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News : Irish Economy Last Updated: Mar 6, 2015 - 8:44 AM

News : Irish Economy

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 6, 2015 - 8:33 AM

News : Irish Economy

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 5, 2015 - 7:15 AM

News : Irish Economy

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 - 12:02 PM

News : Irish Economy

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 - 7:18 AM

News : Irish Economy

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 4, 2015 - 7:01 AM

News : Irish Economy

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 2, 2015 - 7:57 AM

News : Irish Economy

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.

Mar 1, 2015 - 7:01 AM

News : Irish Economy

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 27, 2015 - 2:21 PM

News : Irish Economy

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 26, 2015 - 6:26 AM

News : Irish Economy

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 25, 2015 - 11:56 AM

News : Irish Economy

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 23, 2015 - 8:24 AM

News : Irish Economy

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 20, 2015 - 7:34 AM

News : Irish Economy

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 19, 2015 - 8:54 AM

News : Irish Economy

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 16, 2015 - 7:53 AM

News : Irish Economy

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 15, 2015 - 10:26 AM

News : Irish Economy

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 13, 2015 - 8:09 AM

News : Irish Economy

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 - 6:40 AM

News : Irish Economy

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 6, 2015 - 3:56 AM

News : Irish Economy

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 - 1:40 PM

News : Irish Economy

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 - 1:05 PM

News : Irish Economy

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 5, 2015 - 8:40 AM

News : Irish Economy

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 - 12:32 PM

News : Irish Economy

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 - 7:18 AM

News : Irish Economy

Irish Economy 2015: Strong Christmas sales are reflected in January Exchequer returns, which were published on Tuesday.

Feb 4, 2015 - 2:27 AM

News : Irish Economy

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 3, 2015 - 3:48 PM

News : Irish Economy

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 - 2:58 PM

News : Irish Economy

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.

Feb 2, 2015 - 7:47 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

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

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

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