 13 sectors according to the CSO on Monday.
Aug 26, 2014 - 8:57 AM
Irish Budget 2015 & Economy: More demand for tax cuts
Irish Budget 2015 & Economy: The renowned American baseball player Yogi Berra (b. 1925) once quipped "It's déjà vu all over again" and there is that sense about the continuing drumbeat of demands for tax cuts in next October's budget.
Aug 21, 2014 - 8:21 AM
At least one fifth of Irish SMEs have direct exposure to property debt
At least one fifth of Irish SMEs (small & medium size firms) have direct exposure to property debt and these firms are almost twice as likely to default compared with a similar firm with no property debt according to research [pdf] by Central Bank economists.
Aug 20, 2014 - 5:16 PM
Irish Economy 2014: Export volume grew by 7% in the second quarter
Irish economy 2014: The CSO reported today that preliminary figures for June 2014 show that seasonally adjusted exports fell by €321m (-4%) to €7.64bn from May 2014. While seasonally adjusted imports declined by €341m (-7%) to €4.28bn, the seasonally adjusted trade surplus increased by €21m (1%) to €3.36bn from May. Export volume grew by 7% in the second quarter.
Aug 14, 2014 - 3:00 PM
Irish consumer sentiment increased in July
Irish consumer sentiment increased in July to 89.4, from 81.1 in June. The 3-month moving average rose to 83.3 from 82.6 in June.
Aug 13, 2014 - 3:05 PM
Domestic ownership of Irish government bonds rises from 28% to 48% since 2012
The domestic ownership of Irish government bonds rose from 28% at end 2012 to 48% in June 2014 and the biggest factor was the Central Bank's 2013 deal on the promissory note debt of ex-Anglo Irish Bank (renamed IBRC) -- see NTMA profile here - - the 2013 IBRC Promissory Note repayment (non-cash settlement) resulted in €25bn of long-dated Government bonds being issued to the Central Bank of Ireland on liquidation of IBRC.
Aug 13, 2014 - 3:01 PM
Irish Economy 2014: Average annual professional vacancies up 6% in July
Irish Economy 2014: Average monthly professional vacancies were up 6% in the 12 months to July compared with a year before, according to data published today in the Morgan McKinley Irish Employment Monitor.
Aug 13, 2014 - 5:10 AM
IMF says Ireland can repay bailout loans early without penalty
The International Monetary Fund (IMF) has confirmed that Ireland can pay back its bailout loans from the Fund early without having to pay a penalty.
Aug 12, 2014 - 1:22 PM
IATA says Dublin-London second-busiest international route
The International Air Transport Association (IATA) today published the 58th edition of the World Air Transport Statistics (WATS), and the top three city-pairs based on passengers carried on international routes were: 1. Hong Kong- Taipei (4.9m, down 11.5%) 2. Dublin-London (3.6m, up 6.9%) 3. Jakarta-Singapore (3.4m, up 8.6%).
Aug 12, 2014 - 1:18 PM
Irish Economy 2014: How strong is the economic recovery?
Irish Economy 2014: The economic recovery is real but it may not be as strong as some headlines suggest.
Aug 8, 2014 - 7:59 AM
Irish Economy 2014: Industrial production dipped 18.2% in June; Up 3.5% in 12 months
Irish Economy 2014: Industrial production for June 2014 covering the manufacturing sector was 18.2% lower than in May 2014. On an annual basis production for June 2014 increased by 3.5% when compared with June 2013. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three months April 2014 to June 2014 was 12.8% higher than in the preceding three month period - - again we see here that the monthly PMI (purchasing managers' index) data while indicating a trend should not be assumed that it impacts the national accounts.
Aug 7, 2014 - 2:52 PM
Irish Economy 2014: Annual consumer prices rose 0.3% in July
Irish Economy 2014: Prices on average, as measured by the CPI (consumer price index), were 0.3% higher in July compared with July 2013 - - the CSO said Thursday that the most notable changes in the year were increases in Education (+4.5%), Alcoholic Beverages & Tobacco (+3.7%), Miscellaneous Goods & Services (+2.8%) and Restaurants & Hotels (+2.5%). There were decreases in Communications (-5.1%), Clothing & Footwear (-3.6%), Furnishings, Household Equipment & Routine Household Maintenance (-3.3%) and Food & Non-Alcoholic Beverages (-3.0%).
