||Last Updated: Aug 27, 2015 - 8:56 AM
Aug 27, 2015 - 8:53 AM
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Aug 11, 2015 - 6:45 AM
Irish Farmers & Milk Prices: Last April 1st, the end of a three-decade milk production quota regime in the European Union was hailed by the Government as "a great day for the rural Ireland" with the potential for agriculture in Ireland to move forward into broad, sunlit uplands with the opening of new markets and the creation of thousands of jobs in the agri-food sector. Today farmers in Ireland and across Europe are demanding that the European Commission set a new minimum price at which it would buy stocks of dairy products.
Aug 7, 2015 - 8:12 AM
Average Irish pension managed funds returns were over 12% year-to-date to July, 2015 with Rubicon Investment Consultants reporting a return of 12.5% as per the above chart while the Aon Hewitt Managed Fund Index, an index representing the performance of traditional Irish pension managed funds, increased by 2.59% in July. This has contributed to the index delivering a positive return of 11.98% since the beginning of the year and 21.27% over the past 12 months.
Aug 7, 2015 - 8:03 AM
The economic recovery has given a big boost to the profession affectionately known as bean counters or number crunchers (I used be one) and an annual survey shows a 13% surge in the value of salary packages of Irish chartered accountants.
Aug 6, 2015 - 7:22 AM
The Irish services PMI (purchasing managers index) survey that includes the big US firms such as Google and Microsoft who book foreign sales in Ireland for tax purposes, shows a surge in activity in July but on Wednesday the CSO reported that its monthly services index which excludes financial services has risen only by 2.1% in the 12 months to June.
Aug 6, 2015 - 6:51 AM
Irish Economy: Tax revenues were €893m above target in the year to July with €653m coming from corporation tax, according to the latest Exchequer returns.
Aug 5, 2015 - 8:52 AM
Fact and Fiction: Ireland's economic statistics are heavily distorted by the foreign-owned multinational sector and the level of distortions have increased in recent years.
Aug 5, 2015 - 6:48 AM
Irish M&A deals H1 2015: The mid-year William Fry Mergers & Acquisitions Report in association with Mergermarket shows an apparently strong start to 2015 with a total of 45 deals taking place in Ireland, worth €35.1bn. The biggest deal was valued at €32.6bn but it was only Irish for window-dressing or tax purposes depending on the vantage point.
Aug 4, 2015 - 7:24 AM
The Irish manufacturing sector continued to improve in July as growth of output, new orders and employment all accelerated during the month. On the price front, a slower rise in input costs was recorded, while output prices decreased for the second month running.
Jul 30, 2015 - 11:54 AM
Irish Economy: Following a 5-week delay, the CSO on Thursday reported the Q1 2015 National Accounts data and there has been a fall in GNP (gross national product) and a rise in GDP (gross domestic product).
Jul 30, 2015 - 8:14 AM
Irish Economy 2015: The Central Bank said Wednesday that following GDP (gross domestic product) growth of 4.8% last year, the strong recovery of the Irish economy has continued in the first half of 2015 and it said that the Government should start paying down public debt.
Jul 27, 2015 - 8:04 AM
Irish Budget 2016: Ibec, the principal Irish business lobby, in a submission to the Department of Finance in respect of next October's budget, today outlines demands for a mix of 20 tax cuts, spending and investment rises that it wishes to see implemented. The changes including provisions for a rises in public sector pay and for demographic changes, are estimated to cost €2.5bn.
Jul 22, 2015 - 9:01 AM
The Low Pay Commission in a report published Tuesday has recommended an increase in the Irish National Minimum Wage which is only one issue in the level of low pay and poor pension coverage in Ireland. The chief of Ibec, the principal business lobby, said "it is inexplicable how such a rise could be proposed" — Irish business firms have the lowest social security and corporate taxes in Europe and several public supports that are provided free.
Jun 26, 2015 - 3:57 PM
Ireland vs Greece: Enda Kenny, taoiseach/prime minister, on Thursday in Brussels suggested that following the Irish bailout in 2010 there were no rises in taxes and he also said that Ireland would not support debt relief for Greece.
Jun 23, 2015 - 5:30 AM
The Irish standard of living per inhabitant in 2014 was both below the Euro Area average and below the Italian level but similar to per capita living standards in Spain and Cyprus while price levels in Ireland were the fifth highest among the EU28 countries.
