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||Last Updated: Jul 18, 2014 - 8:28 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
Irish indigenous tradeable exports at 9% of total headline exports in 2013
Irish indigenous tradeable exports were at 9% of total headline exports in 2013 according to the annual report [pdf] of Enterprise Ireland, which was published Thursday.
Jul 11, 2014 - 7:46 AM
Irish consumer prices up 0.4% in 12 months to June 2014
Irish consumer prices on average, as measured by the CPI (consumer price index) , were 0.4% higher in June compared with June 2013.
Jul 10, 2014 - 2:21 PM
Official Irish services index fell in May; PMI survey level was at highest since 2007
The CSO has reported that the seasonally adjusted monthly Irish services value index fell by 1.3% in May 2014 when compared with the previous month while, in the year to May 2014, there was an increase of 3.3%. This contrasts with the purchasing managers' index (PMI) survey which is based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago - - in effect reflecting hunches rather than data - - with activity back to early 2007 levels.
Jul 10, 2014 - 7:18 AM
US-Ireland Tax Inversions 600,000+ staff: Kenny, Noonan met with top US corporate lawyers
US-Ireland Tax Inversions 600,000+ staff:: It was revealed on Monday that Enda Kenny, taoiseach/ prime minister, and Michael Noonan, finance minister, met in June with lawyers from a US corporate law firm in June, to discuss the rising number of US companies seeking to change their tax residency and become "Irish" by locating a headquarters in Ireland - - most of these companies have no significant presence in Ireland but by the end of this year, the number of fake "Irish" companies may have a total payroll of over 600,000 which is more than three times the head count of all foreign-owned exporting firms in Ireland.
Jul 8, 2014 - 3:07 PM
IDA Ireland: Jobs in Irish FDI exporting sector remain below 2000 level
IDA Ireland: The 2013 Annual Report [pdf] of the Irish inward investment agency, which was published Monday, states: "Total employment at IDA client companies now stands at 161,112 people, the highest level in the history of IDA Ireland." However, the total of jobs in the Irish FDI (foreign direct investment) exporting sector remains below the 2000 level despite a 22% rise in the total workforce in the period since.
Jul 8, 2014 - 7:39 AM
Bord Gáis Irish Energy Index unchanged in June; Up 33% since December 2009
Continuing steep rises in wholesale oil prices have offset declines in wholesale natural gas prices this month leaving the Bord Gáis Irish Energy Index unchanged month-on-month in June. Brent crude oil hit a yearly high in teh month as events in Iraq alarmed the market and raised concerns about the ability of global oil supplies to meet rising demand. The rising oil prices were however offset by a 12% drop in Day-ahead average UK natural gas price for June.
Jul 7, 2014 - 8:47 AM
Irish Budget 2015: Ibec urges personal & business tax breaks; No wage hikes
Irish Budget 2015: The budget will be announced on October 14 next (expect it to be mainly officially leaked by the evening of Oct 13) and Ibec, Ireland's principal business lobby, begins the annual submissions routine today with calls for personal and business tax breaks and no general wage hikes.
Jul 7, 2014 - 6:24 AM
German Bundestag committee warns Ireland has no plan for long-term growth
Germany’s Bundestag finance committee has warned that, beyond tax breaks for multinational concerns, Ireland has no discernible business plan to return the economy to long-term growth, according to a report today by Derek Scally, The Irish Times correspondent in Berlin.
Jul 5, 2014 - 5:29 AM
Irish Economy 2014: Recovery on track; keep champagne on ice
Irish Economy 2014: Various indicators confirm that the economy is recovering but like a patient exiting intensive care, the situation remains fragile and the champagne should be kept on ice.
Jul 4, 2014 - 8:38 AM
Forty American firms account for two-thirds of Irish exports
Just forty American firms account for two-thirds of Irish headline exports and they directly employ about 72,000 people in Ireland - - equivalent to 3.3% of the workforce.
Jul 4, 2014 - 7:31 AM
Irish pension managed funds returns were in range 6% to 7% in H1 2014
Irish pension managed funds returns in H1 2014 were on average in the range 6% to 7%.
Jul 4, 2014 - 1:24 AM
Irish Economy 2014: GDP up 2.7% in Q1; GNP up 0.5% - personal spending/ investment weak
Irish Economy 2014: The CSO reported today that estimates for the first quarter (Q1) of 2014 indicate that GDP (gross domestic product) increased by 2.7% in volume terms on a seasonally adjusted basis compared with the fourth quarter of last year while GNP rose by 0.5% over the same period. Personal spending and gross capital formation fell compared with the previous quarter. Revised figures also show that GDP expanded by 0.2% in 2013 as against a previous estimate showing the economy contracted by 0.3%.
