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News : Irish Economy Last Updated: Jul 30, 2015 - 1:02 PM

News : Irish Economy

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 - 11:54 AM

News : Irish Economy

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 30, 2015 - 8:14 AM

News : Irish Economy

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 27, 2015 - 8:04 AM

News : Irish Economy

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.

Jul 22, 2015 - 9:01 AM

News : Irish Economy

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 26, 2015 - 3:57 PM

News : Irish Economy

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 23, 2015 - 5:30 AM

News : Irish Economy

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 15, 2015 - 3:32 PM

News : Irish Economy

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 11, 2015 - 9:39 AM

News : Irish Economy

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 - 2:07 PM

News : Irish Economy

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 10, 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 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 5, 2015 - 8:01 AM

News : Irish Economy

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 - 9:17 AM

News : Irish Economy

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 - 8:24 AM

News : Irish Economy

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 - 7:34 AM

News : Irish Economy

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 4, 2015 - 2:55 AM

News : Irish Economy

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 3, 2015 - 8:22 AM

News : Irish Economy

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.

Jun 2, 2015 - 7:15 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

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