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News : Irish Economy Last Updated: May 28, 2015 - 8:55 AM

News : Irish Economy

A research note published today by the ESRI (Economic and Social Research Institute) suggests that quarterly national accounts data volatility hinders Irish economic forecasting but the paper avoids referring directly to tax avoidance, which is the main causal factor.

May 28, 2015 - 8:49 AM

News : Irish Economy

IMD, the Swiss business school, on Wednesday announced its annual world competitiveness ranking. As part of its ranking of 61 economies for 2015, the IMD World Competitiveness Center (WCC) looks at several aspects of each country as a place to conduct business. Ireland fell one rank (from 15 to 16) while the US remained at the top as a result of its strong business efficiency and financial sector, its innovation drive and the effectiveness of its infrastructure. Hong Kong (2) and Singapore (3) move up overtaking Switzerland, which drops to fourth place. Canada (5), Norway (7), Denmark (8), Sweden (9) and Germany (10) remain in the top 10. Luxembourg moves to the top (6) from 11th place in 2014.

May 28, 2015 - 7:57 AM

News : Irish Economy

Irish Economy 2015: While data published on Thursday which showed that 41,300 jobs were added in the 12 months to March 2015, is impressive, the Government has a target of an additional 200,000 net jobs to be added by the end of 2018, which raises a question on which sectors of the economy will continue to be jobs engines. Thursday's data also show that while the official unemployment rate fell to 9.9% in March, the broad jobless rate was at 19%.

May 22, 2015 - 9:01 AM

News : Irish Economy

Irish Export Performance: Irish headline export data seldom fails to impress and in recent times data show that the recovery in the UK economy coupled with an improved exchange rate is benefiting Irish indigenous exports. However, we Irish have a tendency to organise a party based on short-term tidings and ignore the long-term. The bitter reality is that we are a poor exporter.

May 22, 2015 - 8:47 AM

News : Irish Economy

Irish Economy: There was an annual rise in employment of 2.2% or 41,300 in the year to the first quarter of 2015, bringing total employment to 1,929,500. This compares with an annual increase in employment of 1.5% in the previous quarter and an increase of 2.3% in the year to Q1 2014.

May 21, 2015 - 11:37 AM

News : Irish Economy

China-Ireland: The current stopover in Ireland of Li Keqiang, the Chinese premier, is the latest in official visits by the leaders of the two countries in recent years. Nevertheless, the economic relationship is on a slow burn while there are opportunities for raising food exports. Meanwhile, Ireland's record in attracting Chinese outward investment has been poor.

May 18, 2015 - 7:17 AM

News : Irish Economy

Estonia, Austria, France and Ireland head global alcohol consumption rankings according to a report by the Organisation of Economic Cooperation and Development (OECD).

May 14, 2015 - 8:14 AM

News : Irish Economy

Irish Exchequer Returns show a deficit at end-April 2015 of €2.32bn compared to a deficit of €4.75bn in the same period last year. The improvement in the Exchequer deficit is driven by increased tax receipts and the transfer of €1.63bn from the NPRF (National Pensions Reserve Fund) to the Exchequer. Meanwhile tax revenues were €518m (4.2%) above target. However, tax revenues for the month of April were down €27m (1.1%) against the monthly target. Tax receipts are up 11.3% or €1.3bn on the same period in 2014.

May 6, 2015 - 7:03 AM

News : Irish Economy

Faster growth of new business fuelled another strong month for the Irish service sector PMI (purchasing managers' index) in April as activity continued to rise sharply and business sentiment picked up. Meanwhile, companies were able to raise their output prices to the greatest extent since June 2002.

May 6, 2015 - 6:13 AM

News : Irish Economy

The Irish manufacturing PMI remained strong in April but this survey data is polluted by booking of overseas manufacturing in Ireland for tax avoidance purposes.

May 1, 2015 - 8:24 AM

News : Irish Economy

The number on the Live Register plus public activation scheme numbers was unchanged in April from March 2015 - a fall in the Live Register numbers was offset by a rise in the activation numbers by 2,000 (the activation data is one month behind).

Apr 29, 2015 - 12:38 PM

News : Irish Economy

Ireland: Three months after the Coalition announced that a full-employment target had been brought forward to 2018 from 2020, the 'Stability Programme April 2015 Update' report that was prepared for the European Commission and published Tuesday, shows that neither a full-employment target will be achieved in 2018 or 2020 (see chart above).