Jul 3, 2014 - 11:47 AM
Irish Economy 2014: Tax revenues €500m ahead of target; Social Protection spend down €20m
Irish Economy 2014: Department of Finance data on Wednesday showed an Exchequer deficit at end of June at €4,94bn, an improvement of €1.65bn compared to the first half of 2013. Both total tax revenue of €18,47bn and the net voted expenditure outturn are slightly better than targets in Budget 2014. While tax revenues are about €500m ahead of target, the fall in teh Live Register by 36,500 in the year to June has only had a €20m impact on the Social Protection budget.
Jul 3, 2014 - 8:12 AM
Irish Economy 2014: Services surge but Reality Check required
Irish Economy 2014: Growth in the Irish service sector picked up momentum at the end of the second quarter, with sharper rises in activity and new business recorded. This led companies to take on extra staff at a faster pace. Meanwhile, inflationary pressures showed signs of building, with quicker increases in both input costs and output prices. However, there is a Reality Check required as Philip O'Sullivan, chief economist at Investec Ireland, suggests that today's data on services exports will validate the PMI (purchasing managers' index) survey.
Jul 3, 2014 - 7:30 AM
Irish Live Register + activation program total at 475,000 in June - 22% of workforce
In June the non-seasonally adjusted numbers on the Live Register were at 398,800, up about 10,000 from May while the CSO's total for individuals on publicly funded activation programs was at 76,400 in May, down about 10,000 from the previous month. So assuming a similar level on activation programs in June plus the numbers on the Live Register results in a total of 475,000 or 22% of the workforce in receipt of work-related payments from public funds.
Jul 2, 2014 - 2:30 PM
Irish manufacturing output rises but not matched by sales value
The recovery in the Irish manufacturing sector continued at the end of the second quarter of the year as new business growth accelerated during June. Firms used inventories to help fulfil new orders and stocks of finished goods fell solidly as a result. Meanwhile, the rate of expansion in output eased, but remained marked. Cost inflationary pressures were muted again in June, while output prices were raised for the first time in six months.
Jul 1, 2014 - 6:42 AM
Irish health spending among highest of developed world; Consultants best paid
Health spending has started to rise again after stagnating or even falling in many of the 34 OECD countries (which includes all the world's developed economies) during the crisis. But the pace of growth remains well below pre-crisis rates, especially in Europe, according to OECD Health Statistics 2014. Irish spending is among the highest of the developed world and medics are among highest paid.
Jul 1, 2014 - 6:36 AM
Irish wholesale gas prices close to 4 year lows
Wholesale gas prices remain 30% lower than the same time last year as a result of continued low demand, high storage levels and plentiful supply, according to the latest Wholesale Market Report by Irish energy supplier Vayu - - prices traded at 4 year lows during early June.
Jun 30, 2014 - 4:14 PM
In 2012 20,200 adults from ex-European Economic Area became Irish citizens
During 2012, almost 20,200 adults from outside the European Economic Area (EEA) became Irish citizens. The number of non-EEA adults who acquired citizenship through naturalisation almost doubled between 2010 and 2011 and more than doubled again between 2011 and 2012.
Jun 30, 2014 - 11:50 AM
US tax inversions screw-up Ireland's national accounts; Bring few benefits
Ireland is a big beneficiary of US tax inversions but they screw-up the national accounts and bring few benefits - - including intermittent travel trips by directors for board meetings to comply with Irish law, by showing that "central management and control of a company" is in Dublin when in reality it remains in the United States.
Jun 29, 2014 - 4:32 PM
Irish Economy 2014: Volume of retail sales ex-cars fell in May
Irish Economy 2014: The volume of retail sales (i.e. excluding price effects) increased by 0.9% in May 2014 when compared with April 2014 and there was an increase of 6.2% in the annual figure, according to the CSO today. If Motor Trades are excluded, there was a decrease of 0.5% in the volume of retail sales in May 2014 when compared with April 2014 and there was an increase of 3.4% in the annual figure.
Jun 27, 2014 - 1:35 AM
Irish SME firms' weighted default rate at 41%; Credit situation like Greece
Irish SME firms' credit situation has been at a standstill since 2011 and the situation is closer to Greece, Italy, Spain and Portugal than to European countries with the most favourable conditions. The default rate is 26% when measured by the number of loans, and 41% when weighted by loan balance.
