Half of new homes should be built in Dublin, Chamber President to say
The President of Dublin Chamber will call for half of all new homes built every year to be constructed in the Greater Dublin Area at the organisation’s annual ...
Tax take to end of September up 11% on same period last year
Tax take between January and the end of September was up 11% on the same time last year, driven by corporation tax, income tax, VAT and excise duty. ...
Western Region ‘continues to lag other regions’, says development commission
A landmark report commissioned by the Western Development Commission (WCD) has found critical challenges facing the western and north western region in the areas of infrastructure, housing and ...
Unemployment rate of 4.3% for September – CSO
New figures from the Central Statistics Office show that the unemployment rate stood at 4.3% in September, down from a revised rate of 4.5% the same month last ...
Service sector activity rises at strongest rate in 6 months
Activity in the service sector increased at the strongest rate in six months in September as cost pressures eased, new data shows. The latest AIB Global S&P Purchasing ...
Inheritance tax free thresholds to increase
The amount that can a person can receive as a gift or inheritance from a relation before having to pay Capital Acquisitions Tax will be increased as part ...
Dáil votes through some elements of Budget 2025
The Dáil has voted through elements of Budget 2025. These include excise on tobacco products and changes to value added tax, capital acquisitions tax and stamp duty. Each ...
The latest from the 2025 Budget Announcement
For the latest information from the 2025 Budget Announcement, please visit RTE: https://www.rte.ie/news/2024/1001/1472893-budget-2025-politics/
Free schoolbook scheme set to be extended to senior cycle
The extension of the free schoolbook scheme to the senior cycle is among the measures set to be announced in tomorrow’s Budget, following Government discussions last night. Funding ...
Auto-enrolment pension scheme to begin in September 2025
The Government’s new auto-enrolment pension scheme will begin on 30 September 2025. The new start date was agreed by the Cabinet this week, and revealed by the Minister ...
Asking prices for homes rose 3.1% in third quarter
Asking prices for homes across the country rose 3.1% between July and September, according to listings website Daft.ie. It brought the typical listed price for a property here ...
Consumer sentiment unchanged in September
Consumer sentiment remained broadly unchanged in September when compared to the previous month. The Credit Union Consumer Sentiment Index found that while recent months saw an obvious improvement ...
Ireland ‘most phished’ country in the world, survey finds
Almost two-thirds of Irish adults have experienced phishing, making Ireland the most phished country in the world, according to new research. Phishing involves the sending of fraudulent emails ...
Mortgage approvals fell 12.5% in August – BPFI
The number of mortgages approved in August fell by 12.5% when compared to July. New figures from the Banking and Payments Federation Ireland (BPFI) show 4,650 mortgages received ...
Inflation still a big concern for many, research finds
More than a quarter of households remain concerned about inflation, new research has found. That is despite the annual rate of inflation falling back to 1.7%, down more ...
Cabinet due to sign off on measures to increase housing grants
Older people and people with a disability are set to be eligible for increased housing grants under measures to be signed off by the Cabinet. A review of ...
‘Crucial’ zoned land tax implemented ‘immediately’, says ESRI
The Economic and Social Research Institute (ESRI) has said it is “crucially important” the implementation of the Government’s residential zoned land tax proceeds “immediately”. The levy is due ...
Domestic economy to grow by 2.3% this year
The domestic economy looks set to grow by around 2.3% this year, a new forecast has predicted. The latest Economic Eye from EY also expects that modified domestic ...
Two-thirds of organisations to increase pay next year – survey
Two-thirds of organisations plan to increase salaries in 2025 which is down from the 86% that did so in 2024, according to a new survey. The latest HR ...
Tourism activity still 6% below pre-Covid levels – ITIC
Activity in the tourism industry still remains 6% below its pre-Covid levels, two years on from the start of the easing of the pandemic. That is according to ...
Euro zone business activity contracts unexpectedly in September
Euro zone business activity contracted sharply and unexpectedly this month as the bloc’s dominant services industry flatlined while a downturn in manufacturing accelerated, a survey showed today. The ...
CIF says 60,000 houses a year needed to meet demand
The Construction Industry Federation is holding its annual conference in Croke Park in Dublin today, which will focus on addressing population growth. The CIF is calling for a ...
Regulatory environment biggest issue facing growth of the funds sector, research finds
The regulatory environment and availability of the necessary talent are among the biggest factors influencing future growth of the funds and asset management industry here, a new study ...
Over 400,000 homes to receive fuel allowance payments
The first payments of the Government’s fuel allowance will be made this week. The means-tested payment will be paid for 28 weeks to over 400,000 households across the ...
GenAI to automate over 80% of tasks in nearly one third of all jobs – study
Nearly one third of all jobs are poised to be fundamentally transformed by generative artificial intelligence (GenAI), according to a new study. The research by management consulting firm ...
Homes being sold for 10% more than asking prices
Bank of Ireland said new analysis shows that competition for homes intensified during the summer with almost 40% of transactions now being settled at a minimum 10% premium ...
84% of businesses to increase pay in 2025 – survey
New research shows that 84% of businesses are planning to increase pay in 2025, with respondents forecasting an average increase of 3.4% across all business sectors. Business group ...
90% of Irish CEOs see full return to office in three years’ time
90% of Irish CEOs believe there will be a return to pre-pandemic ways of working in the office within the next three years, according to new research. KPMG’s ...
21% of adults have no financial arrangements in place for retirement – CCPC
21% of adults here do not have any financial arrangements in place for retirement, a new survey has found. That is up four percentage points on last year, ...
Euro zone current surplus shrinks in July
The euro zone’s current account surplus shrunk in July on a lower trade surplus and a drop in primary income, which includes the flow of profits, wages, interest ...
Annual house price growth accelerates to 9.6% in July – CSO
New figures from the Central Statistics Office show that residential property prices grew by 9.6% in the year to July – their highest growth rate in 21 months. ...
US Fed cuts interest rates by half a percentage point
The US Federal Reserve has cut interest rates by half of a percentage point, kicking off what is expected to be a steady easing of monetary policy with ...
Committee to discuss scrapping age-based minimum pay rates
A bill that seeks to abolish age-based sub-minimum pay rates for younger workers will be discussed today by the Oireachtas Committee on Enterprise, Trade and Employment. Current legislation ...
52,000 homes per year needed over 25 years – Central Bank
Dealing with the pent-up demand for housing and continued growth in the population will require building 52,000 homes a year over 25 years, the Central Bank has forecast. ...
Budget 2025 energy credit to be paid by end of year – Tánaiste
The Tánaiste has said the energy credit which will be announced in the budget will be paid to households before the end of the year. With Budget 2025 ...
Monthly grocery sales rise by 5.4% in latest four week period
New figures from Kantar today show that take-home grocery sales increased by 5.4% in the four weeks to September 1 as Irish households prepared for the new school ...
Euro zone rates should be cut gradually – ECB economist
The European Central Bank should keep cutting interest rates gradually, its chief economist said today, after policymakers reduced borrowing costs last week for the second time this year. ...
Commercial vacancy rate hits new high of 14.4%
The national commercial vacancy rate hit a new high of 14.4% in June, new data shows. 30,246 commercial units were classified as vacant across the country, according to ...
Investment package aims to boost tourism to Gaeltacht islands
A multi-million euro investment package has been announced to boost tourism and develop new visitor attractions on two islands. Fáilte Ireland and Údarás na Gaeltachta will work in ...
8 changes to look out for in Budget 2025
Ahead of Budget 2025 in October, here are eight changes to look out for: 1. Inheritance tax At present if somebody inherits from a parent, they pay 33% ...
Call for tax exemption for companies developing sites
A developer has told a conference there should be an exemption from the Government’s planned zone land tax for companies that are working on developing sites. The Cabinet ...
Inflation eases to three year low of 1.7% in August
New figures from the Central Statistics Office show that the annual rate of inflation eased to 1.7% in August from an annual rate of 2.2% in July. The ...
Consumer sentiment has rebounded, research finds
Consumer sentiment has rebounded markedly, new research has found. According to the latest PTSB Reflecting Ireland report, respondents are now more positive than they were at any time ...
ECB cuts euro zone interest rates again
The European Central Bank cut interest rates again as euro zone inflation slows and economic growth falters, but provided no substantial clues to its next step, even as ...
Rebound of hiring confidence in the tech sector – survey
Ireland’s tech sector expects a resurgence in hiring confidence following consecutive quarters of stagnant recruitment, according to the latest Manpower Group Employment Outlook Survey. The study shows that ...
US consumer inflation eases more than expected in August
US consumer inflation eased more than expected last month, according to government data published today, likely bolstering calls for the Federal Reserve to cut interest rates next week. ...
European Central Bank expected to further cut interest rates
The European Central Bank is widely expected to cut interest rates by 0.25% later today. The development follows a significant drop in inflation across countries which use the ...
UK economy shows no growth in July as manufacturing sags
Britain’s economy stagnated for a second month in a row in July as manufacturing output dropped sharply, an inauspicious start for the new government of Prime Minister Keir ...
Tourism providers report disappointing summer season
New research from Fáilte Ireland has found the crucial summer tourism season was a disappointing one for more than half of operators here. 53% of those industry providers ...
Apple tax funds ‘cannot be used for day-to-day spending’, says Tánaiste
Taoiseach Simon Harris has said that the €14 billion in tax due to Ireland following the ruling against Apple cannot be used for day-to-day spending, adding that the ...
State completes latest renewable energy auction, but at relatively high price
The State has completed the fourth auction under the Renewable Energy Support Scheme (RESS 4). The process saw more than 2GWh of capacity provisionally procured, enough to power ...
Draft review of stamp duty does not advocate for increase in rate
A review of the stamp duty rate on the purchase of ten or more homes is not advocating for a hike in the 10% rate. RTÉ News has ...
Australia plans social media minimum age limit
Australia plans to set a minimum age limit for children to use social media citing concerns about mental and physical health, sparking a backlash from digital rights advocates ...
Irish wind farms set new August generation record
Wind Energy Ireland said that wind generation here hit the highest on record for the month of August. Its figures show that wind power generation in August totalled ...
Construction PMI flat for second month in a row in August
Construction activity was flat for the second month in a row in August, according to the latest Purchasing Managers’ Index from BNP Paribas Real Estate Ireland. The construction ...
Irish employers least likely to use AI – global survey
Irish employers are least likely to use artificial intelligence (AI) in the workplace, according to new global research. The survey of 79,000 businesses across Australia, Canada, Ireland, New ...
New products and services to spur growth for 77% of firms
77% of companies expect to grow their business in the next five years by developing new products and services, research from Deloitte shows. The survey of 128 businesses ...
Domestic economy grew by almost 2% in first half of 2024 – CSO
The domestic economy grew by almost 2% in the first six months of this year, according to latest figures from the Central Statistics Office. Today’s CSO figures show ...
Fixed broadband subscriber lines increase 3%
Fixed broadband subscriber lines increased to 1.67 milllion between April and June, up over 3% on the same time last year. The latest data from the Commission for ...
Tax take in first 8 months 12.6% ahead of last year
New figures from the Department of Finance show that the amount of tax collected by the State in the first eight months of this year rose by 12.6% ...
Government warned by Fiscal Council over management of public finances
The State’s fiscal watchdog has issued a stark warning to the Government about its management of the public finances with less than a month to go before the ...
One in three companies struggling to find skilled staff
One in three companies are struggling to find staff with the right skills, new research shows. InterTradeIreland’s latest All-Island Business Monitor reveals that the business landscape across the ...
Dublin Airport set to breach 32m passenger cap this year
Dublin Airport looks set to breach its cap of 32 million passengers this year, its operator daa has warned. In a statement this morning. the company said that ...
Government warned by IFAC over management of public finances
The State’s fiscal watchdog has issued a stark warning to the Government about its management of the public finances with less than a month to go before the ...
Electricity sector climate pollution at lowest in decades
Climate pollution from Ireland’s electricity sector is now at its lowest level for decades, according to new figures from the Sustainable Energy Authority of Ireland. The data shows ...
Report recommends forum of state bodies to tackle mortgage arrears issue
A new Government commissioned report has called for the establishment of a forum of senior representatives from departments and bodies to focus on further reducing mortgage arrears. The ...
Electricity sector climate pollution at lowest in decades, says SEAI
Climate pollution from Ireland’s electricity sector is now at its lowest level for decades, according to new figures from the Sustainable Energy Authority of Ireland. The data shows ...
Ibec warns against complacency ahead of general election
Complacency about future business growth is a key risk facing the country ahead of the next general election. That’s the view of employers’ representative organisation, Ibec, which launched ...
New electric vehicle sales down over 25% so far this year
Just over 15,000 new electric vehicles have been sold so far this year, down over 25% on the same period last year. The latest figures from the Society ...
Chartered Accountants Ireland and CPA Ireland finalise amalgamation
Chartered Accountants Ireland and CPA Ireland have started to operate as one institute under the Chartered Accountants Ireland brand. Members of the two Irish-based accountancy bodies first voted ...
CSO’s Census Pilot Survey to test new online census
The Central Statistics Office said today that its Census Pilot Survey will take place in 44 locations across the country during September. Census 2027 will be the first ...
Annual inflation falls to 3-year low of 1.1% – flash data
Inflation in Ireland is continuing to ease, according to the latest figures from the Central Statistics Office. The EU Harmonised Index of Consumer Prices (HIPC) is estimated to ...
Annual wholesale electricity prices up over 15% in July – CSO
The wholesale cost of electricity rose 3% in the month to July, new data from the Central Statistics Office shows. It meant that prices were 15.3% higher than ...
42% of new homes sold in 2023 were part of a block sale
Four out of every ten new homes sold last year across the country changed hands as part of a transaction where multiple units were sold together, new research ...
Changes to work permits to come into force next week
Changes to employment permits, designed to make the system more flexible, will come into force from Monday 2 September. Regulations giving effect to the Employment Permits Act were ...
Wage Subsidy Scheme set to be expanded
The Wage Subsidy Scheme, which offers private sector employers a subsidy to provide employment to people with disabilities, is to be expanded. A number of changes to the ...
Consumer confidence falls slightly in August
Consumer confidence dropped slightly in August, according to the latest Credit Union consumer sentiment index. Concerns about household finances in the months ahead and a renewed nervousness about ...
Domestic electricity bills to rise by up to €100 a year to cover network charges
Household electricity bills could be set to rise by up to €8.42 a month over the coming year. The increase is the result of the energy regulator setting ...
Average weekly earnings up 5.6% in second quarter – CSO
Preliminary figures from the Central Statistics Office show that average weekly earnings for the second quarter of 2024 reached €963.17, an increase of 5.6% or €51.43 compared with ...
First time buyers continue to drive mortgage approvals
Just over 5,300 mortgages were approved in July, the latest figures from Banking and Payments Federation Ireland show. First time buyers continue to drive the bulk of the ...
Some mortgage holders with non-bank lenders to face big rate hikes this year
Thousands of mortgage holders who have their loans with non-bank lenders could be set to be see their mortgage rates leap by as much as 3.5 percentage points ...
Over 40% of workers did not use full holiday entitlements last year – survey
More than four out of ten people did not make full use of their full holiday entitlements last year, according to new research on annual leave. The survey ...
Darkening global outlook, central banks’ pivots signal more turbulence
Growing signs of lacklustre growth and risks emerging to the job market overshadowed a gathering of global policymakers at the US Federal Reserve’s annual Jackson Hole conference, highlighting ...
Third of firms put money aside to pay cyber ransoms
Almost a third of businesses in Ireland have money put aside to pay for ransoms arising from ransomware attacks, a new survey has found. Half of the firms ...
ECB has room for gradual rate cuts, Kazaks says
The European Central Bank has room to cut interest rates possibly two more times this year as inflation remains broadly on the declining path policymakers envisaged, ECB policymaker ...
Employment rate rises, female participation at record high
The employment rate in Ireland has increased almost 3% to over 74%, while female participation is at a record high. New figures from the Central Statistics Office show ...
Economy moderating after years of rapid expansion
Rising global trade tensions and direct competition for Foreign Direct Investment from large economies is already challenging Ireland’s growth potential. This is according to business group, Ibec, which ...