Aug 7, 2014 - 1:05 PM
Irish Economy 2014: Growth to remain strong in 2014/ 2015 says ESRI; High debt, low credit are risks
Irish Economy 2014: Economic growth is expected to remain strong in 2014 and 2015, with a gross national product (GNP) expansion of over 3.5% forecast in both years, according to the latest analysis published today in the Economic and Social Research Institute's (ESRI) Quarterly Economic Commentary (QEC). However, the think-tank says high household debt levels, credit availability and poor growth in the Eurozone are big potential risks.
Aug 7, 2014 - 7:51 AM
Irish pension managed funds up an average 6.7% in year to July
Irish pension managed funds delivered mostly positive returns during July, with a mean gain of 0.5% for the month. Managed funds have returned 6.7% on average over the first seven months of 2014.
Aug 7, 2014 - 2:47 AM
Official Irish services index up 0.5% in June 2014; 1.1% in 12 months
The seasonally adjusted official Irish monthly services value index increased by 0.5% in June 2014 when compared with May 2014 while, in the year to June 2014, there was an increase of 1.1%.
Aug 6, 2014 - 11:53 AM
Irish Economy: Services PMI rises in July; CSO data more muted
The recovery in the Irish services sector PMI (purchasing managers' index) continued apace in July amid further strong growth of activity and new business. In turn, this resulted in sharp increases in backlogs of work and employment. Meanwhile, there were further signs of increasing inflationary pressures. However, official data from the CSO (Central Statistics Office) showed that the seasonally adjusted monthly services value index fell by 1.3% in May 2014 when compared with April 2014 while, in the year to May 2014, there was an increase of 3.3%. - - June data will be published today.
Aug 6, 2014 - 6:10 AM
Irish Economy: July Exchequer deficit of €5.2bn is €798m lower than Budget 2014 target
Irish Economy: The Exchequer deficit of €5.2bn in the seven months to July represents an improvement of €798m on the Budget 2014 target, driven by increased tax receipts and reduced interest payments on the national debt, according to data published Tuesday by the Department of Finance (DoF).
Aug 6, 2014 - 3:37 AM
Irish Economy 2014: Live Register numbers + schemes at 469,00 in July
Irish Economy 2014: On a seasonally adjusted basis the Live Register total recorded a monthly decrease of 3,400 in July 2014, reducing the seasonally adjusted total to 382,800. In unadjusted terms there were 404,515 people signing on the Live Register in July 2014. This represents an annual fall of 37,461 (-8.5%). Adding unemployed in activation schemes which fell to 65,000 reflecting a normal summer pattern, the total numbers in receipt of public payments was 469,000 - - 22% of the workforce.
Jul 30, 2014 - 1:11 PM
Irish Economy: Bruton publishes new FDI policy; Avoids inconvenient facts
Irish Economy: Richard Bruton, enterprise minister, has published a new FDI (foreign direct investment) policy statement to highlight factors in coming years besides the corporate tax regime but as usual, inconvenient facts are ignored.
Jul 30, 2014 - 8:30 AM
Irish Economy: Central Bank raises 2014 forecasts
The Central Bank today in its latest Quarterly Bulletin [pdf] raised its forecast for Irish GDP (gross domestic product) in 2014 to 2.5%, up 0.5% and GNP (gross national product) growth of 2.8% is marginally higher. GDP growth of 3.3% and GNP growth of 2.7% are forecast for 2015, both of which are 0.1% higher than the projections contained in the previous Bulletin. The 2015 growth projections are based on consensus assumptions from the main international institutions.
Jul 28, 2014 - 2:18 PM
Irish corporate tax policy like property bubble driven by short-term interests
Irish corporate tax policy like the property bubble has been driven by short-term interests with until recent times, the support of the mainstream media.
Jul 28, 2014 - 1:27 PM
Irish Economy: Retail sales volume up 4.8% in year to June; Ex-cars at 3.6%
Irish Economy: The CSO reported Monday that the volume of retail sales (i.e. excluding price effects) decreased by 1.7% in June 2014 when compared with May 2014 and there was an increase of 4.8% in the annual figure. If Motor Trades are excluded, there was no change in the volume of retail sales in June 2014 when compared with May 2014 and there was an increase of 3.6% in the annual figure. Retain sales turner ex-cars was up 2.1% in the 12-month period.
Jul 28, 2014 - 1:20 PM
Irish income inequality fell during the economic bust
A new research note published Monday by the Economic and Social Research Institute (ESRI) shows that inequality in income distribution fell during the economic bust because of the protection of social welfare payments while middle income earners incurred the biggest burden of tax rises due to the dip in high earners.