Jun 15, 2015 - 3:32 PM
Preliminary figures for April 2015 show that seasonally adjusted Irish goods exports increased by €989m (+12%) from March to €9.3bn, the highest monthly figure in the published series according to the CSO. Seasonally adjusted imports for April decreased by €279m (-6%) leading to a significant increase of €1.27bn (+38%) in the seasonally adjusted trade surplus to €4.6bn in April.
Jun 11, 2015 - 9:39 AM
The Mexican tall ship ARM Cuauhtémoc ("one who has descended like an eagle") will sail into Dublin Port on Wednesday next June 17th and will be open to the public for five days.
Jun 10, 2015 - 2:07 PM
Irish industrial production rose 20% in the first four months of 2015 while construction fell 2.6% in the first quarter according to data today from the CSO.
Jun 10, 2015 - 6:40 AM
Irish Economy 2015: The Economic and Social Research Institute (ESRI) says today that "an expansionary budgetary policy is not advisable and does suggest that the government is adopting a pro-cyclical fiscal policy. While there was little alternative in the aftermath of the financial crisis to a contractionary, pro-cyclical fiscal policy, given the state of the public finances, it is regrettable now, once we have discretion in terms of the policy choices available, that such a course of action has been signalled."
Jun 5, 2015 - 8:01 AM
The Aon Hewitt Managed Fund Index, an index representing the performance of traditional Irish pension managed funds, increased by 1.6% in May. This has contributed to the index delivering a positive return of 13.0% since the beginning of the year and 24.1% over the past 12 months. Rubicon Investment Consulting report (see below) that its portfolio of funds achieved an average return of 1.8%.
Jun 4, 2015 - 9:17 AM
The Irish service sector PMI (purchasing managers' index) survey data saw an improvement in growth momentum in May, with activity and new business rising at faster rates and companies taking on extra staff at the strongest pace so far this year. On the price front, higher staff costs and a weak euro led to rising input prices while a solid increase in charges was recorded. However, as the biggest companies in the sector such as Google divert revenues from its main markets to Ireland for tax purposes, the real level of activity while positive is more muted.
Jun 4, 2015 - 8:24 AM
Ireland: The Central Statistics Office (CSO) on Wednesday published a new monthly unemployment report separate from the Live Register. The official unemployment rate was 9.8% in May but up to 440,000 people rather than the 209,700 people who are officially unemployed, are in receipt of some form of public unemployment benefit/welfare support.
Jun 4, 2015 - 7:34 AM
Ireland: While headline data is expected to show that the Irish economy will post the strongest growth in the Eurozone this year, the Irish Fiscal Council today warns of dodgy official forecasts beyond 2016 and the Government's lack of a credible fiscal plan. On Wednesday, the Organisation for Economic Co-operation and Development (OECD) warned that the jump in residential and office property market prices are "reminiscent of the bubble period of a decade ago."
Jun 4, 2015 - 2:55 AM
Irish Public Finances: There was an Exchequer surplus of €641m in 2015 to end May compared to a deficit of €3.5bn deficit in the same period last year. Tax revenue in the first five months of the year was €734m ahead of the Budget 2016 target.
Jun 3, 2015 - 8:22 AM
There is no simple measure of economic progress in Ireland according to an article in the forthcoming Quarterly Economic Commentary of the ESRI (Economic and Social Research Institute). The change in GDP is now a defective indicator of welfare. While GNP is a much more satisfactory measure as the profits of the significant foreign-owned sector are eliminated, it can also be distorted by the behaviour of redomiciled plcs — typically American companies that become Irish for tax purposes while continuing to be run from the United States.
Jun 2, 2015 - 7:15 AM
Higher new orders from both domestic and export markets contributed to a further improvement in Irish manufacturing PMI in May according to survey data published Tuesday. However, official data as reported by the CSO last month showed that production had risen 45% in the year to March, boosted by booking by US-owned pharmaceutical firms of overseas production in Ireland for tax purposes — so manufacturing data has to be treated with caution while recognising a genuine rise by indigenous firms in what is termed the 'Traditional' industrial production sector.
May 28, 2015 - 8:49 AM
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 - 7:57 AM
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 22, 2015 - 9:01 AM
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 - 8:47 AM
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 21, 2015 - 11:37 AM
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 18, 2015 - 7:17 AM
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 14, 2015 - 8:14 AM
Estonia, Austria, France and Ireland head global alcohol consumption rankings according to a report by the Organisation of Economic Cooperation and Development (OECD).
May 6, 2015 - 7:03 AM
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 - 6:13 AM
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 1, 2015 - 8:24 AM
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.
Apr 29, 2015 - 12:38 PM
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 - 7:48 AM
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 28, 2015 - 3:47 PM
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 - 1:40 PM
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.