Euro zone August business activity surprisingly strong
Euro zone business activity showed surprising strength in August despite firms raising prices, a survey showed, potentially weakening expectations for two more rate cuts from the European Central ...
Third level education costs double in five years research finds
Parents of young adults attending third-level expect it will cost them €9,511 this year, when in reality if the student is living in rented accommodation they will need ...
Gas generates 45% of electricity in July, demand rises
Demand for gas increased by almost 6% in July when compared to the previous month, new data shows. The report from Gas Networks Ireland shows that demand was ...
Fresh delay to decision on Dublin airport passenger cap
The planning application by Dublin airport operator, daa, to raise the current 32 million passenger a year cap at Dublin airport to 40 million passengers has been hit ...
Microbusinesses facing profitability pressures – survey
Microbusinesses with three or less employees are under severe pressure, particularly when it comes to profitability, a new survey has found. Three out of every 10 are not ...
Mortgages make up 10% of credit union loan book
Mortgage lending at credit unions increased by 10% to €518 million in the three months to the end of June. That’s according to the latest quarterly results from ...
ECB may need to cut rates again in September, Rehn says
The European Central Bank may need to cut interest rates again in September given persistent economic weakness, Finnish central bank chief Olli Rehn has said. The ECB was ...
Grocery price inflation picks up again
Grocery price inflation has picked up for the second month in a row, according to the latest figures from Kantar. Prices were 2.8% higher in the 12 weeks ...
Goldman Sachs lowers odds of US recession to 20% from 25%
Goldman Sachs has lowered the odds of the United States slipping into a recession in the next 12 months to 20% from 25% following the latest weekly jobless ...
Hospitality was the sector with the biggest employment drop in June – CSO
The sector that recorded the largest decrease in employment in June was accommodation and food services, new data from the Central Statistics Office (CSO) shows. Amid claims from ...
Fuel sector seeks action on high petrol and diesel prices
The proportion of the price of diesel accounted for by tax will hit 54% following an expected increase in the carbon tax in October’s budget. This will put ...
ISME warns no justification for €1 rise in minimum wage
The small and medium sized business organisation ISME has said there would be no justification for a further increase in the national minimum wage of €1 in the ...
Population growth exceeds new home delivery by almost 4 to 1
The growth in the Irish population between 2015 and 2023 exceeded the delivery of new homes by a ratio of nearly four to one, new research by property ...
Oil prices set for weekly gains on renewed enthusiasm around US economy
Oil prices were set for a second straight week of gains despite edging lower today, as recent US economic data boosted optimism over demand from the world’s top ...
Residential property prices rise 8.6% over year to June – CSO
Residential property prices rose by 8.6% nationally in the year to the end of June, new data from the Central Statistics Office shows. It is the highest rate ...
€250m allocated to new round of Seed and Venture Capital Scheme
€250m has been allocated to a new round of the Government’s Seed and Venture Capital Scheme. The fund will run for four years from 2025 and will be ...
Oil prices up on hopes of US rate cuts boosting fuel demand
Oil prices rose today, supported by optimism that potential US interest rate cuts will boost economic activity and fuel consumption though concerns over slower global demand curbed gains. ...
New EV sales fall 24% in first seven months of 2024
New electric car sales dropped 24% between January and July when compared to the same period last year, new data shows. The figures from the Central Statistics Office ...
Property prices on course for 4.5% growth – estate agents
Estate agents expect property prices nationally to increase by an average of 4.5% over the next 12 months. That is up from an expectation of growth in prices ...
Oil prices pause after five-day winning streak
Oil prices dipped today after five straight sessions of gains as OPEC’s move to cut its forecast for demand growth in 2024 tempered fears of supply risks posed ...
Hotel and cinema trips drive higher spending in July
Spending in July jumped 7% on the previous month and 4% on the same time last year, new data from AIB shows. Spend in hotels was up 7% ...
NAMA pays €1.1m in redundancy as it winds down operations
The National Asset Management Agency paid out around €1.5 million last year in redundancy and garden leave payments as it continued to wind down its operations. The State’s ...
Oil retreats as markets refocus on demand concerns
Oil prices edged lower today, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth ...
Third best July on record for wind generation in Ireland
Last month was the third best July on record for wind generation in Ireland, a new report shows. The data from Wind Energy Ireland shows that power generation ...
Oil extends gains for fifth session
Oil prices rose for a fifth consecutive session today, extending gains from last week’s more than 3% rise, as US. recession fears eased while geopolitical tensions in the ...
Stabilisation in construction activity; signs of momentum ahead
There are renewed signs of momentum in the construction sector, the latest Purchasing Managers’ Index from BNP Paribas Real Estate Ireland indicates. Although activity in the sector registered ...
Construction industry calls for ‘expansionary’ Budget
One third of companies surveyed in the latest Construction Industry Federation’s Construction Outlook Survey reported an annual increase in turnover during the second quarter of 2024. 30% of ...
Higher VAT rate for hospitality to remain – Minister
The Minister for Public Expenditure and Reform has said the higher VAT rate for hospitality will remain, despite claims by the Restaurants Association of Ireland that hundreds of ...
Drawdown of car loans hits record high in first quarter
Strong demand for cars helped drive volumes in the personal loans market during the first three months of the year. New data released by the Banking and Payments ...
Concern over lack of properties to rent under HAP scheme
A total of 43 properties within the discretionary rate of the Housing Assistance Payment were available to rent in June this year, according to the latest quarterly Simon ...
Number of private residential landlords up 7% to 103,000, new RTB data shows
The number of private registered landlords renting homes to tenants in Ireland rose by almost 7% to 103,035 between the middle of last year and March of this ...
Annual inflation flat at 2.2% in July – CSO
The annual rate of inflation came in at 2.2% in July, new figures from the Central Statistics Office show today, unchanged from a month earlier. The CSO said ...
31,384 new residential addresses recorded in year to June
A total of 31,384 new residential addresses were recorded over the year to June. GeoDirectory, which records the data, said this represents a 17.1% increase on the same ...
IFAC says Exchequer figures show strong economy but risks remain
The amount of tax collected by the State during the first seven months of the year was up 9.5% on the same period last year, driven by income ...
Tax receipts to end of July up nearly 10% on same period last year
The amount of tax collected by the State between January and the end of July was up 9.5% on the same period last year, driven by income tax, ...
Stocks sink with bond yield and dollar on recession fears
Global equities suffered heavy losses today as Wall Street joined a global stock rout that started in Japan while the dollar tumbled against the yen and US Treasury ...
Tokyo’s Nikkei index closes up 10.2% after previous day’s record fall
Tokyo’s key Nikkei index closed more than 10% higher today, bouncing back from a record selloff the previous day on worries over the US economy and a stronger ...
Services growth moderates slightly, outlook brightens, PMI show
Service sector growth moderated slightly for the second successive month in July, but a pick up in new business, the year-ahead outlook and jobs growth pointed to positive ...
Fed holds rates steady, nods to possible September cut
The Federal Reserve held interest rates steady this evening but opened the door to reducing borrowing costs as soon as its next meeting in September as inflation continues ...
Activity in manufacturing sector improves slightly
Activity in the manufacturing sector improved slightly in July, according to new data. The latest AIB Manufacturing PMI shows that the marginal improvement in the sector was driven ...
Parent’s Leave and Parent’s Benefit extended from today
From today, Parent’s Leave and Parent’s Benefit will be extended from seven weeks to nine weeks. The measures were announced as part of Budget 2024. Parents will be ...
Developer loan approvals by State-backed HBFI pass €2bn threshold
Almost €400m in new lending for the construction of new homes was approved by the State’s building finance body in the first half of 2024. That will go ...
Call on Govt to assist parents with back-to-school costs
Children’s charity Barnardos has called on the Government to introduce a suite of measures to assist parents with back-to-school costs. They include a voluntary contribution code of practice, ...
Plan to transform rail on island of Ireland to be published
A plan to transform the rail system on the island of Ireland through electrification, additional track capacity, increased speeds and more frequent services is to be published. The ...
Annual rate of inflation steady at 1.5% in July – CSO flash reading
The latest “flash” estimate of inflation from the Central Statistics Office shows that the annual rate came in at 1.5% in the year to July, unchanged from a ...
Increase in job vacancies in second quarter – study
There was a 14.4% increase in professional job openings in the second quarter of the year compared to the previous quarter, according to new data. The latest Quarterly ...
Increase in number of workers who can’t afford a holiday – study
There has been an increase in the number of workers in Ireland who cannot afford a week’s holiday away from home, either in their own country or abroad, ...
Economy as measured by GDP grew by 1.2% in second quarter
The economy as measured by Gross Domestic Product (GDP) grew by 1.2% between April and June when compared to the previous three months. That is according to an ...
79% of FDI decision-makers planning Irish investment
Nearly 80% of foreign direct investment decision-makers are planning to establish or expand operations in Ireland over the next year. That is according to the latest EY Attractiveness ...
Mortgage drawdowns rise 2.2%, approvals continue to fall
The number of mortgage drawdowns by first time buyers reached the highest level since 2007 between April and June, new data shows. The latest figures from Banking and ...
Commercial construction cost inflation flat in first half
Commercial construction inflation was 1.5% in the first half of the year, the same rate as the six months before that. It means that the annual median national ...
Vessels at main Irish ports down 5% in first quarter – CSO
New figures from the Central Statistics Office show that Irish ports handled 12.1 million tonnes of goods in the first quarter of this year, an increase of 2% ...
Consumer sentiment hits 2 1/2 year high in July
The consumer mood has risen to its highest level in two and a half years, according to the latest Credit Union consumer sentiment index. Easing cost-of-living concerns and ...
Number of homes bought by non-household entities falls by almost 10% last year
New figures from the Central Statistics Office show that non-household entities bought a total of 12,201 homes at market prices last year, a decrease of 9.8% on the ...
Banks under pressure to improve deposit rates
Pressure was coming to bear on the banks this time last year to offer better returns to depositors against the backdrop of rising interest rates. They did respond ...
Govt must do more to ensure Ireland remains competitive, watchdog warns
Ireland’s competitiveness watchdog has warned that the Government needs to do more to address significant longstanding challenges to securing the country’s ability to remain competitive into the medium ...
9% VAT rate for tourism and hospitality unjustified according to Department of Finance
The Department of Finance believes reinstating the 9% VAT rate for tourism and hospitality businesses remains “unjustified”. In a report on VAT, the department’s Tax Strategy Group said ...
Euro zone business growth stalls in July, PMIs show
Growth in euro zone business activity stalled this month as a tepid expansion in the bloc’s dominant services industry failed to offset a deeper downturn among manufacturers, a ...
Indexing personal tax system would cost €1 billion a year, strategy paper shows
Indexing the entire personal tax system to ensure workers’ rising wages are not eroded by an additional tax burden could cost the exchequer over €1 billion a year. ...
Grocery price inflation edges up in July after 15 months of falls
Grocery inflation in the 12 weeks to July 7 saw a marginal gain after falling for 15 months in a row, new figures from Kantar show today. Grocery ...
Revenue fixes problems with online tax return form
Revenue has told accountants and self-assessed taxpayers that it has fixed problems with its online tax return form that were creating difficulties for those filing, but that it ...
ECB’s de Guindos says new data to help reassess monetary policy stance in September
European Central Bank vice-president Luis de Guindos hinted at a possible interest rate cut in September, singling out the ECB’s new projections as the “most important” factor in ...
Job vacancies steadied in second quarter of year
The number of job vacancies remained unchanged in the second quarter of 2024, the first time in two years there was no quarterly decline in vacancies. Hiring platform ...
ECB’s Villeroy says market expectations for future ECB rate cuts ‘reasonable’
Market expectations for the path of future interest rate cuts by the European Central Bank are “rather reasonable,” ECB policymaker Francois Villeroy de Galhau said in an interview ...
ISIF announces €229m of investments to accelerate delivery of new homes
The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA) has announced the completion of four investment commitments totalling €229m aimed at accelerating the ...
Flights delayed and airports impacted by tech outages
Airports and airlines across Europe are experiencing technical issues as media companies, banks and telecom firms around the world also reported that system outages were disrupting their operations. ...
ECB keeps rates unchanged, offers no guidance on next move
The European Central Bank kept interest rates unchanged as expected today, with its president Christine Lagarde saying a move in September was “wide open”. The ECB cut rates ...
Over one million domestic holidays taken last year, up 8%
The domestic tourism market grew strongly in 2023 with over 14.3 million trips taken by Irish holidaymakers which generated €3.1 billion for the economy. New figures from Fáilte ...
EU new car sales rise 4.3% in June
New car sales in the European Union rose 4.3% in June to their highest since July 2019, driven by an uptick in major markets Italy, Germany, and Spain, ...
Property prices rise for 9th month in a row in May – CSO
The annual rate of increase in the price of homes around the country picked up further in pace in May, new data from the Central Statistics Office shows. ...
ECB not expected to cut interest rates any further today
The Governing Council of the European Central Bank (ECB) is expected to leave interest rates unchanged when it meets later today. The likely pause follows the decision to ...
Just 15% of Irish firms ‘fully compliant’ with GDPR
Just 15% of businesses here say they are fully compliant with the European Union’s General Data Protection Regulation (GDPR) rules. A survey by Ipsos B&A, conducted on behalf ...
IMF sees steady global growth, warns of slowing disinflation
The global economy is set for modest growth over the next two years amid cooling activity in the US, a bottoming-out in Europe and stronger consumption and exports ...
Rebound in Dublin office lettings, but vacancy still rising
There has been a strong rebound in Dublin office lettings, but a surge in supply in driving vacancy rates higher. New data from BNP Paribas Real Estate Ireland ...
Irish firms more upbeat than euro zone counterparts
Almost three quarters of Irish medium-sized companies are predicting a positive future, the latest International Business Report from Grant Thornton reveals, better than the euro zone average. The ...
Regulator overseeing building construction to be set up
The Government is to establish a new regulator to oversee the construction of buildings. The Buildings Standards Regulatory Authority will have powers of inspection, enforcement and will have ...
Exports increase by 10% in first five months of 2024
New figures from the Central Statistics Office show that exports of goods increased by 10% to almost €91 billion in the first five months of this year, while ...
GDP fell by more than previously estimated in 2023 – CSO
New figures from the Central Statistics Office show that the economy as measured by Gross Domestic Product (GDP) contracted last year by more than previously estimated. The revised ...
Health Service Executive recruitment freeze ends today
A recruitment freeze at the Health Service Executive is to end today after it was introduced last October. Its termination was confirmed yesterday by HSE CEO Bernard Gloster. ...
ECB to opt for summer pause after initial rate cut
The European Central Bank is expected to leave interest rates unchanged on Thursday, giving the euro zone time to digest last month’s first cut since 2019 as the ...
Euro zone bond yields inch higher after inflation-driven drop
Euro zone bond yields edged higher after a sharp drop the previous day on the back of weaker-than-expected US inflation data. German 10-year bond yield, the benchmark for ...
Rooftop revolution – 100,000 solar panels connected in Ireland
Over 100,000 rooftop solar microgenerators have now been connected to Ireland’s electricity network, according to ESB Networks, cumulatively adding over 400MW of clean energy onto the power system. ...
SMEs lost €10m through email-related scams last year
Small and medium sized businesses lost almost €10m through email-related scams last year. The number of cases reported by SMEs increased almost 25% when compared with 2022. The ...
National Enterprise Hub launched to support businesses
A new resource to help businesses access a range of government supports called the National Enterprise Hub has been launched today by Minister for Enterprise Peter Burke. The ...
Govt adopting ‘everything now’ approach to budget
The State’s fiscal watchdog has claimed that the Government is adopting an ‘everything now’ approach of current spending increases, tax cuts and increased investment for next year’s budget. ...
‘Many more challenges’ facing Irish economy – Chambers
Minister for Finance Jack Chambers has pointed to “many more challenges facing our economy,” along with “threats” and “vulnerabilities present in our public finances”. Following turbulence in recent ...