Jun 26, 2014 - 7:22 AM
Enterprise Ireland doesn't know how many active client firms it supports
Enterprise Ireland, the state agency "responsible for the development and growth of Irish enterprises in world markets" doesn't know how many active client firms it supports.
Jun 25, 2014 - 7:26 AM
Irish Economy: Economics institute says ‘Do Nothing’ stance in Budget 2015 insufficient
Irish Economy: The Nevin Economics Research Institute (NERI) in its summer quarterly report [pdf] published Wednesday, says the Republic Of Ireland’s public finances remain fragile and a ‘Do Nothing ’ stance in Budget 2015 will be insufficient to restore the public finances to a sustainable position.
Jun 25, 2014 - 6:03 AM
Sir Anthony O'Reilly's bitter twilight
"He boomed long before Ireland," Time magazine noted in 2007 and on Monday in Dublin's Commercial Court legal representatives of the State bailed-out Allied Irish Banks (AIB) said that the 78-year old former Irish rugby international, head of a significant US corporation and international media mogul, was insolvent. These times are surely a bitter twilight for Sir Anthony O'Reilly after what has been mainly a stellar career.
Jun 24, 2014 - 6:50 AM
Irish Jobs & Innovation: What should Ireland do? - Part 5
Irish Jobs & Innovation: What should Ireland do to create sustainable jobs? This question needs the attention of policy makers who are spending too much time in what could be termed actionless actions.
Jun 23, 2014 - 7:32 AM
Claim EU - US trade deal could lead to 1.1% rise in Irish GDP - astrology or economics?
A comprehensive trade and investment agreement between the EU and the US could lead to a 1.1% rise in Irish GDP, a study by Copenhagen Economics has found, according to the Department of Jobs, Enterprise and Innovation.
Jun 20, 2014 - 11:30 AM
Irish Economy: Number of active enterprises fell 31,000 in period 2009-2012
Irish Economy: The CSO reported this week that the number of active enterprises in the economy fell from 216,215 in 2008 to 185, 530 in 2012 - - a dip of 30,735 or 14%.
Jun 20, 2014 - 8:49 AM
Irish Economy: Ireland's ephemeral services export boom
Irish Economy: Today we do a reality check on Ireland's ephemeral services export boom.
Jun 20, 2014 - 7:45 AM
Irish Economy 2014: IMF warns Ireland to "safeguard hard won credibility"
Irish Economy 2014: In Washington DC on Wednesday, the International Monetary Fund (IMF) issued its first post-bailout report and it warned that "the authorities should continue to contain total spending within ceilings, including if revenues outperform. Fiscal measures of about 1¼% of GDP in 2015 would safeguard hard won credibility and also allow automatic stabilizers to operate symmetrically, cushioning growth shocks."
Jun 19, 2014 - 2:08 PM
One quarter of Irish households jobless; More than double EU average
Ireland has a very high level of households where no-one is working or has very limited access to work. Almost one quarter of households in Ireland can be described as jobless compared to a European Union (EU) average of 11%.
Jun 19, 2014 - 12:31 PM
Irish Economy 2014: "Robust positive growth" forecast
Irish Economy 2014: The Economic Eye Summer 2014 Forecast from EY Ireland (Ernst & Young) predicts that 2014 will be an important turning point for the Irish economy with both GDP (gross domestic product) and GNP (gross national product) registering robust positive growth. GDP growth is forecast to increase from -0.3% in 2013 to 2.0% in 2014, with GNP growth of 3.4% in 2013 and 3.3% in 2014.
Jun 19, 2014 - 9:23 AM
German living standard highest in Europe; Irish, Italians, Spanish among Eurozone's poorest
The typical German living standard is the highest in Europe while the Irish, Italians and Spanish are among the Eurozone's poorest, according to data published Wednesday by Eurostat, the EU's statistics office.
Jun 19, 2014 - 8:35 AM
Ireland remains biggest debtor of the western world
With Ireland and the European Union in a Kabuki dance on relief for the sovereign debt that resulted from bailing out collapsed Irish banks, Ireland remains the biggest debtor of the western world.
Jun 19, 2014 - 8:30 AM
PayPal to add 400 jobs by 2018: Bruton welcomes acceptance of Bausch+Lomb pay cuts
The Government announced Wednesday that PayPal, the payments subsidiary of American auction site eBay is to add 400 jobs in its call centre in Dundalk by 2018 while Richard Bruton, enterprise minister, welcomed acceptance by the majority of workers at the Canadian-owned Bausch+Lomb contact lens factory in Waterford of pay and job cuts.
Jun 18, 2014 - 2:36 PM