Apr 29, 2015 - 7:48 AM

News : Irish Economy

Ireland Spring Statement: Michael Noonan, finance minister, today presented an outline of the budgetary framework in advance of Budget 2016 which will be presented next October. He said the Department of Finance had forecast that 200,000 net new jobs will be added by 2018. This is an average of 50,000 net new jobs per year in each year from 2015.

Apr 28, 2015 - 3:47 PM

News : Irish Economy

The volume of retail sales (i.e. excluding price effects) increased by 1.4% in March 2015 when compared with February 2015 and there was an increase of 9.2% in the annual figure. If Motor Trades are excluded, there was a decrease of 1.0% in the volume of retail sales in March 2015 when compared with February 2015 and there was an increase of 4.7% in the annual figure.

Apr 28, 2015 - 1:40 PM

News : Irish Economy

Irish Spring Statement: The Coalition's announcement today of plans for tax cuts and spending rises in the coming three years will mark the unofficial launch of the general election campaign, which must be held at the latest by March 2016.

Apr 28, 2015 - 7:41 AM

News : Irish Economy

Spring Statement: A time of economic recovery should be used to address long-term challenges facing the Irish economy but there is little evidence that the Coalition has either a vision or serious focus on the years beyond the next general election.

Apr 26, 2015 - 10:38 AM

News : Irish Economy

The National Competitiveness Council (NCC) today launched its Costs of Doing Business in Ireland 2015 report which says that despite price falls during the recession, Ireland remains an expensive location in which to do business, relative to some of our key competitors. Ireland is also the 3rd most expensive location in the Eurozone for consumer goods and services.

Apr 24, 2015 - 11:22 AM

News : Irish Economy

Ireland: The biggest income loss during the recession was incurred by the poorest in Irish society according to the results of a new study by the Economic and Social Research Institute (ESRI), which will be presented Friday afternoon in Dublin.

Apr 24, 2015 - 9:21 AM

News : Irish Economy

Ireland: Ibec, the principal Irish business lobby, today calls on the Government to reduce the "punitive" marginal tax rate of tax and to ramp up public spending — in particular to boost infrastructure. It wants commitments on "cuts to the marginal tax rate for all workers and ambitious investment in capital projects, education and innovation in the upcoming Spring Statement."

Apr 13, 2015 - 9:15 AM

News : Irish Economy

Irish Economy: The ESRI (Economic and Social Research Institute) warns in its latest economic commentary that the Coalition should avoid vote-buying tax cuts in next October's Budget, which will precede a general election that is expected to be held in February or March 2016.

Mar 25, 2015 - 7:24 AM

News : Irish Economy

Joan Burton, tánaiste (deputy prime minister), is in Boston attending St. Patrick's Day events and mindful of her political future at home she is due to present a case for the European Commission to water-down (Irish Water, the controversial public agency, may well be part of her concern) new rules that limit public spending in Ireland —  in effect she is begging Berlin to back a Budget next October that would allow the coalition parties to provide jam in advance of the general election due by March 2016 rather than promises of some to come.

Mar 16, 2015 - 8:11 AM

News : Irish Economy

Six years after Michael Dell founded his PC company while a student at the University of Texas, Dell Computer Corporation opened a manufacturing facility in Limerick, Ireland. It was closed in 2009 with the loss 1,900 jobs and over 2,000 jobs remain in mainly service positions.

Mar 15, 2015 - 4:53 PM

News : Irish Economy

Ireland: Cash outflows amounting to €20bn at the peak of the economic crisis in 2010 and 2011, remain unexplained and are likely to remain so.

Mar 13, 2015 - 7:34 AM

News : Irish Economy

The CSO reported today that preliminary estimates indicate that GDP (gross domestic product) in volume terms increased by 4.8% for the year 2014.  For the third successive year, GNP (gross national product) showed an increase over the previous year, at a rate of 5.2% in 2014 over 2013. However both GDP and GNP data has been distorted by tax avoidance and the booking of overseas manufacturing as exports caused the value to jump by 23% (20% due to tax) in the year while imports rose by 22% (14% due to tax) resulting in a net goods exports rise of almost €10bn.

Mar 12, 2015 - 2:05 PM

News : Irish Economy

Ireland: The Government launched a report Wednesday which is claimed to detail a new strategy for the international financial services sector for the period to 2020 but the document should more accurately be termed a menu of 30 steps while employment in this exporting sector may be about 24,000 or over 35,000.

Mar 12, 2015 - 7:41 AM

News : Irish Economy

Irish Industrial production for manufacturing industries for January 2015 was  0.1% lower than in December  2014 according to the CSO Monday.

Mar 9, 2015 - 1:27 PM

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

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