Additional €8.3bn funding for use in Budget 2025
The Government is to make €8.3 billion in additional funding available for use in Budget 2025, its last before the next general election. €1.4bn of that money is ...
New enhanced unemployment benefit rules passed by Oireachtas
Planned new laws aimed at ensuring enhanced benefits for those with a strong work history who become unemployed have passed through the Oireachtas. Under the new rules, the ...
Year-on-year wage growth in Ireland rose to 4.3% in June
Year-on-year wage growth in Ireland was 4.3% in June, up slightly from the 4% to 4.1% range recorded since the start of this year, according to new research. ...
Summer Economic Statement to outline size of Budget 2025
The Government will outline the size of the financial package for October’s budget later today, when it publishes the Summer Economic Statement. The document sets out the Government’s ...
Data availability an obstacle to sustainability reporting
The Government says a new EU law aimed at tackling greenwashing will strengthen the rules around the social and environmental information which companies have to report. The Corporate ...
UK to re-introduce mandatory housing targets
The UK’s finance minister has announced that she will re-introduce mandatory housing targets. In her first speech as Chancellor of the Exchequer, Rachel Reeves said that the new ...
Asking prices for homes rising at fastest rate in almost two years
Asking prices for homes across the country rose at the fastest rate in almost two years in the 12 months to the end of June, new data shows. ...
Total construction activity falls for second month in a row
Total construction activity fell for the second month in a row in June, new data shows. BNP Paribas Real Estate Total Construction PMI index fell to 47.5, from ...
Euro zone investor morale drops, breaking streak of gains in “setback”
Investor morale in the euro zone broke an eight-month streak of improvements with a bigger-than-expected decline in July, a survey showed today, describing the results as a “bitter ...
ECB accounts show some worries about stalling disinflation
Some European Central Bank policymakers felt uneasy about recent inflation developments when they cut interest rates last month and feared that any further delay in reaching the target ...
Makhlouf urges Government to stick to its own 5% spending increase rule in Budget 2025
The Governor of the Central Bank has urged the Government to stick to its own rule limiting the overall annual increase in spending to 5% in the upcoming ...
Harris meets banks over mortgage interest rates
The Taoiseach has told the banks he wants people to feel the benefits of reduced monthly mortgage repayments as quickly as possible as interest rates begin to fall. ...
Budget 2025 to be brought forward to 1 October – Chambers
Budget 2025 is to be brought forward one week to Tuesday 1 October, Minister for Finance Jack Chambers has said. Speaking on RTÉ’s Morning Ireland, Mr Chambers said ...
Tax take for first half of year up 9%, exchequer figures show
The State took in a total of €44.7 billion in tax in the first six months of the year, up more than 9% on the same period last ...
Govt to draft law to dissolve NAMA and wind up IBRC
The Government has given the go-ahead for the drafting of legislation to complete the dissolution of the National Asset Management Agency (NAMA) and the winding up of the ...
Bank of Ireland revises GDP outlook, but expects healthy growth
Bank of Ireland has downgraded its outlook for growth in Gross Domestic Product (GDP) to 1% this year and 3.9% in 2025. The bank had previously guided GDP ...
Service sector growth moderates, input costs fall sharply
Growth in the country’s service sector moderated slightly in June, bringing jobs growth to a near standstill but a sharp drop in input costs offered welcome relief to ...
Annual inflation slows to three-year low of 1.5% – flash CSO data
The annual rate of inflation rose at the slowest rate in more than three years in June, increasing by 1.5% year-on-year compared to a rate of 2% in ...
Motor insurance costs rose slightly in first half of 2023
Average motor insurance premiums rose marginally in the first half of last year, compared to the year before, new data from the Central Bank has shown. Premiums increased ...
Up to 53,000 new dwellings needed per year to cater for population growth – ESRI
A new report from the ESRI shows that 35,000 to 53,000 new dwellings will be needed annually based on projected population growth scenarios. The report looks at forecasts ...
Sharpest fall in manufacturing activity in almost a year
June marked the sharpest decline in activity in the manufacturing sector in eleven months, according to the latest Purchasing Managers’ Index published by AIB. The headline index fell ...
67% of people say buying first home more challenging than ever
New research commissioned by life insurance and pensions firm Royal London Ireland has found that 67% of Irish people say that it is more difficult than ever to ...
Fall in number of mortgages approved in May
New figures from Banking and Payments Federation Ireland show there was a fall in the number of mortgages approved by Ireland’s main banks in May compared to the ...
Irish household deposits rose by €1.1bn in May
Irish household savings rose by €1.1 billion in May when compared to April, according to data published by the European Central Bank. The increase comes on the back ...
Strong increase in June sentiment survey suggests Irish consumers sense brighter days ahead
The consumer mood improved this month, according to the latest Credit Union Consumer Sentiment Survey, on the back of lower fuel costs and an ECB rate cut. The ...
Fall in number of mortgages approved in May – BPFI
New figures from Banking and Payments Federation Ireland show there was a fall in the number of mortgages approved by Ireland’s main banks in May compared to the ...
Insolvencies up 25% in first half of the year
The number of insolvencies here was 25% higher in the first six months of the year than it was in the same period of 2023, according to two ...
Annual second-hand home prices up by 5.5%
New figures from estate agent Sherry FitzGerald show that the average value of second-hand homes in Ireland saw a 1.8% increase in the second quarter of 2023. Sherry ...
Workers’ incomes set to rise this year and next as wages rise and inflation falls – ESRI
Workers in Ireland should see their incomes rise in real terms both this year and next, due to falling inflation and ongoing increases in wages. The Economic and ...
New Minister for Finance to be formally appointed in Dáil
The new Minister of Finance Jack Chambers will be formally appointed this afternoon. The Dublin West TD will succeed Michael McGrath, who has been nominated as Ireland’s next ...
McGrath nominated as Ireland’s next European Commissioner
Minister for Finance Michael McGrath has been nominated as Ireland’s next European Commissioner. The move was agreed by Government party leaders last night before being formally approved by ...
14% of companies using AI to evaluate job applications
14% of companies are using artificial intelligence to evaluate job applications, new data shows. This includes scanning CVs or scoring job candidates to help filter and identify the ...
Grocery inflation slows again to reach 2.5%
New figures from Kantar show that grocery inflation stood at 2.5% in the 12 weeks to June 9 – the lowest level of grocery inflation since March 2022 ...
Annual age related Govt spending to rise by €16bn by 2050
Annual Government spending that is dependent on age will be €16bn higher by 2050 than it is today because of Ireland’s ageing population, new research has found. The ...
HSA carried out 10,000 workplace inspections last year
The Health and Safety Authority carried out almost 10,000 proactive workplace inspections last year, according to the authority’s annual report. The HSA conducted 83 investigations into fatal accidents, ...
8 out of 10 employees have used AI in the workplace – survey
Eight out of ten employees have used artificial intelligence in the workplace, according to a new survey. The FRS Recruitment Employment Insights Report shows that almost half of ...
Prices sought for homes are up 6.7% in the second quarter – Daft
Prices sought for homes across the country rose by an average of 3.8% between April and June when compared to the previous quarter, new data from property listings ...
Caution urged over copper broadband switch-off
There are calls for careful planning around the switch-off of Ireland’s old copper broadband network amid warnings that many devices are still reliant on the system. Broadband network ...
Ireland slips two places to fourth in world competitiveness rankings
Ireland has dropped two places from last year in a key measure of international competitiveness. The country was ranked fourth of 67 economies examined by the Institute of ...
Increased labour needed to drive construction output
An increase in labour capacity in the construction sector may be needed if the number of houses that work has begun on this year are to be delivered. ...
Irish prices second highest in EU last year
Prices paid by Irish consumers were the second highest in the EU last year, according to new official data. Irish prices were 42% higher than the EU average, ...
Retailers urged to prepare now for online Christmas shopping – An Post
Is it too early for Irish retailers to start preparing for Christmas? Not according to An Post. It has published its first eCommerce Index which shows that 95% ...
6.3 million foreign visitors came to Ireland last year – CSO
New figures from the Central Statistics Office show that 6.3 million foreign visitors departed Ireland on overseas routes in 2023. Overall, the visitors spent €7.3 billion on their ...
NAMA on track to wind down by the end of 2025
The National Asset Management Agency remains on track to wind down completely by the end of next year. But the Minister for Finance Michael McGrath has confirmed that ...
ECB set to cut rates in September and December – poll
The European Central Bank will cut its deposit rate twice more this year, in September and December, according to a significant majority of economists polled by Reuters who ...
Oil prices stable as demand uncertainty persists
Oil prices were stable today, as traders awaited signs of a hoped-for summer demand boost to prop up prices even as strong supply threatens to blunt gains. Benchmark ...
Dublin fourth most expensive city in Europe to build – survey
Dublin is the fourth most expensive city in Europe to build, a new survey shows today, while it also makes it into the top 25 most expensive places ...
ECB’s Lane confident euro zone inflation will hit 2% in 2025
The European Central Bank’s chief economist said today he remained confident inflation will fall back to the ECB’s 2% target in 2025 after four years of unusually brisk ...
IMF calls for stronger social safety net to ‘broaden’ gains from AI
Fiscal policy has a “major role to play” in broadening the financial gains from generative AI technology and preventing a spike in wealth inequality, the IMF today. Left ...
Central Bank lowers growth forecast for domestic economy
The Central Bank has reduced its forecasts for economic growth this year. In its latest Quarterly Bulletin, the bank predicts that Modified Domestic Demand will expand by 2.1% ...
Services inflation needs to come down this year – ECB’s Lane
The European Central Bank needs to see momentum in services inflation come down this year in order to confirm its disinflation narrative, the ECB’s chief economist said today, ...
Dublin ranked 41st most expensive city for international workers
Dublin ranks as the 41st most expensive city in the world for international employees, the 2024 Cost of Living City Ranking survey from Mercer shows, ten places higher ...
Almost 50% would refuse job offer with no remote work option – survey
Nearly half of Irish jobseekers would refuse a job offer if there were no hybrid or fully remote working options offered, according to new research from The Stepstone ...
Household savings rate increases to 14.7%
The savings rate among households increased to 14.7% between January and March. New data from the Central Statistics Offices shows that households saved €8.1bn during the three month ...
Consumer behaviour shifting due to rising costs
Cost of living pressures continue to top the agenda for consumers, new data shows. The latest Future Consumer Index from EY tracks changing consumer sentiment and behaviours right ...
Consumer prices rose by 2.6% over the 12 months to May
Consumer prices for goods and services rose by 2.6% over the 12 months to May. The figures from the Central Statistics Office show that when energy and unprocessed ...
Fed leaves rates unchanged, sees only one 2024 cut despite inflation progress
The Federal Reserve held interest rates steady yesterday and pushed out the start of rate cuts to perhaps as late as December as policymakers sketched out their view ...
Oil slips on US growth worries, ample crude supply
Oil prices fell in early trade today, as investors digested that the US Federal Reserve had likely pushed back a possible interest rate cut to December, while ample ...
New EV sales down 20% so far this year, CSO data shows
The number of new electric cars sold in the first five months of the year dropped by 20% compared with the same time last year, new data shows. ...
US inflation down slightly ahead of latest Fed decision
US consumer inflation ticked lower last month, according to US government data, giving the US Federal Reserve positive news shortly before it publishes its latest interest rate decision. ...
Irish mortgage rates drop slightly in April, Central Bank data shows
Irish mortgage rates dropped slightly in April, new data from the Central Bank of Ireland shows. The average interest rate on a new mortgage was 4.24%, down 0.07 ...
Increase to poverty rates from pension reforms – ESRI
Government plans to increase Pay Related Social Insurance (PRSI) to fund the State pension will lead to a slight increase in poverty rates, particularly the child poverty rate, ...
Oil edges down as cautious investors await Fed meet, US CPI data
Oil prices traded lower today, as investors waited for key US and China CPI data as well as the outcome of the Federal Reserve’s policy meeting to glean ...
SCSI calls for increase in building control inspections
Ireland’s approach to the enforcement of building regulations requires a cultural shift, according to the new President of the Society of Chartered Surveyors. Kevin Hollingsworth called for a ...
Live Register figures ease by 0.3% in May, CSO data shows
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total fell by 0.3% to 173,200 people in May when compared to the previous ...
Euro falls in warning sign for markets after Macron calls snap France vote
The euro fell sharply today, hit by political uncertainty after gains by the far-right in voting for the European Parliament on Sunday prompted a bruised French President Emmanuel ...
Increases in construction activity continued in May – BNP Paribas
Housing commencements remain on an upward trend, according to BNP Paribas Real Estate Ireland, with continued increases in construction activity across key residential segments. The construction activity index ...
ECB policymakers warn about inflation challenge
European Central Bank policymakers warned today that the final stage of pushing inflation down to 2% could be especially hard but said they were confident that policy was ...
Unemployment rate steady in May at 4%, CSO data shows
New figures from the Central Statistics Office show that the unemployment rate for May was 4%, unchanged from the previous month. On an annual basis, the seasonally adjusted ...
World food prices rise for third straight month in May, UN says
The United Nations world food price index rose for a third consecutive month in May, as higher cereals and dairy product prices outweighed drops in prices for sugar ...
45% say their 60s will be the costliest decade of retirement
Almost half of people in Ireland expect their 60s to be the most expensive time of their retirement, new data shows. The survey carried out by Royal London ...
Pace of growth in service sector accelerates in May
The pace of growth in the service sector accelerated in May, new data shows. The latest AIB Purchasing Managers’ Index (PMI) reveals that the index increased from 53.3 ...
ECB interest rate cut expected, after hikes since 2022
The European Central Bank (ECB) is expected to agree a quarter of a percent cut in interest rates at its meeting in Frankfurt. It will come after ten ...
Housing Minister to seek approval to expand home loan scheme
Minister for Housing Darragh O’Brien will seek Government approval to expand the local authority home loan for first-time buyers. The loan is currently only available for homes that ...
Higher annual housing targets expected after budget
New annual housing targets that will be significantly higher than the current figures are set to be published after the Budget in October. The figures will consider new ...
Euro zone business activity expands at fastest rate in a year, PMI shows
Euro zone business activity expanded at its quickest rate in a year in May as growth in the bloc’s dominant services industry outpaced contraction in manufacturing, according to ...
Manufacturing activity stable in May, PMI shows
The country’s manufacturing sector steadied last month after contracting in April although demand remained subdued, a survey showed today. The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) ...
Customers cutting costs but still value quality – survey
A new survey from KPMG highlights the challenge retailers and brands face in balancing price competitiveness and quality. Its latest Next Gen Retail Survey found that the majority ...
CSO marks 75 years of counting the Irish economy
The Central Statistics Office is today marking 75 years since it was first established in 1949. The CSO was established to gather, analyse and publish independent statistics and ...
Central Bank recorded a €132m loss in 2023
The Central Bank made a loss of €132.1m last year, as a result of monetary policy decisions taken across the euro area to bring inflation down. Its Governor ...
Annual inflation increases to 1.9% in May from 1.6% in April – flash CSO data
The annual rate of inflation increased to 1.9% in May, up from 1.6% in April, a flash estimate of the Harmonised Index of Consumer Prices (HICP) from the ...
Economic growth set to moderate but remain robust in coming years
The Irish economy is expected to continue expanding at a robust pace in the coming years, according to a new report from AIB. However, it states that this ...
Average weekly earnings up 4.7% in first quarter of 2024 – CSO
New figures from the Central Statistics Office show that average weekly earnings rose by 4.7% to stand at €969.12 in the first quarter of this year compared to ...
Tech companies call for introduction of AI regulations
Major technology companies have called on politicians to regulate artificial intelligence. Appearing before TDs and senators on the Oireachtas Enterprise Committee, representatives from Amazon, Google and Microsoft spoke ...
€100m stolen through frauds and scams in Ireland in 2023
Almost €100m was stolen by fraudsters through frauds and scams last year, new data shows. That represents an increase of 16% on the previous year, according to FraudSMART ...
Retail sales dip by 1.2% in April from March – CSO
New figures from the Central Statistics Office show that retail sales fell by 1.2% on a monthly basis in April to stand 0.9% lower than a year earlier. ...