Jul 28, 2014 - 8:46 AM
Irish Economy: Bruton and politics of jobs numbers; How to add 50%
Irish Economy: Richard Bruton, jobs minister, on Thursday said in a statement that “70,000 jobs have been added across the economy in the past 18 months" -- this was a claim that on the face of it related to January 2013-June 2014 and it was curious that the ministerial mantra/ talking point: "5,000 jobs...being created every month," which had become defunct on May 26, was now stretched over 18 months. In addition the claimed number of jobs added is 50% above what the Central Statistics Office (CSO) raw data suggest.
Jul 26, 2014 - 8:58 AM
Corporation Tax Reform: Irish Government should reject pleadings of short-termists
Corporation Tax Reform: On Tuesday the public consultation period on the Irish response to expected international corporate tax rule changes, which was launched by the Government in May, came to an end and the same business lobby groups who a decade ago were among the cheerleaders of an out-of-control economy because of the short term benefits, are reported now to oppose unilateral moves to change the tax status quo.
Jul 25, 2014 - 7:29 AM
Irish Economy: Bruton's claim of 70,000 jobs added in past 18 months is not correct
Irish Economy: Today the Government gave itself an 85% mark on its quarterly jobs 'to do' list, which is down from mid-90s levels in the past that made it look like the result of a North Korean election. The morsel for the headlines today was the announcement of a National Health Innovation Hub which "will be a win-win for businesses." Meanwhile the statement by Richard Bruton, jobs minister, that “70,000 jobs have been added across the economy in the past 18 months," is not correct.
Jul 24, 2014 - 4:47 PM
FDI in Ireland: Grant Thornton publishes promotional brochure not balanced report
FDI in Ireland: Grant Thornton, the accountancy firm, today published a promotional brochure rather than a balanced report on foreign direct investment in the Irish economy.
Jul 24, 2014 - 3:52 PM
Irish Banking Inquiry: Advisory group says begin crash saga 20 years ago
Irish Banking Inquiry: The advisory group to the Oireachtas (parliament) committee that was recently established to examine the causes of the banking crash and the issue of a state guarantee of the banking system in September 2008, have recommended that it look back 20 years to discover the origin of the disaster and the “build-up and night of the bank guarantee” along with the “role and influence of international organisations.”
Jul 24, 2014 - 7:33 AM
Moody's forecasts Irish growth rates "of at least 3% for the next few years"
Moody's, the ratings agency, said in a report published Wednesday, that it forecasts Irish growth rates "of at least 3% for the next few years" which will be more than twice the European average.
Jul 17, 2014 - 11:45 AM
Irish National Competitiveness Council fails to separate wheat from the chaff
The Irish National Competitiveness Council in its annual report today presents a large number of charts benchmarking Ireland's performance but it fails to separate the wheat from the chaff as some key indicators are distorted.
Jul 17, 2014 - 9:02 AM
Irish SME Finance: Oireachtas committee calls for less dependency on traditional banking
Irish SME Finance: The Oireachtas Joint Committee on Jobs, Enterprise and Innovation in a report [pdf] published today says that in an effort to reduce Irish dependency on traditional banking as the overwhelmingly predominant source of funding for SMEs, the Committee considers it of paramount importance to increase the attractiveness of alternative sources of finance.
Jul 16, 2014 - 4:27 PM
Irish Economy: Merchandise exports up 15% in May
Irish Economy 2014: Preliminary figures for May 2014 show that seasonally adjusted exports increased by €1.01bn (+15%) to €7.89bn from April 2014. The CSO said that while seasonally adjusted imports also increased but to a lesser extent, €541m (+14%) to €4.55bn, the seasonally adjusted trade surplus rose by €468m (+16%) to €3.34bn from April.
Jul 14, 2014 - 4:44 PM
Irish industrial production fell in May; up 32.3% in 12 months & 16.4% in period 2010-2014
Irish industrial production for May 2014 was 2.5% lower than in April 2014. On an annual basis production for May 2014 increased by 32.3% when compared with May 2013. The seasonally adjusted volume of industrial production for Manufacturing Industries for the three months Mar 2014 to May 2014 was 17.9% higher than in the preceding three months - - using a base year=2010 changed from a base year of 2005, production is up 16.4% in the period 2010-2014 while turnover is up 19.3%.
Jul 11, 2014 - 4:51 PM