ECB to focus on quarterly meetings with slow, gradual rate cuts – Knot
The European Central Bank can gradually reduce interest rates given the decline in inflation, and decisions on future cuts could centre around quarterly meetings with new economic projections, ...
Cross border tourism triples in last decade, report shows
The tourism industry across the island of Ireland is worth almost €17 billion to the economy, and supports 300,000 jobs, new data shows. The report from Ulster University ...
Cost-of-living measures ‘must be a focus’ of Budget 2025 – Harris
Cost-of-living measures “must once again be a focus” for Budget 2025, Taoiseach Simon Harris has said. Mr Harris made the comments during an address at the National Economic ...
Over two thirds of firms concerned about pension auto-enrolment
A new report has found that over two thirds of businesses are concerned about the introduction of pension auto-enrolment. The research by Aon found that more than a ...
Credit union lending up almost 14%, driven by mortgages
Lending at credit unions increased by almost 14% in the past year, driven by a significant rise in mortgage lending. That is according to figures from the Irish ...
ECB’s Lane says ready to start cutting interest rates
The European Central Bank is ready to cut interest rates next month but policy must continue to be restrictive this year as wage growth will not normalise until ...
Grocery price inflation falls to 2.6% in May from 13.3% last year
New figures from Kantar show that grocery inflation stood at 2.6% in the 12 weeks to May 12, down from 13.3% the same time last year and the ...
Lack of funding the main barrier to innovation by firms
60% of Irish based businesses say a lack of funding is the main barrier they face when it comes to increasing their innovation levels, new research has found. ...
Lowest rate of annual increase in employment in three years – CSO
The number of people in employment in the first quarter of the year stood at 2.7 million, a rise of 1.9% or 51,500, compared to a year ago. ...
EU critical materials rules could lead to new Irish mines
New EU rules have come into effect aimed at ensuring the union has access to a secure and sustainable supply of critical raw materials. The Critical Raw Materials ...
Mortgage approvals up again in April driven by first time buyers
New mortgage approvals rose again by both value and volume in April, driven by continued strong demand from first time buyers. The Banking & Payments Federation Ireland (BPFI) ...
Revenue issues new guidance on employment status
Revenue has published new guidance on determining the employment status of workers for tax purposes. It follows a recent Supreme Court judgement relating to Domino’s Pizza delivery drivers. ...
ECB can start cuts before Fed, says Finnish bank governor Rehn
The European Central Bank did not have to take its cues from the US Federal Reserve and could start to lower rates as soon as June, Bank of ...
Annual wholesale electricity prices fell by almost 30% in April – CSO
Wholesale electricity prices – the prices that suppliers pay to generators – fell nearly 30% in the 12 months to April, the latest Central Statistics Office figures show. ...
EU new car sales jump 13.7% in April, industry body says
New car sales in the European Union rose 13.7% in April on the year for their biggest jump since last October, Europe’s auto industry body said today, after ...
UK inflation falls less than expected, dashing June rate cut hopes
Inflation in Britain fell by less than expected in April and a key core measure barely dropped, prompting investors to pull bets on a rate cut next month ...
Europe sets benchmark for rest of the world with landmark AI laws
Europe’s landmark rules on artificial intelligence will enter into force next month after EU countries today endorsed a political deal reached in December, setting a potential global benchmark ...
Budget will widen gap between better off, those on low incomes – survey
A new analysis of Budget 2024 has warned that it will widen further the gap between the better off and those on the lowest welfare and work incomes. ...
Revenue reminds employers of enhanced reporting obligations
Revenue has issued notices to 115,000 employers reminding them of their obligations under the Enhanced Reporting Requirements (ERR) scheme. Since January 1st, employers who provide the remote working ...
Most food and drink companies positive about future
Irish food and drinks companies are generally positive about the future, despite issues with inflation, input costs and labour availability. That is according to a survey of over ...
Pace of rise in advertised rents slowed in first quarter
Advertised rents rose by just 0.6% between January and the end of March, new data from the property listings website Daft.ie shows. It meant that average rent sought ...
Fuel prices see slight fluctuation in May
New figures from AA Ireland show a a slight fluctuation in petrol and diesel prices over the last few weeks after a sharp increase in April. The AA ...
Inaugural Global Economic Summit to open in Co Kerry
More than 400 leaders from politics, business, economics and civic life are gathering in Killarney, Co Kerry over the next three days for the inaugural Global Economic Summit. ...
Economic benefits at risk from data centre uncertainty – DII
Failure to address the policy constraints around data centres in Ireland will put the country at risk of missing economic benefits of next generation technologies, an industry body ...
FSU conference to discuss pay, AI and surveillance
Pay increases, the rise of artificial intelligence and staff surveillance are among the topics to be discussed at the triennial conference of the Financial Services Union (FSU) which ...
Exports rise by €2.3 billion in first quarter of 2024 – CSO
New figures from the Central Statistics Office show that Ireland’s unadjusted exports of goods increased by €2.3 billion to €53.2 billion in the first quarter of this year ...
Public sector workers call for higher starting salaries
Public sector workers will today call for an increase in starting salaries amid claims that pay for new entrants is far too low. The issue will be debated ...
Over €12bn spent using mobile wallets in past year
Over €12 billion was spent using mobile wallets such as Apple Pay and Google pay in the 12 months to March, new data shows. The figures from Banking ...
Home prices increased by 7.3% in March amid tight supply
New figures from the Central Statistics Office show that residential property prices grew by 7.3% on an annual basis in March. This marked the fastest rate of increase ...
Irish economy forecast to grow by 1.2% this year – EU
The European Commission has maintained its expectations for the performance of the Irish economy this year with a predicted GDP growth rate of 1.2%. In its Spring 2024 ...
PTSB cuts mortgage rates for the third time this year
Having eased considerably last year, fuel forecourt prices are on the rise once again. In the space of a month average fuel prices have risen by 10-13.5%, according ...
42% of Ireland’s electricity powered by gas in April – Gas Networks Ireland
Gas generated 42% of Ireland’s electricity in April, new figures from Gas Network Ireland show today. After a notably windy period in February and March, gas was the ...
Oil slips on signs of weak fuel demand, strong dollar
Oil prices extended declines today amid signs of weak fuel demand and as comments from US Federal Reserve officials dampened hopes of interest rate cuts, which could slow ...
90% jump in ‘green’ loan drawdowns last year
The number of green loans drawn down last year jumped over 90% when compared to 2022, new data shows. A green loan includes green car or auto finance ...
UK exits recession with better-than-expected 0.6% GDP growth
Britain’s economy grew by the most in nearly in three years in the first quarter of 2024, ending the shallow recession it entered in the second half of ...
Revenue issues demands to 11,700 firms over warehoused debt
Almost 90% of the €1.65 billion debt which was still warehoused at the start of last month has been repaid or is in the process of being repaid, ...
Irish mortgage rates see third monthly increase in a row
The average interest rate on a new mortgage in Ireland rose for the third month in a row in March to reach the highest level since 2017, new ...
Half of adults happy with current State pension age of 66
One in every four adults would choose to take the State pension six years earlier, even if it meant they received €60 less a week from it, new ...
Inflation rate slows to 2.6% in April from 2.9% in March – CSO
Inflation in Ireland rose by 2.6% in the 12 months to April, according to the latest figures from the Central Statistics Office, down from the rate of 2.9% ...
PTSB reports 10% increase in Q1 net interest income
PTSB said today it had recorded a strong financial performance in the first quarter of 2024, including an increase in net interest income and a doubling of business ...
Just 13% of prospective homebuyers think over the next year a good time to buy
Almost 80% of prospective homebuyers are worried about the state of the property market, new data shows. The consumer sentiment research from property website MyHome.ie reveals that just ...
Over 70% of businesses plan to increase staff salaries in 2024
Over 70% of businesses expect to increase salaries this year, while 40% plan to hire more staff, new data shows. The latest KPMG Enterprise Barometer reveals overall optimism ...
Scammers re-target investment fraud victims promising to recover money
The banking industry is warning people who have previously fallen victim to investment fraud about new scams where the fraudsters are promising to recover their lost money. The ...
Public-private pay differential ranged from 0.9% to – 6.6% in 2022
New figures from the Central Statistics Office show that the public-private pay differential on average ranged from 0.9% to a decrease of 6.6% in 2022. The CSO said ...
Private healthcare – a boom area for investment?
Private healthcare has come under the spotlight of late with the sale of the Beacon Hospital in Dublin and the planned move by Aviva back into the health ...
AIB’s first quarter income up by 18% due to higher interest rates
AIB said its total income increased by 18% in the first quarter of the year on the back of the higher interest rate environment and after what it ...
Smurfit Kappa posts 16% drop in first quarter profit
Smurfit Kappa shares rose this morning after its first quarter core profit fell sharply year-on-year but was higher than the final quarter of 2023 when it had signalled ...
Glenveagh Properties set to build over 2,700 homes this year
Homebuilder Glenveagh Properties said its forward order book now stand at €963m, up from €805m at the end of February. In a trading statement issued ahead of the ...
Trade unions to mark International Workers’ Day with Dublin event
Trade unions will mark May Day today which is celebrated as International Workers’ Day. A rally and march will be held this evening at the Garden of Remembrance ...
Manufacturing activity deteriorates amid fall in new orders
Activity in the manufacturing sector deteriorated again in April, new data shows. The latest AIB Purchasing Managers Index shows that the fall last month was the sharpest rate ...
New targets for female representation at senior levels
Balance for Better Business (B4BB), an independent review group established by the Government, has today launched a new strategy, targets and roadmap to improve gender balance at board ...
Bank of Ireland raises net interest income guidance on fewer rate cuts
Bank of Ireland has today lifted its net interest income guidance for 2024 to reflect its revised expectations that there will be one fewer round of central bank ...
Euro zone grows more than expected in Q1 after recession
The euro zone economy grew by more than expected in the first quarter of 2024, buoyed by a return to growth for Germany and strong expansion in Spain, ...
Inflation rate slows to 1.6% in year to April – flash CSO reading
The latest “flash” estimate of inflation from the Central Statistics Office shows that the annual rate slowed to 1.6% in the year to April from a rate of ...
Claims related to uninsured drivers rose 11% last year – MIBI
The number of claims related to accidents caused by drivers who were either uninsured or untraced rose 11% last year. The Motor Insurers’ Bureau of Ireland said 1,927 ...
KBC Ireland to return banking licence to Central Bank
KBC Bank Ireland will return its banking licence to the Central Bank of Ireland next week, in its last act before exiting the Irish market. Three years after ...
Ireland’s first Trade Union Week gets under way
Ireland’s first Trade Union week begins today. It will see thousands of workers across the island taking part in events and activities over the next seven days. The ...
Ireland ranks second in Europe for remote work opportunities
Ireland has one of the highest shares of hybrid and remote job postings in Europe, according to the professional network LinkedIn. The analysis shows how working habits have ...
Third month of decline in consumer sentiment – Credit Union index
There was a marginal fall in consumer sentiment for a third month running in April, the latest consumer sentiment index from the Credit Union has found. It follows ...
New home completions down 12% in first quarter of 2024 – CSO
There was a 12.1% fall in the number of new home completions in the first quarter of this year, according to new data from the Central Statistics Office. ...
Over 53,000 businesses still using Revenue’s Tax Debt Warehousing scheme
The outstanding debt owned by businesses that availed of Revenue’s debt warehousing scheme stood at €1.58 billion this week, according to the tax commissioners in their annual report ...
Banks need to do more for borrowers in early mortgage arrears – Central Bank
A Central Bank review of the supports that are in place for borrowers experiencing early mortgage arrears has found they need to be improved. The analysis looked at ...
Diversity report shows more women in senior management roles
A survey of businesses that signed up to a pledge to improve diversity and inclusion in their workplaces has found higher levels of female participation at senior and ...
European Parliament to vote on money laundering law
New laws to tackle money laundering, terrorist financing and sanctions evasion are due to be voted on by the European Parliament. The proposed legislation would place increased surveillance ...
Consumers want to make ‘green’ choices but cost dominates – survey
Consumers want to make sustainable choices but cost and other practicalities take priority, new research shows. The survey of 1,000 people from Banking and Payments Federation Ireland (BPFI) ...
Covid supports stabilised labour market but inequality persists – study
Employment and social welfare supports during the Covid pandemic helped to stabilise the labour market but inequalities persist, according to a new study from the Irish Human Rights ...
ECB governors stick to plan for multiple rate cuts despite global headwinds
European Central Bank officials are sticking to plans to cut interest rates multiple times this year, even as higher US inflation delays a pivot to looser policy by ...
Waiver on development levies to be extended – Harris
Taoiseach Simon Harris said today there is capacity to build 60,000 homes a year and there is a need to continue the supply of new homes. Speaking on ...
Wholesale electricity prices 40% lower in March on last year
New figures from the Central Statistics Office show that wholesale electricity were 40.3% lower in March of this year compared to the same time last year. The CSO ...
‘Green’ job postings jump 93%, but jobseekers wary
So-called ‘green’ job postings in Ireland are up over 90% since 2019, new data shows. The research from hiring platform Indeed highlights the growing demand for such roles, ...
ECB’s Lagarde says inflation more likely to ease but risks both way
Euro zone inflation is likely to decline further and the European Central Bank may cut interest rates if its long-standing price growth criteria are met, ECB President Christine ...
Government recorded surplus of €8.3 billion last year – CSO
New figures from the Central Statistics Office show that the general government balance showed a surplus of €8.3 billion or 1.7% of Gross Domestic Product (GDP) in 2023. ...
Diesel & petrol prices hit highest level so far this year
The latest AA Ireland fuel price survey shows that petrol and diesel prices have hit their highest level so far this year. AA Ireland said that petrol and ...
BPFI says SMEs face adjusting profit expectations as costs rise
Small and medium sized businesses will need to adjust their profit expectations in order to ensure the viability and continued growth of the sector, a new analysis has ...
Job vacancies continuing to fall
The level of job vacancies continued to fall in the first quarter of the year according to the latest ‘Jobs Index’ from hiring platform IrishJobs. Vacancies were down ...
Confirmed euro zone inflation fall bolsters ECB’s June rate cut plan
Euro zone inflation slowed across the board last month, reinforcing expectations for a European Central Bank interest rate cut in June, even as rising energy costs and a ...
EU new car sales drop by 5.2% in March, says ACEA
New car sales in the European Union fell by 5.2% year-on-year in March, marking the first decline this year and the biggest since July 2022, Europe’s auto industry ...
Property price growth speeds up to 6.1% in February – CSO
New figures from the Central Statistics Office show that residential property prices grew at the fastest annual pace in just over a year in February. Property prices increased ...
Both exports and imports fall in February – CSO
Ireland’s exports and imports fell in February, according to the latest figures from the Central Statistics Office. Goods exports in the month were worth €15.9 billion on an ...
Makhlouf expects that ‘all things equal’ the ECB will cut interest rates in June
The Governor of the Central Bank has said he expects that “all things equal” the European Central Bank will cut interest rates in June. However, Gabriel Makhlouf said ...
Govt agrees to delay date of Patent referendum
The Government has agreed to defer the date for the referendum on the EU’s Unified Patent Court, Minister for Enterprise Peter Burke has confirmed. It was expected that ...
Global cooperation needed around systemic risks from non-bank sector – Makhlouf
The Governor of the Central Bank has called for continued global coordination that will lead to progress in dealing with systemic risks arising from the non-bank sector. Gabriel ...
Euro zone inflation heading to 2% after ‘bumpy’ road – ECB’s Lane
Euro zone inflation is heading to the European Central Bank’s 2% target next year after a “bumpy” road that will see it hover near current levels for now, ...
‘Significant’ drop in job openings in first quarter
There was a “significant” drop in job openings in the first quarter of the year, according to the latest Quarterly Employment Monitor from recruitment firm Morgan McKinley. The ...
ECB could cut rates more than three times in 2024 – Simkus
The European Central Bank could cut interest rates more than three times this year and the reductions should not be held back if the US Federal Reserve delays ...
Construction activity returned to growth in March
Construction activity rose in March for the first month since June of last year and at the most marked rate for nearly two years, new data shows. The ...
Ibec forecasts 2% growth but global uncertainty will weigh on Irish economy
Business group Ibec has said the Irish economy is still performing robustly, despite rising inflation and higher interest rates. In its first Quarterly Economic Outlook for the year, ...
Global IPO activity ‘cautiously optimistic’ in Q1
The global IPO market began the year on a cautiously optimistic note, according to analysis by EY, with activity declining in volume in the first quarter of the ...
Households saved €19 billion in 2023 – CSO
New figures from the Central Statistics Office show that households saved 12.09% of their income in the last quarter of 2023 – and 12.4% in 2023 as a ...
AI-enabled workforce critical for future investment – IDA
IDA Ireland has said that an AI-enabled workforce is critical to transforming Ireland’s enterprise base and supporting future investment in the country. The agency has published its latest ...
ECB expected to hold rates steady when it meets today
The Governing Council of the European Central Bank (ECB) will consider whether to make any changes to interest rates at a meeting in Frankfurt later today. But markets ...
WTO eyes global trade rebound but warns of risks
The World Trade Organization said today that global trade should rebound this year from an unexpected slump in 2023, but warned that regional conflicts, geopolitical tensions and economic ...
Irish mortgage rates edge higher in February – Central Bank
New figures from the Central Bank show that average mortgage rates in Ireland rose to 4.29% in February from 4.27% in January. The euro zone average mortgage fell ...
60% would turn down a job that does not offer hybrid work
60% of people would turn down a job if it did not offer hybrid working, new data shows. The latest Cpl Salary Guide reveals that 66% of those ...
Euro zone banks lower bar on mortgages but demand keeps falling – ECB
Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years but demand for credit kept falling amid high borrowing ...
Supreme Court rules personal injuries awards guidelines legally binding
The Supreme Court has ruled that guidelines on personal injuries awards voted into force by Ireland’s judges three years ago are legally binding and remain in force. In ...
NAMA sought resolution unit as part of wind down
The State’s bad bank asked the Government to set up a ‘NAMA resolution unit’ because there was no way they could finalise all legal cases, insolvency, and property ...
Higher level of affinity for family business in Ireland
Nearly three quarters of third level students who come from a family business background believe that the next CEO of the firm will be a family member, according ...
Live Register figures ease by 0.2% in March – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for March decreased by 400 to 174,500 people – a fall of 0.2%. ...
Euro zone investor morale hits two-year high in April
Investor morale in the euro zone improved for the sixth consecutive month in April to its highest level in more than two years, a survey showed today, adding ...
Record March for wind energy production
The amount of electricity produced by wind hit a new record for March last month, new data shows. 1,541GWh of power was generated by wind farms here during ...
AIB, EBS and Haven cut fixed Green mortgage rates by 0.2%
AIB and affiliates EBS and Haven are cutting the fixed rates on their “Green Mortgages” by 0.2%. The changes will take place from tomorrow and will be available ...
Office leasing in Dublin falls in first quarter
There was a drop in the amount of office space leased in Dublin in the first quarter of the year, new data shows. Research from commercial real estate ...
Govt publishes bill paving way for pension auto-enrolment
The Government has published a bill which will pave the way for 800,000 workers to be brought into a pension scheme for the first time. Publishing the Automatic ...
Over €25 million stolen in investment fraud last year, say gardaí
Gardaí have said over €25 million was stolen in investment fraud last year, a crime which has increased by over 90%. Almost 1,000 people have reported an investment ...
Euro zone inflation unexpectedly eases, boosting rate cut case
Euro zone inflation fell unexpectedly last month, solidifying the case for the European Central Bank to start lowering borrowing costs from record highs. Consumer price growth in the ...
Drop in injury claims’ costs but premiums rise by 8% – NCID report
The average cost of settling public and employer liability claims through the Injuries Resolution Board dropped by a third in 2022 compared to 2020, according to a new ...
Service sector grows at fastest pace in eight months
The service sector grew at its fastest pace in eight months in March, new figures show. The latest AIB Purchasing Managers’ Index (PMI) reveals that the index reached ...
ECB’s Holzmann says warming to June rate cut but keeping an eye on Fed
The European Central Bank could start cutting interest rates in June as inflation may fall quicker than expected but should not get too far ahead of its US ...
Unions join forces in call for major reforms of workers’ rights
Several of Ireland’s largest trade union groups have joined forces calling for a major reform of workers’ rights. The Respect at Work campaign says there should be cross ...
Inflation falls below 2% for first time since June 2021 – flash CSO reading
Annual inflation in Ireland fell below the euro zone-wide target of 2% for the first time in almost three years after slowing to 1.7% in March, a flash ...
Pension auto-enrolment: What is it and what will it cost?
After decades of discussion and debate, the prospect of workers being automatically added into a private pension scheme took a step closer this week. On Wednesday the Cabinet ...
Cost of second hand homes in Dublin rise 1.9% in first quarter
The average price of a used property in Dublin rose 1.9% between January and March compared to the previous three months, new data from DNG shows. That’s more ...
Manufacturing contracts again in March – PMI
The manufacturing sector contracted in March after briefly returning to growth a month earlier, a survey showed today, with confidence among firms also slumping to the lowest level ...
Cabinet approves Bill to introduce pension auto-enrolment
Draft legislation designed to set up the new pension auto-enrolment system has been approved by the Cabinet. If enacted, the Automatic Enrolment Retirement Savings System Bill will result ...
€10m paid out so far under €125m mortgage interest relief scheme
Just €10m has so far been paid out in mortgage interest relief under the Government scheme announced in the budget, despite €125m being allocated for it. 12,107 PAYE ...
Price increases in store for consumers from Monday
Inflation in Ireland has fallen significantly in recent months, but a number of cost increases will weigh on consumers from next Monday. From midnight on 1 April, the ...
Record levels of first-time mortgages approved in Feb
Mortgage approvals for first-time buyers hit a record annualised high in February. Figures from Banking and Payments Federation of Ireland (BPFI) show that in the year to the ...
Bill to introduce pension auto-enrolment scheme to go before Cabinet for approval
The Minister for Social Protection will seek Cabinet approval today for draft legislation designed to set up the new pension auto-enrolment system. If enacted, the Automatic Enrolment Retirement ...
ESRI forecasts return to growth in household incomes this year as inflation falls
The ESRI has upgraded its outlook for economic growth this year, amid falling inflation, an expected normalisation of exports and moderate expansion of the domestic economy. In its ...
ECB confident wage growth slowdown on track – Lane
The European Central Bank is increasingly confident that wage growth is slowing back toward more normal levels, potentially opening the door to rate cuts, ECB chief economist Philip ...
Credit unions main lender for personal loans – research
Overall non-performing consumer loans at banks and credit unions remain near recent historical lows, despite a slight increase observed in new early arrears cases. That is according to ...
Consumer sentiment falls in March amid ongoing caution
Consumer sentiment dropped again this month, new research has found, amid ongoing caution and concern. The Credit Union Consumer Sentiment Index found rising living costs and another increase ...
Wholesale electricity prices down almost 47% in past year
There was a decrease in the price of wholesale electricity in February 2024 with prices 15.3% lower than the previous month. The price of electricity was 46.8% lower ...
House prices spike in counties Cavan, Longford and Tipperary
House price increases in lower-priced counties soared above the national average in the first three months of the year as buyers chase affordability, the latest REA Average House ...
Europe’s IPO market hits bump but recovery still on course, bankers say
A strong debut by Swiss skincare company Galderma on Friday is steadying nerves around Europe’s IPO market, a day after a poorly received listing from German retailer Douglas, ...
EU leaders to back tighter euro zone fiscal stance in 2025
European Union leaders will today back a slightly tighter fiscal policy for the euro zone next year, to help bring down inflation and make public finance more stable ...
ECB rate cut probability increasing, Nagel says
Euro zone inflation is set to fall back to the European Central Bank’s 2% target by next year so an interest rate cut could come possibly as soon ...
Housing commencements up 85% year-on-year
Notices that work was beginning on 3,699 new homes across the country were received in February, new data from the Department of Housing shows. This is up 85% ...
Residential property prices rise by 5.4% in January – CSO
New figures from the Central Statistics Office show that residential property prices rose by 5.4% in the 12 months to January, up from 4.1% the previous month. The ...
UK posts bigger than expected budget deficit in February
Britain posted a larger budget deficit than expected in February, boosted by cost of living payments and the effect of past inflation on the public finances, official data ...
New State induced employment supports to cost tourism sector €456m this year
State-induced employment support measures will increase payroll costs for the tourism sector by €456m this year, a new analysis claims. Between now and 2026, the cost of the ...
Housing remains the top challenge for US firms here
Housing is viewed as the top challenge for US firms operating here, a survey of members of the American Chambers of Commerce in Ireland has found. 98% of ...
McGrath to update Cabinet on new EU fiscal rules
Minister for Finance Michael McGrath will update Cabinet this morning on new EU fiscal rules which will require every member state to publish their net expenditure plans for ...
€750m paid to Revenue in unpublished tax settlements last year
Almost €750m was paid last year to Revenue in unpublished tax settlements with more than €200m of that linked to the finance and insurance industries. The Revenue Commissioners ...
Cost of a fry-up rose by 3.1% in the past year – CSO
The cost of a fry-up has risen by 3.1% in the past year, according to the Central Statistics Office. That figure is based on the data the CSO ...
Irish exports jump 22% as pharmaceuticals rebound – CSO
Irish exports jumped 22% in January when compared to the same month of 2023, according to the Central Statistics Office. There were more than €18.9 billion in exports ...
ECB ready in June to discuss rate cuts, de Guindos says
The European Central Bank will be in position to discuss an interest rate cut in June, Vice President Luis de Guindos said today, joining a long list of ...
Consumer queries to CCPC increase by 20% in 2023
Consumer queries to the Competition and Consumer Protection Commission were up 20% last year, with faulty goods and services being the subject of most contacts. Almost 40,000 people ...
Pace of inflation continued to ease in February – CSO
The rate of inflation continued to ease last month, according to new data from the Central Statistics Office. Consumer prices rose by 3.4% in the year to the ...
0.35% rate cut likely for tracker mortgage customers in September
The holders of tracker mortgages in Ireland look set to benefit from a 0.35% reduction in their interest rates in September. The development follows a technical change by ...
Concern as credit funds increase borrowing from banks
Europe’s private credit funds are increasingly borrowing from banks to boost their performance, fuelling concerns about the wider risks posed by this interconnectedness. A record 80% of new ...
Mortgage rates rose in January to seventh highest in eurozone
The average interest rate on new mortgages in Ireland rose in January, according to new data from the Central Bank. At the end of the month, the average ...
What’s included in the new EU law on AI
The European Parliament has given the final nod to far-reaching rules on artificial intelligence that the EU hopes will both harness innovation and defend against harms. The law, ...
Central Bank said mortgage interest relief not focused on those suffering from rising rates ‘shock’
The Central Bank told the Department of Finance a scheme for mortgage interest relief would almost exclusively benefit homeowners aged over 40 who were the least likely to ...
Slight fall in household saving at the end of 2023 – CSO
New figures from the Central Statistics Office show that the rate of household saving fell slightly in the last three months of 2023 and in the year as ...
Central Bank revises down forecast for domestic economy this year
The Central Bank has revised downwards slightly its forecasts for growth in the domestic economy this year, but still expects that it will continue to grow at a ...
House construction growth could stall in 2024 – BNPPRE
Construction activity continued to contract in February, but at a slower pace than a month earlier, new data shows. The BNP Paribas Real Estate Ireland Construction Index climbed ...
A fifth of motorists are planning to get rid of their car, survey finds
One in every five car owners are planning to get rid of their car over the coming years, new research has found. The rising cost of running a ...
ECB rate cut coming, but not just yet, says Governing Council’s Kazimir
The European Central Bank is increasingly confident that inflation is coming down, but should still hold off on an interest rate cut until June, Slovak Governing Council member ...
Live Register figures down 1.2% in February – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for February fell by 1.2% to 174,600 people, a decrease of 2,100 from ...
New wind farm a ‘significant step’ in meeting renewable energy targets
The Chief Executive of Bord na Móna has said the Oweninny Wind Farm, which is set to be Ireland’s largest onshore wind farm, represents a “significant step” towards ...
78% of consumers feel they are “doing what they can” to be sustainable
Three quarters of Irish consumers feel they are doing as much as they can, within their means, to be sustainable, a new survey from EY has found. The ...
NAMA on track to complete wind-down by 2025
Finance Minister Michael McGrath has today confirmed that NAMA will complete its wind-down by the end of 2025 while the Special Liquidation of Irish Bank Resolution Corporation (IBRC) ...
Central Bank launches consultation on new consumer code
Enhanced clarity, predictability and accessibility on consumer protection obligations are among the key aims of a new Consumer Protection Code being developed by the Central Bank. As part ...
China’s trade surges in first two months of 2024
China’s exports sharply accelerated in the first two months of 2024, official figures showed today, providing policymakers a bright spot as they battle to revive the world’s second-largest ...
Grocery price inflation falls for 10th month in a row
Grocery price inflation fell for the tenth month in a row in February, new figures show today, with the decline expected to continue during the rest of the ...
Ireland lagging on retail payments Central Bank warns
Ireland lags other part of Europe when it comes to retail payments, the Central Bank has claimed. The result is an unsatisfactory situation for both consumers and businesses ...
OECD warns of urgent need to take action on disinformation
A new OECD report has found that there is an urgent need to take stock of anti-disinformation policies in countries around the world and to set a path ...
Service sector growth picks up in February, PMI survey shows
The service sector here grew at its fastest pace in five months in February after slowing to a near standstill a month earlier, as firms reported rising levels ...
Cabinet to discuss energy top-up payment for businesses
Businesses in the retail and hospitality sectors are in line for a top-up payment of up to €3,000 in the Energy Efficiency Grant, under proposals Minister for Enterprise ...
Euro zone business activity moves closer to recovery – PMI
Business activity in the euro zone showed signs of recovery last month as the bloc’s dominant services industry expanded for the first time since July, offsetting a deeper ...
Mortgage approvals down across all groups, except FTBs
The slowdown in the mortgage market is continuing, driven by a declining numbers of switchers and mover purchasers. The latest figures from Banking and Payments Federation Ireland show ...
Manufacturing activity improves, production volumes rise
Business condition in the manufacturing sector improved in February, the latest AIB Purchasing Managers Index shows. It comes as production growth accelerated to the highest in 22 months, ...
Ireland ahead of US, Germany and France for remote working opportunities
More than 15% of job postings in Ireland offer remote or hybrid work opportunities, ranking the country ahead of Germany, France and the US, but behind the UK, ...
CEOs in Ireland more optimistic than in previous two years, research shows
CEOs in Ireland are more optimistic than in the previous two years as businesses adjust to geopolitical challenges, a new survey shows. The research carried out by business ...
ECB waiting for data before starting to cut interest rates
Inflation in the euro zone is expected to fall further but the European Central Bank needs more data before starting to cut interest rates, ECB Vice-President Luis de ...
Central Bank warns of risks coming from payment and e-money sector
The Governor of the Central Bank has warned of the heightened risk level associated with both the payment and e-money sector and the investment fund sector. Gabriel Makhlouf ...
Access to Cash Bill may damage competition in banking sector, BPFI warns
The organisation representing the banking sector has warned that certain provisions contained in draft legislation aimed at ensuring continued availability of cash services pose a very real risk ...
Weekly earnings rose at half the rate of inflation in fourth quarter
New preliminary estimates from the Central Statistics Office show that average weekly earnings stood at €921.81 in the fourth quarter of 2023, up 2.1% compared with €902.56 in ...
Internet watchdog ‘not an online censor’, committee to hear
The Digital Services Commissioner at media regulator Coimisiún na Meán will tell an Oireachtas committee that it is not their job to act as an online censor. John ...
A third of workers have no cover outside of State pension
68% of workers aged between 20 and 69 have some form of pension cover outside of the State pension, new figures from the Central Statistics Office show. The ...
ESRI estimates strong MDD growth of 3.7% in December
A new estimate suggests that the domestic economy here grew reasonably strongly in December, despite challenging conditions. The “Nowcast”, produced by the Economic and Social Research Institute, predicts ...
Commercial vacancy rate at highest in a decade
The commercial property vacancy rate nationally has increased to its highest level since GeoDirectory started tracking the data a decade ago. According to its latest Commercial Buildings Report, ...
Thousands facing mortgage bill hike as fixed terms end
While tracker and variable mortgage customers have borne the brunt of the European Central Bank’s interest rate raising programme, those who managed to fix at the right time ...
Consumer sentiment dips in February after January bounce
Consumer sentiment fell again in February, undoing some of the gains it made a month earlier. The Credit Union Consumer Sentiment Index dropped to 70.2 in the month, ...
WTO meets with calls for consensus amid geopolitical tensions
The World Trade Organization today opened a high-level ministerial meeting in Abu Dhabi with calls for consensus as geopolitical tensions and the looming US election undermine chances of ...
Location for EU Anti-Money Laundering Agency to be decided
The competition to select a city to host the new EU Anti-Money Laundering Agency (AMLA) will get underway in Brussels today, with Dublin in contention along with eight ...
Vast majority of Irish tech start-ups embracing AI – survey
The vast majority of Irish tech start-up and scaling companies are deploying or preparing to deploy artificial intelligence (AI) according to a new survey. The research from Scale ...
Ireland’s national debt stands at €42,000 per capita
Ireland’s national debt continued to fall last year but remains one of the highest in the world at €42,000 per capita, the Department of Finance’s report on public ...
Lower income households disproportionately hit by effects of indirect taxes
Lower income households are disproportionately hit by the effects of indirect taxes like VAT and carbon taxes when compared to those with higher incomes, a new analysis has ...
Credit Unions report mortgage lending up 15%
Mortgage lending at credit unions was up 15% in the last three months of the year, with the mortgage book now over €500m for the first time. The ...
Big jump in cyber-attacks using stolen identities – IBM
There has been a 71% global spike in cyber-attacks involving stolen identities according to IBM. Its latest X-Force Threat Intelligence Index found there was a growing trend in ...
Faulty goods, services cost nearly €1bn last year – CCPC
The cost to consumers in Ireland to deal with faulty goods and services last year was close to €1 billion, according to the Competition and Consumer Protection Commission ...
New online safety rules come into force across EU
The European Union’s new online safety rules come into full force today in Ireland and across the EU. The Digital Services Act requires online platforms to do more ...
Increase in SMEs’ interest in green supports – survey
A new report shows the level of small and medium-sized businesses who are interested in grants to help them invest in sustainable measures increased by over 40% in ...
European Commission cuts Irish growth forecasts to 1.2% from 3%
The European Commission has today revised down its expectations for the performance of the Irish economy in its Winter 2024 Economic Forecast, which was published today. The Commission ...
Ireland to assume new EU online safety powers from tomorrow
Ireland’s media regulator Coimisiún na Meán has said it is ready to assume new EU online safety powers from tomorrow. It has been tasked with enforcing the Digital ...
Inflation slows to 4.1% in January from 4.6% in December – CSO
The annual rate of inflation fell to 4.1% in the 12 months to January from 4.6% in December, new figures from the Central Statistics Office show today. This ...
Euro zone Q4 GDP confirmed flat on a quarterly basis
Euro zone economic growth was flat in the last three months of the 2023 against the previous quarter and up 0.1% against the same time in 2022, Eurostat ...
ECB needs more data but inflation going in right direction – Lagarde
Euro zone economic data indicates that inflation is heading back towards target as earlier predicted but the European Central Bank still needs more information before it can be ...
Germany overtakes Japan as world’s third-biggest economy
Once forecast to become the world’s biggest economy, Japan slipped below Germany last year to fourth place, official data showed today, although India is projected to leapfrog both ...
Government approves public sector pay deal
The Government has given formal approval to the public sector pay deal agreed last month. Following negotiations at the Workplace Relations Commission (WRC), unions, staff associations and government ...
US consumer prices rise more than expected in January
US consumer prices increased more than expected in January amid rises in the costs of housing and healthcare, but the pick-up in inflation likely does not change expectations ...
Romance fraud warning as €7m stolen over five years
People have been urged to beware of romance scams and criminals who are seeking to take advantage of the increased popularity of dating apps this St Valentine’s Day. ...
New plan aims to improve childcare policy for parents and providers
Chartered Accountants Ireland has outlined a plan aimed at improving childcare policy for the benefit of both providers and parents. The institute has proposed a series of steps ...
Contraction in construction at lowest level since October
Construction activity contracted for the seventh consecutive month in January, but by the smallest amount since October. Housing activity, while reducing further, slowed by the least extent since ...
Labour and materials continue to drive construction costs higher
Labour and raw material costs continue to drive pricing higher in the construction sector, new research has found. The Construction Industry Federation Construction Outlook Survey for the first ...
Oil prices slip after rally last week on Middle East, tight supply
Oil prices slipped today as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed ...
ICTU recommends private sector pay increases of 4% to 6%
The Irish Congress of Trade Unions (ICTU) is recommending that unions in the private sector should seek to secure pay increases in the range of 4% to 6% ...
Advertising spend predicted to grow 4.1% in 2024 – Core
Advertising spend is predicted to grow by 4.1% this year, according to marketing advisory firm Core. That marks a slightly slower pace of growth than the 4.6% seen ...
Personal loan draw downs hit new high, car loans surge
The volume and value of personal loan draw downs reached a new high between July and September last year, new data shows. The figures from Banking and Payments ...
Over a third of electricity produced by wind power last month
A report today shows that more than one third of electricity used in Ireland last month was generated by wind power. The latest figures, published by Wind Energy ...
Over supply of Dublin offices could continue until 2027
The over supply of office space in Dublin could continue until the end of 2026 or start of 2027, new research suggests. The study by BNP Paribas Real ...
New tenancy rents rose faster than existing ones last year, says RTB
Rents in new tenancies went up faster than in existing tenancies, according to new figures from the Residential Tenancies Board (RTB) for July to September last year. National ...
Tech employers faced with wage pressures and talent shortages
Employers in the tech sector are facing challenges when it comes to wage pressures and the availability of talent. According to the 2024 Stelfox Salary Guide Survey, 70% ...
Dublin Airport expansion ‘essential’ for economic growth, says Chambers
Minister of State Jack Chambers has said he believes the personal criticism of Minister for Transport Eamon Ryan by Ryanair CEO Michael O’Leary was “very unfair”. “I think ...
Tax take rises in January, driven by VAT, income tax
The amount of tax collected by the State increased by almost 5% in January when compared to the same time last year, driven by strong VAT and income ...
Global economy to fare better than thought in 2024 – OECD
The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets ...
Weakest pace of services expansion in 3 years in January – AIB PMI
There was a marked slowdown in the rate of expansion in activity in the services sector in January, according to AIB in its latest Purchasing Managers’ Index. The ...
Interest cut on tax debt warehoused by businesses since Covid
Minister for Finance Michael McGrath has announced that the interest rate on tax debt frozen since the pandemic has been cut to 0%. The Revenue Commissioners have also ...
Construction costs rise but rate of increase eases – SCSI report
Construction costs are continuing to rise, but the rate of increase eased significantly in the second half of last year, the latest Tender Price Index from the Society ...
Inflation estimated to have slowed to 2.7% in January from 3.2% in December
The latest figures from the Central Statistics Office show an easing in the estimated annual rate of inflation in January. The latest “flash” inflation estimate from the CSO ...
Investment scams growing in frequency and complexity – BPFI report
Consumers are being warned to be on the alert for elaborate investment scams involving online and mobile banking transfers. Figures from FraudSMART, the fraud awareness initiative led by ...
Mortgage interest relief scheme opens for homeowners
From today, PAYE taxpayers can submit claims for mortgage interest relief for last year. The relief aims to help homeowners who have borne the brunt of interest rate ...
Euro zone narrowly avoids technical recession in Q4
The euro zone’s economy stagnated last year, weighed down by an industrial malaise in Germany, its former powerhouse, data showed today. The 20 countries that share the euro ...
New controls on exports from Ireland to Britain begin
New controls on imports entering Britain from the Republic of Ireland have come into effect. The changes, which are a result of Brexit, require firms to pre-lodge customs ...
Job vacancies down 28% in final quarter of last year
Job vacancies fell 28% in the final three months of last year, compared to the same period in 2022. According to IrishJobs the number of open positions advertised ...
Turnover in Irish investment property market down 70%
Turnover in the Irish investment property market dropped almost 70% last year to €1.85bn when compared to 2022 – the lowest since 2012. A new report by BNP ...
Offshore wind could be worth at least €38bn to economy
The development of offshore wind in Ireland could be worth at least €38 billion to the economy, a new study has estimated. However, the report produced for Green ...
GDP down 1.9% in 2023, CSO’s preliminary estimate shows
New preliminary figures from the Central Statistics Office show that the country’s GDP is estimated to have fallen by 0.7% in the fourth quarter of 2023 when compared ...
Social welfare recipients to receive double payment this week
Around 1.3 million social welfare recipients will receive a double payment this week. Up to €342m will be paid out to pensioners, carers, people with disabilities, lone parents ...
Falling energy prices help boost consumer sentiment – survey
Falling energy prices and announcements of grocery price cuts have boosted consumer sentiment at the beginning of 2024, according to the latest Credit Union Consumer Sentiment Index. The ...
Global economy outlook at odds with aggressive rate cut bets
Global growth is set to stay resilient this year and only pick up pace a bit in 2025, according to a Reuters poll of economists, a stable outlook ...
10% increase in number of new homes completed last year – CSO
A total of 32,695 new homes were completed last year, up 10% on a year earlier, new data from the Central Statistics Office shows. It follows the completion ...
Mortgage drawdowns decline but first time buyers active in 2023
Overall mortgage drawdown volumes declined in 2023, new figures from Banking and Payments Federation Ireland show, but the reduction was driven largely by a falloff in switching and ...
Nearly 30,000 housing units held up in planning or legal review – report
Up to 29,000 housing units are being held up in the planning process or in judicial reviews, a new report from construction consultancy Mitchell McDermott has found. That ...
ECB to meet on rates, but no changes expected
The ECB’s Governing Council will meet in Frankfurt today to consider whether to make any changes to interest rates. No adjustments are expected though, despite some progress being ...
Property price growth increases to 2.9% in November – CSO
Property price growth picked up on an annual basis for the third successive month in November, increasing by 2.9% after prices rose by 0.8% on a monthly basis, ...
Professional employment market stabilising
The professional jobs market is showing signs of stabilising with a 30% decline in the number of job seekers and an 18% drop in the number of vacancies ...
Enterprise Committee to discuss minimum wages
The Oireachtas Committee on Enterprise, Trade and Employment will discuss the regulatory and legislative changes required for the transposition of an EU directive on minimum wages. The Directive ...
New proposals to keep cash in circulation welcomed
The Chief Executive of Irish Rural Link has welcomed proposed legislation that will keep cash circulating in society as more people turn to digital payments. Under plans being ...
Jump in new homes under construction, vacancy rate dips
The number of new homes under construction has jumped, while the residential vacancy rate has dipped, a new report shows. The data from GeoDirectory, a database of commercial ...
New remote working rules expected this month
The Workplace Relations Commission (WRC) is expected to complete a new code of practice on the right to request remote working by the end of this month. The ...
€129.5m paid out under film tax relief scheme last year
New movies starring Cillian Murphy and Jamie Dornan were some of the big winners in the Section 481 film corporation tax credit scheme for the Irish movie and ...
Ibec says Government-imposed labour costs are adding €4bn to employer wage bill
Employers group Ibec has written to the Taoiseach to highlight concerns about the rising cost of doing business, and specifically the pace and scale of Government-imposed labour costs. ...
Engineering and construction among hardest to fill jobs
New data shows that instrumentation engineers, ad reviewers, and mechanical and electrical project managers are the most difficult jobs to fill. The ‘Hardest to Fill Jobs’ analysis of ...
Majority want stricter regulation of social media algorithm – survey
Almost three-quarters of Irish people believe that social media algorithms, that select the content users see, should be regulated more strictly. The findings are contained in new research ...
Number of new homes under construction hits record high
Building work began on 32,801 new homes last year, the highest number on record, new data shows. The figure for commencement notices lodged in 2023 compares to 26,957 ...
Stamp duty on block-buying homes to be reviewed
Minister for Housing Darragh O’Brien has said that the 10% stamp duty rate, which is applicable to international investors who buy more than ten residential properties, will be ...
Oil prices rise on strong IEA and OPEC demand estimates
Oil prices rose today as the International Energy Agency (IEA) joined producer group OPEC in forecasting strong growth in global oil demand and as cold winter weather disrupted ...
Wage growth in Ireland eases to 3.7%
Wage growth in Ireland slowed at the end of 2023 and has dropped to 3.7% year-on-year, according to a new report from jobs site Indeed and the Central ...
Taoiseach to meet world leaders and CEOs in Davos
Taoiseach Leo Varadkar is in Davos for the World Economic Forum, which has so far been dominated by the conflicts in the Middle East and Ukraine. Mr Varadkar ...
Ireland top European country for data fines
Ireland has once again topped a league table of European countries for issuing data fines. The 2024 edition of global law firm DLA Piper’s annual GDPR and Data ...
Inflation rate moves up to 4.6% in December – CSO
The annual rate of inflation rose in December, driven by increases in prices in areas such as restaurants and hotels, mortgage interest repayments and rents and package holidays. ...
Minister assures flexibility over tax debt warehousing scheme
Minister for Finance Michael McGrath has said the Government will introduce flexibilities to the Tax Debt Warehousing Scheme. Speaking to RTÉ News in Davos, Mr McGrath said: “We ...
Plan launched for future of digital creative industries
The Government has launched a plan to boost growth in the digital creative industries. The roadmap will focus on commercial design, digital games and content creation including advertising ...
Cybercrime top financial crime threat in Ireland, survey finds
Hacking, phishing, online scams, and other variations of cybercrime are thought to be the most prevalent financial crimes in Ireland, according to a new survey. The study was ...
CSO: Exports down 3% in November to €16.5bn, imports up
Exports of goods from Ireland fell by 3% or almost €600 million in November 2023 when compared to the same time the previous year. In total, goods valued ...
Wind farms supplied 35% of electricity in Ireland in 2023
Wind farms supplied a record 35% of all electricity used on the island of Ireland last year, according to the annual report of Wind Energy Ireland. This saved ...
38% of employers want workers back in the office in 2024 – survey
A new survey has shown that 38% of Irish employers will require their employees to spend more time in the office in 2024. The study from recruitment consultants ...
Construction activity contracts for a sixth month
There was a contraction in construction activity for the sixth month running in December, the latest Purchasing Managers’ Index for the sector from BNP Paribas Real Estate Ireland ...
Higher hotel prices not deterring customers
More than 1,800 new hotel rooms came on stream here in 2023, bringing total stock to an estimated 66,200, an analysis by Deloitte has concluded. But the new ...
Changes to salary thresholds for sponsored foreign workers may hit SMEs
Many small and medium sized businesses may struggle to retain existing staff due to upcoming changes to the required salary thresholds for some workers from outside the European ...
Varying regulation within EU a top barrier for trade, new research shows
Varying regulation across the EU is the top challenge for businesses trading across borders, new research shows. The latest survey by Eurochambres, of which Chambers Ireland is a ...
Household saving rate eases to 10% in Q3 from 11% – CSO
The savings rate among households here has fallen back to pre-pandemic levels, according to the latest figures from the Central Statistics Office. The latest National Accounts data shows ...
Consumers more optimistic on economy – PTSB
Consumers are more optimistic about the outlook for the economy than was the case a year ago, according to the latest Reflecting Ireland survey from PTSB. Less than ...
Energy costs set to fall by 18% this year – analyst
Some relief may be in store for Irish households and businesses when it comes to energy costs, with one analyst predicting the short-term power market price in Ireland ...
Average interest rate on new mortgage falls slightly, Central Bank data shows
The average interest rate on a new mortgage in Ireland fell slightly again in November, new figures from the Central Bank show. The rate dropped from 4.27% in ...
Irish food and drinks exports declined in 2023 – Bord Bia
The value of Ireland’s food, drink and horticulture exports declined by 4% last year to reach €16.3 billion, following a record breaking year in 2022 when exports grew ...
Housing supply unlikely to improve in coming months, Lisney says
Housing supply is unlikely to improve in the coming months, a new report from estate agent Lisney suggests. However, it states that more rental homes will become available ...
Drop off in switching drives mortgage approvals lower
Mortgage switching activity dropped 75% last November when compared to the same time the previous year, new figures show. The latest report from Banking and Payments Federation Ireland ...
Record employment at Enterprise Ireland-supported companies in 2023
Enterprise Ireland has announced that net employment at its client firms grew by just over 5,000 last year to a record 225,500 in what was a “very challenging ...
Euro zone inflation rises to 2.9%, cooling case for ECB rate cuts
Euro zone inflation surged in December and could still go higher in the early part of 2024, easing financial markets pressure on the European Central Bank to start ...
Cyberattacks top concern for businesses in Ireland
Cyberattacks and data breaches are the top risks for Irish business, according to a new study. Aon’s Global Risk Management Survey gathered insights from 2,842 respondents across 61 ...
Buoyant labour market boosts property prices
Ireland’s buoyant labour market had a significant effect on the housing market, reducing the negative impact of high interest rates on property prices last year. Asking prices for ...
Annual inflation rate climbs to 3.2% in December – flash data
The annual rate of inflation rose in December to 3.2%, the latest “flash estimate” from the Central Statistics Office shows. After falling from over 3.5% to 2.5% in ...
Euro zone business activity shrank again in December, pointing to recession
The contraction in euro zone business activity continued at the end of 2023 due to a persistent downturn in the dominant services industry, a survey showed today, indicating ...
Exchequer surplus falls to €1.2 billion in 2023 from €5 billion in 2022
The Exchequer recorded a surplus of €1.2 billion in 2023, according to figures released by the Department of Finance. This compares with a surplus of €5 billion in ...
Service sector expansion sustained in December
Irish firms continued to report rising levels of new business, but the pace of growth slowed in December to the second weakest in 2023. The AIB Irish Services ...
ECB’s cyber stress test will not affect capital requirements
The European Central Bank’s cyber resilience stress test in the coming months will not affect bank-specific capital requirements but instead form part of a broader supervisory assessment, the ...
US interest rates likely to stay high ‘for some time’
US Federal Reserve officials expect interest rates will need to remain high “for some time” to tackle stubborn inflation, according to minutes of the most recent rate decision ...
Slight dip in manufacturing activity in December
There was a slight deterioration in business conditions in the manufacturing sector in December, the latest AIB Purchasing Managers Index showed. The headline index – which is measured ...
Up to €1,800 in refunds available to taxpayers
Taxpayers could be leaving up to €1,800 on the table by not availing of a range of yearly tax refunds, a consumer tax specialist has warned. Marian Ryan ...
Oil prices jump 1.5% in first session of New Year
Oil prices jumped 1.5% in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red ...
House price growth slowed in 2023 as supply dwindled
The rate of growth in prices being sought for properties listed on the market slowed in 2023, despite a significant drop in supply, according to the website, Daft.ie. ...
Corporation tax rate increasing to 15% for some large firms
Hundreds of companies here will be liable to pay 15% corporation tax, as the biggest shake-up in the State’s corporate tax system in three decades is implemented. It ...
NAMA transfers another €350m to Exchequer
The National Asset Management Agency has today completed a €350m cash transfer to the Exchequer as it approaches its orderly wind down. Today’s transfer brings the total cash ...
188,000 non-domestic water users may face higher bills next year
Up to 188,000 non-domestic customers of Uisce Éireann are facing higher bills for water and waste water treatment from October, if proposals from the regulator are adopted. The ...
Govt makes significant changes to work permit system
The Government has announced the largest ever expansion of the employment permits system, in an effort to address the skills gap in a range of key areas amid ...
Oil prices set to end winning streak over US stock build
Oil prices fell today and were on track to snap a three-day winning streak, as concerns over low demand following a surprise US crude inventory build outweighed jitters ...
Consumer sentiment improves but anxiety remains
Consumer sentiment improved slightly in December and was significantly higher year-on-year, according to the latest report by the Irish League of Credit Unions. The latest survey had a ...
Surge in flight bookings in January – AIB spending report
January was the busiest month for flight bookings this year as consumers sought to escape the winter blues, an annual review of AIB’s Spend Trend has revealed. Wednesday, ...
Quarter of employees expect to deal with work emails over Christmas – survey
More than a quarter of employees expect they will be responding to work emails over Christmas, according to a new survey. The Human Workplace Index from Workhuman found ...
UK inflation rate falls to lower than expected 3.9% in November
British inflation plunged in November to its lowest rate in over two years, prompting investors to pile further into bets that the Bank of England will cut interest ...
Build costs up by almost 25% since 2019 – BPFI
Construction costs here have gone up by almost a quarter in the last four years, an analysis by the Banking and Payments Federation Ireland has concluded. In its ...
ECB raises capital demands for 20 banks over bad loans
The European Central Bank said today it had raised capital requirements for 20 banks after judging they had not set aside enough cash to cover for loans that ...
Central Bank predicts economy will shrink this year
The Central Bank has become the latest economic forecaster to predict that the economy will shrink this year. Its latest Quarterly Bulletin also shows that lower income families ...
Euro zone likely in recession, PMI surveys show
The downturn in euro zone business activity surprisingly deepened in December, according to closely watched surveys which indicated the bloc’s economy is almost certainly in recession. It was ...
Prices at the pump down again in December – AA Ireland
The AA Ireland’s latest monthly fuel price survey has shown another drop in petrol and diesel prices over the last month. Petrol is down from €1.80 a litre ...
Air passenger numbers in third quarter up 13% compared to last year
New figures from the Central Statistics Office show that almost 1.4 million more passengers used Irish airports in the third quarter of this year compared to the same ...
Short term mortgage arrears up 3% in third quarter
The number of mortgages on private homes that were in short term arrears of less than 90 days rose 3% between July and September compared to the previous ...
Housing commencements up almost 30% in past year
Work began on 3,087 new homes across the State last month, according to commencement notices registered with the authorities. That’s up 18% on the 2,624 that were started ...
Inflation slows to 3.9% in November from 5.1% in October – CSO
The annual rate of inflation fell to 3.9% in November, new figures from the Central Statistics Office show today. This marks the first time since September 2021 that ...
EU agrees plan to boost conditions for app based “gig” workers
The European Parliament and EU member states have struck a deal on rules to strengthen conditions for those working through apps, such as ride-hailing drivers. Under the new ...
ESRI further downgrades economic growth forecast
The Economic and Social Research Institute has further downgraded its forecast for growth in the economy this year. However, in its latest Quarterly Economic Commentary the think-tank says ...
Fed flags end of rate hikes, sees lower borrowing costs in 2024
The US Federal Reserve held interest rates steady today and signaled in new economic projections that the historic tightening of US monetary policy engineered over the last two ...
Interest rate on new mortgages dips in October – Central Bank
The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average ...
Average motor insurance premiums fell 7% last year despite rise in cost of damage claims
The average cost of a private motor insurance policy fell by 7% last year to €568, new data from the Central Bank has found. That is despite a ...
House price growth picks up to 2.3% in October – CSO
Residential property price growth picked up on a yearly basis for the second month in a row in October, Central Statistics Office figures showed today. Prices for residential ...
Retail Ireland predicting extra €1.1bn spend in December
Retailers are predicting an increase in household spending in the run-up to Christmas, despite cost-of-living pressures and the difficult economic backdrop for many. Retail Ireland, the Ibec group ...
Talks on fish quotas resume in Brussels
Talks between EU fisheries ministers to finalise quota arrangements for national fishing fleets for 2024 have resumed in Brussels Talks were suspended last night with firm proposals for ...
Grocery price inflation falls again to 8.6%
Grocery sales are expected to exceed €1.4 billion for the first time ever in December, according to the latest predictions from Kantar. New figures from Kantar today show ...
Construction activity falls for fifth month in a row
Construction activity fell in November, new data from BNP Paribas Real Estate Ireland has found. The fall in its Construction Total Activity Index is the fifth successive monthly ...
Revenue warns of tax implications for planning payments
Revenue has warned of “potentially serious consequences” for people who do not disclose payments they have received as part of the misuse of the planning appeals system. It ...
Stamp duty on health insurance policies reduced
The health insurance regulator has cut the level of stamp duty on all health insurance policies next year. The move should result in around three quarters of consumers ...
Christmas shopping set to peak on 23 December
Christmas shopping is set to peak on 23 December, new data from AIB shows. Its latest spend trend report shows that 2.8 million card transactions were carried out ...
Wind provided 37% of Ireland’s electricity in November
Wind provided 37% of Ireland’s electricity in November, new data shows. The latest report from Wind Energy Ireland reveals that November was the third highest month for wind ...
Gas demand sets new record for the month of November
The last three days of November saw exceptional levels of gas demand, new figures from Gas Networks Ireland show, amid a cold snap which saw a sharp increase ...
China says exports rise for first time in seven months
Chinese exports rose in November for the first time in seven months, officials said today, as the country navigates a troubled recovery from the Covid-19 pandemic. However, the ...
Around half of companies experienced a cyber incident – survey
Almost half of organisations in Ireland have encountered cyber incidents in the last three years, while one in five have suffered resulting financial loss, according to new research ...
Irish savers missing out on up to €3.5 billion in interest a year
New research from price comparison website Bonkers.ie shows that Irish savers are collectively missing out on up to €3.5 billion in interest a year as they are slow ...
Highest level of new credit union lending in 14 years
Credit unions affiliated with the Irish League of Credit Unions (ILCU) reported the highest level of new lending since 2009 in the last year, the latest results for ...
Corporation tax take in November up 27% on last year
Corporation taxes recovered strongly in the month of November, helping the Exchequer to deliver a surplus of €5.4 billion. Just over €6 billion was collected in corporation tax, ...
Growth in service sector picks up in November
The rate of growth in the service sector picked up in November, new figures show. The latest AIB Purchasing Managers’ Index (PMI) shows the rates of expansion in ...
Jump in retail salaries predicted for next year
Fashion and other non-food retailers in Ireland are increasing salaries by 10%-12% in a bid to secure and retain top-tier talent, according to the Excel Recruitment 2024 Salary ...
Average Christmas spending set to fall 13% this year – CCPC
Consumers expect average expenditure this Christmas to be down 13% compared with last year, according to a survey conducted for the Competition and Consumer Protection Commission (CCPC). The ...
New cars registered in November slows by 4%
The number of new cars registered in November fell 4% according to new data from the Society of the Irish Motor Industry (SIMI). 947 cars were registered during ...
Manufacturing conditions stabilise in November
Business conditions in the manufacturing sector stabilised in November, new figures show. The latest Purchasing Managers Index from AIB reveals the second highest reading since February. The index ...
33,450 homes may be built here in Ireland in 2024 – Euroconstruct
A new analysis has estimated that around 33,450 new homes could be completed here next year. The research also predicts that around 31,000 will be finished this year. ...
Latest CSO figures confirm economy in recession
Figures today from the Central Statistics Office confirm that the economy is in recession. The economy, as measured by gross domestic product (GDP), fell by 1.9% in the ...
Big increase in demand for construction workers in 2023
The resurgence of construction here meant professional roles in that sector recorded the biggest increase in demand this year, new data shows. IrishJobs TalentBank, a database containing over ...
ECB picks ‘European culture’ and ‘rivers and birds’ as themes for new euro banknotes
The Governing Council of the European Central Bank said it has selected “European culture” and “Rivers and birds” as the possible themes to choose from for future euro ...
New tenants are paying 18% more for rent than existing ones – RTB
New tenants are paying considerably more rent than renters with existing tenancies, new official data has shown for the first time. According to information released by the Residential ...
Weekly earnings rose by 4.6% in third quarter – CSO
Workers average weekly earnings rose 4.6% between July and September compared to the same period last year, new data from the Central Statistics Office (CSO) shows. On average, ...
Brent tops $80 ahead of OPEC+ meeting
Oil prices crept higher today as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send ...
EU agreement on reducing industrial emissions
EU member countries and the European Parliament have said they have reached a preliminary agreement on curbing industrial emissions, including those from intensive poultry and pig farms and ...
Oil prices rise slightly due to weak dollar
Oil prices rose slightly today due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would ...
ECB rate hikes not necessarily over, Nagel says
The European Central Bank may need to raise interest rates again if the inflation outlook worsens, and the bank should not rush to ease policy too quickly after ...
New domestic violence leave entitlements begin
Employers will be required to offer paid leave to workers who are subjected to domestic violence from today. The Work-Life Balance Act, which was passed earlier this year, ...
Irish agri-food exports were worth €19 billion in 2022
Irish agri-food exports were worth €19 billion in 2022, with 165,000 people employed across the sector, according to the latest annual review and outlook report from the Department ...
Public sector pay talks to begin at WRC
Talks on a new public sector pay deal involving unions, staff associations and the Government are due to begin at the Workplace Relations Commission (WRC) today. Last week, ...
39% of daily internet users almost always online – CSO
New figures from the Central Statistics Office shows that 94% of internet users go online daily, and of these, 39% use it all the time or nearly all ...
Labour market participation rate highest since 2008 – CSO
New figures from the Central Statistics Office today show that the estimated labour market participation rate in the third quarter of 2023 reached 65.8% – the highest rate ...
Mortgage approvals for first time buyers hits record in year to October
The number of mortgages approved last month increased by 2.7% compared to a month earlier. But versus the same month in 2022, volumes were down 20%, as switching ...
Central Bank’s Makhlouf not ruling out another interest rate hike
The full effect of higher interest rates has yet to feed through the economy, according to the Central Bank’s Financial Stability Review published today. The Review has left ...
€110 billion collected in taxes in 2022, up 17% on 2021 – CSO
The Exchequer collected €110 billion in 2022 in taxes and PRSI, according to figures from the Central Statistics Office published today. This is an increase of €16.3 billion ...
€1,000 reduction in third level college fees comes into effect
Minister for Further and Higher Education Simon Harris has announced further details on the cost of education measures first outlined in the Budget. A reduction of €1,000 in ...
OPEC+ postpones policy meeting to November 30, oil falls
OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to November 30 from November 26 as producers struggled to agree on production levels and hence ...
Euro zone to tighten fiscal policy in 2024 – Commission
Euro zone fiscal policy will be tighter on aggregate next year but several countries, including France and Italy, plan to spend too much, breaking EU recommendations, the European ...
Government agrees increases in all classes of PRSI
The Government has signed off on a plan to increase PRSI over five years to replenish the Social Insurance Fund. Under the plan there will be incremental increases ...
Consumer caution warning as Black Friday approaches
It’s that time of year again when Black Friday advertising is inescapable. Offers galore are touted on social media feeds, in broadcasting and newspapers in the run up ...
EU October car sales up 14.6%, EV sales jump more than 36%
New car sales in the European Union rose 14.6% in October, boosted in part by a big jump in sales of fully electric cars, while hybrid electric vehicles ...
EU Parliament to vote on new ‘right to repair’ consumer rules
New rules to make it easier for consumers to request repairs for goods will be voted on by the European Parliament. The legislation seeks to introduce a “right ...
Business confidence in “experience economy” weakens
A quarter of businesses in the “experience economy” are less confident than they were six months ago, new research has found. A similar proportion of firms indicated they ...
Consumers planning a more positive but prudent Christmas
Planning to cut back on Christmas spending is now a seasonal norm, according to analysis of the Credit Union Consumer Sentiment survey for November. It contained a special ...
‘Buy now, pay later’ in focus as festive season nears
It’s the time of year when the purse strings are being loosened in the run into the festive season. Most of us are at the stage where we’re ...
Record online spend forecast for Black Friday
One week out, AIB is forecasting that online Black Friday spend in Ireland this year will surpass last year’s record-breaking total. In 2022, customers of the bank spent ...
Oil prices head for fourth week of declines in a row as supply grows
Oil prices were little changed today but on track for their fourth week of losses in a row after tumbling about 5% to a four month-low yesterday on ...
Paid sick leave to increase to 5 days from January
The Government has announced that the entitlement to paid sick leave will increase from three to five days on 1 January 2024. It is the second stage of ...
More expensive services, food drive euro zone inflation in October
More expensive services and food were the main drivers of consumer price growth in the euro zone in October, data showed today, as the EU’s statistics office confirmed ...
Central Bank publishes new accountability rules for financial companies
The Central Bank has today published regulations and guidance for firms who have to comply with the Individual Accountability Framework (IAF). This is a set of rules governing ...
Dublin property prices fall again in September – CSO
Residential property prices rose nationally in September, compared to the same month last year, by 1.4%. This compares to an annual rate of 1.1% in August, the latest ...
Exports slow by 17% in September on lower pharma and electronics
Exports of goods from Ireland fell 17% in September, compared to the same month of last year, driven in large part by a further sizeable drop in sales ...
Govt to build emergency reserve LNG storage facility
The Government is to build a new floating gas storage facility for Liquified Natural Gas to use as a strategic emergency reserve in case of global supply disruptions. ...
‘Out of home’ food sector hits record €9.3bn in 2023
A more discerning, occasion-led approach to dining out is likely to take hold next year, the latest Bord Bia annual Foodservice Market Insights report concludes. It comes against ...
Unions invited to public sector pay talks
The Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe has invited public service unions and staff representative associations to enter negotiations with the Government on a ...
44% would change job to meet remote working needs
The fourth annual National Remote Working Survey has revealed that 44% of workers would change job, even if it means taking a pay cut, if their remote working ...
Governance rules could deter executives from seeking senior posts
New governance rules, which would see individuals being held accountable for willful wrongdoing in the financial sector, could stymie recruitment to senior executive positions within organisations, a survey ...
Grocery inflation falls to 9.8% from 10.5%
New figures from Kantar show that grocery inflation has fallen below 10% for the first time this year. Grocery inflation fell to 9.8% in the 12 weeks to ...
Construction sector activity slows for fourth month
Activity in the construction sector in Ireland slowed further last month. It is the fourth month in a row that activity has fallen. According to the BNP Paribas ...
Skills shortage, talent retention among key challenges for employers
Skills shortages and the retention of talent remain among the key challenges facing organisations, a survey of employers conducted by recruitment specialists, Hays Ireland, has concluded. Almost all ...
Rents rising nationally but marked slowdown in Dublin
Rents being sought for properties on the open market nationally are continuing to increase, but there has been a continued slowdown in the rate of increase in Dublin, ...
DPC warned proposed new structures could slow inquiries
The Data Protection Commission (DPC) has warned the Government that new proposed structures for the organisation could slow down the pace of major data protection inquiries involving high-tech ...
Annual production in manufacturing industries sinks 23% in Q3 – CSO
New figures from the Central Statistics Office show that production in manufacturing industries decreased by 22% in the third quarter of this year compared to the same second ...
US Fed could hike rates again if ‘appropriate’ – Powell
The US Federal Reserve is prepared, if needed, to increase interest rates further in order to bring inflation down to its long-term 2% target, Fed Chair Jerome Powell ...
Near 50% jump in value of car loans – BPFI
There has been a surge in the volume and value of car loans being issued here, according to the latest Personal Loans Report from Banking and Payments Federation ...
‘Cautious optimism’ among Irish firms about their outlook – Eurochambers
A slight improvement in business sentiment has been captured in the latest European Economic Survey carried out on behalf of Eurochambres, of which Chambers Ireland is a member. ...
Underlying inflation progress not enough, says ECB’s Lane
The European Central Bank is seeing some progress in its efforts to push down underlying inflation but this is not yet enough, ECB chief economist Philip Lane told ...
Tánaiste hopeful for decision on beef exports ‘within months’
Tánaiste Micheál Martin has said that he is hopeful that Chinese authorities will reach a decision on the resumption of Irish beef exports to China “within a matter ...
ECB must keep rates at or near 4% in 2024 to get inflation down – IMF
Rapid wage growth in the euro zone could keep inflation elevated longer and the European Central Bank should hold interest rates at or near record highs during next ...
Competitiveness and costs top issues for manufacturers
Competitiveness and the cost of doing business in Ireland are among the top issues for the manufacturing sector, new data shows. However, the report by business group Ibec ...
Euro zone economy started Q4 on back foot, stoking recession fears – PMI
The downturn in euro zone business activity accelerated last month as demand in the dominant services industry weakened further, a survey showed today, suggesting there is a growing ...
Just 4% of top companies meet UN climate target guidelines – study
Half of the world’s 2,000 biggest listed companies have set a target to get to net-zero emissions by mid-century, but just a fraction meet tough United Nations guidelines ...
Corporation tax take drops for third month in a row
The Exchequer recorded a deficit of €900m at the end of October, the latest figures from the Department of Finance show. The Exchequer returns, published this afternoon, also ...
Irish Entertainment & Media industry to grow 3.6% a year up to 2027
The Irish entertainment and media industry is to grow by an annual compound rate of 3.6% between now and 2027, a new report from PwC has predicted. That ...
Value of output from agriculture to fall 8% this year, CSO figures show
The value of output from agriculture this year will be down 8% compared to 2022, according to the Central Statistics Office. The CSO says the decrease is mainly ...
Service sector growth slows for sixth month in a row – PMI
The rate of expansion in the country’s services sector slowed for the sixth month in a row in October with a survey today showing it at the second-weakest ...
Shortage of builders a risk to housing construction, warns BPFI
The lack of skilled trades people could affect growth in the economy, according to the latest SME Monitor by Banking and Payments Federation Ireland. Construction firms have reported ...
Jobless rate moves up to 4.8% in October – CSO
New figures from the Central Statistics Office show that the number of people unemployed rose marginally in October. When adjusted for seasonal factors, the unemployment rate moved up ...
New electric car registrations slow down by 17% in October – SIMI
The latest figures from the Society of the Irish Motor Industry show that new car registrations for October were down 16.8% to 2,178 when compared when the figure ...
Two thirds of adults think Irish banks lack competition
Two thirds of adults in Ireland think the banking sector lacks competition, new research has found. While almost three quarters agree that the process of opening a new ...
New Central Bank campaign to help consumers avoid personal finance scams
The Central Bank has launched an information campaign to help consumers avoid personal finance scams. It said fraudsters are using increasingly sophisticated methods which calls for an increased ...
Manufacturing conditions continue to weaken amid fall in new orders
Business conditions in the manufacturing sector continued to weaken in October, new figures show. The latest Purchasing Managers Index from AIB reveals that activity weakened to the greatest ...
Energy suppliers set to cut electricity, gas charges
A number of energy suppliers are set to cut charges for electricity and gas from today. Nearly two million customers will benefit from cuts in unit prices and ...
Euro zone inflation, growth slow as ECB hikes weigh
Inflation in the euro zone hit a two-year low a month after its economy began contracting, data showed today, illustrating the dual impact of a steady diet of ...
Consumer sentiment improves following Budget measures
Consumer sentiment has improved slightly this month, boosted by the measures announced in Budget 2024. The latest Credit Union Consumer Sentiment Index registered a pick up in the ...
Where next for interest rates as ECB pauses?
It has certainly been a busy eighteen months for the Monetary Policy Committee of the European Central Bank. Having spent several years repeating pretty much the same script, ...
Inflation rate estimated to have slowed to 3.6% in October from 5% in September
There has been a significant slowing in the estimated annual rate of inflation in October. According to the latest “flash” estimate of inflation from the Central Statistics Office, ...
Mortgage drawdowns fall 22%, driven by switching slump
Mortgage drawdowns were down almost 22% between July and September when compared to the same period last year. New figures from Banking and Payments Federation Ireland show that ...
New guidance on social media advertising for influencers issued by CCPC and ASAI
New guidance for Irish influencers on how to clearly label ads on social media has been issued by the Competition and Consumer Protection Commission (CCPC) and the Advertising ...
ECB breaks record streak of rate hikes as economy weakens
The European Central Bank left interest rates unchanged as expected today, snapping an unprecedented streak of ten consecutive rate hikes, and maintained its guidance which signals steady policy ...
ECB Governing Council expected to leave rates unchanged
The Governing Council of the European Central Bank (ECB) meets in Athens today where it’s widely expected to leave interest rates on hold for the first time since ...
Job vacancies down 28% on last year
Job vacancies declined by 28% year-on-year and by 7% on a quarterly basis according to the latest Jobs Index from hiring platform IrishJobs. The data is for the ...
Housing completions up 14% in third quarter – CSO
There was an increase of 8,452 in new dwelling completions in the third quarter of this year, according to the latest figures from the Central Statistics Office. This ...
Petrol and diesel prices dip in October – AA Ireland
The latest AA Ireland monthly Fuel Price Survey shows a slight drop in petrol and diesel prices over the last month, while the cost of running an electric ...
Calls for more modular housing to address shortages
Modular housing units need to be constructed in higher volumes in order to address the housing shortage crisis, according to the Director General of Engineers Ireland. Damien Owens ...
Four in five firms plan pay increases next year with average of 3.8%
Around four in five businesses are planning on increasing pay for employees in 2024, with an average pay rise of 3.8%. This is according to the latest Pay ...
EU signs digital services agreement with Ireland
The European Commission has signed an administrative arrangement with the newly established media regulator, Coimisiún na Meán, to support new EU online safety rules. The Digital Services Act ...
New competency framework to drive higher standards in corporate governance
A new competency framework to drive higher standards in corporate governance is being launched today by the Institute of Directors. The new Continuing Professional Development (CPD) Framework has ...
Euro zone PMI hits lowest in nearly three years, stirs recession worries
Euro zone business activity took a surprise turn for the worse this month as demand fell in a broad-based downturn across the region, a survey showed, suggesting the ...
Average home rebuilding cost rose 12% over last year
The average cost of rebuilding a house rose by 12% over the last year, new research has found. That i’s less than the 21% rate of increase in ...
55% of office workers spend two to three days a week ‘on-site’
New research has found that 55% of office workers in companies in Dublin now spend two to three days on site each week. That marks a 7 percentage ...
Planned changes to rules around minimum corporation tax among measures contained in the Finance Bill
The Finance Bill, which puts the tax changes announced in last week’s Budget into legislation, has been published by the Minister for Finance, Michael McGrath. It runs to ...
ECB starts ‘preparation’ for digital euro
The European Central Bank took a further step today towards launching a digital version of the euro that would let people in the 20 countries that share the ...
National Women’s Enterprise Day takes place today
Events marking the 17th National Women’s Enterprise Day are taking place around the country today. The Local Enterprise Office-led initiative aims to celebrate female entrepreneurs and female-led start-ups, ...
Values-led approach to food security required – DCU report
A report on Global Food Security will be presented to the UAE ambassador to Ireland by DCU’s Centre for Religion, Human Values and International Relations ahead of COP ...
Report finds Ireland’s pension system ranking has improved slightly
Ireland’s pension system has improved slightly in the past year when compared with global peers, a new index has found. The Mercer CFA Institute Global Pension Index ranked ...
Grocery price inflation falls to 5 month low – Kantar
Grocery price inflation in the Irish market has fallen to a five month low, but prices are still going up steeply. That is according to the latest figures ...
Exports down 17% in August on lower sales of chemicals – CSO
Exports from Ireland dropped by 17% in August, driven by falls in sales of chemicals and related products, as well as electrical machinery, new figures from the Central ...
Clear-out urged as study finds Ireland generates millions of kilos of e-waste
Irish households are being urged to begin a collective clear-out of small electronic waste this weekend, after a United Nations study showed Irish consumers generated 11 million kilos ...
Ireland’s economic growth will slow by 2050 – report
A new report has suggested that Ireland’s economic growth will slow over the medium to long-term due to a range of factors, including the ageing of the population. ...
2,600 buyers approved for First Home Scheme
The latest progress report on the First Home Scheme shows that 2,598 buyers have been approved and 699 homes already bought using the scheme since it was launched ...
Annual inflation rate up slightly to 6.4% in September – CSO
The annual rate of inflation rose again in September to 6.4% compared to an annual rate of 6.3% in August, new figures from the Central Statistics Office show ...
Budget benefited lower income groups proportionately more – ESRI
The Economic and Social Research Institute has said Tuesday’s Budget was “progressive”, meaning lower income groups will benefit proportionately more than higher income groups. However, the ESRI says ...
Online payments continue to grow, cheque payments drop further
Online and mobile banking payments are continuing to grow in the country while usage of cheques has dropped to the lowest level since 2008. That is according to ...
€1.17bn allocated to Arts, Sport and Media in budget
The Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media, Catherine Martin has announced details of the €1.17 billion in funding allocated to the department in Budget 2024. ...
Number of insurance firms in Ireland down 39% since 2009
The number of insurance and reinsurance businesses based in Ireland has fallen 39% since 2009, a new study has found. Life companies have dropped by 42% over the ...
Used car price inflation rises to 3.3% in third quarter
The rate of inflation in the used car market was 3.3% in the period from July to the end of September, up from 0.9% in the previous quarter. ...
Some Budget measures in force with fuel prices up since midnight
Some of the Budget 2024 measures came into force at midnight after the Dáil voted to increase tobacco duties and maintain the lower VAT rate on household energy ...
Budget 2024 won’t overheat the economy – Varadkar
Some Budget 2024 measures came into force at midnight, after the Dáil voted to increase tobacco duties and also maintain the lower VAT rate on household energy bills. ...
Banking levy increased in Budget 2024
Ireland will revise how it calculates its levy on banks after announcing plans to raise €200m from the measure next year, up from €87m in 2023, Finance Minister ...
Over 2.4m people have private health insurance, up 3%
The number of people with private health insurance at the end of last year rose by 3% compared to a year earlier. 2.44m customers had health insurance policies ...
Budget to include €250m scheme to help firms with costs
A new €250m grant scheme to help small and medium sized businesses with rising costs is set to be announced in today’s budget. The one-off scheme will offer ...
Global natural gas demand set for slower growth to 2026 – IEA
Global natural gas demand is expected to experience slower growth to 2026 after peaking in mature markets such as Europe and North America in 2021, a report by ...
Insolvencies and startups both grew in third quarter
The number of insolvencies in the third quarter of the year was up 54% on the same period last year. Between July and September, 185 insolvencies were recorded, ...
Construction activity saw modest slowdown in September – PMI
Activity in the construction sector slowed again in September, according to the latest purchasing managers index from BNP Paribas Real Estate Ireland. The index stood at 48.6 in ...
Coalition party leaders discuss final Budget details
The Coalition party leaders met until the early hours of this morning to finalise most of the details of tomorrow’s Budget. Some items remain outstanding, however, and there ...
World food price index little changed in September despite sugar surge – FAO
The United Nations food agency’s world price index was largely stable in September, as declines in the indices for vegetable oils, dairy and meat offset a surgein sugar ...
Expansionary Budget ‘makes little economic sense’ – Nevin Economic Research Institute
The Nevin Economic Research Institute (NERI) has said an expansionary Budget next week “makes little economic sense” at this time. This is because it believes the economy is ...
Key tourism month of July not as strong as hoped – ITIC
The rising cost of doing business and reduced tourism accommodation supply meant the key tourism month of July wasn’t as strong as hoped, new data from the sector ...
Value of Irish M&A deals up 48% over first nine months of 2023
The value of mergers and acquisitions with Irish involvement hit $33.3 billion during the first nine months of the year. That represented an increase of 48% compared to ...
Energy generation sources remain stable in September
Gas was responsible for generating 46% of Ireland’s electricity in September, amid mild, sunny and wet weather. That proportion was similar to the previous month, but down from ...
ESRI forecasts slowdown in Irish economy this year
A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic ...
Services activity growth has slowed to lowest this year
The growth in activity in the services sector was the slowest since the beginning of the year, according to the latest AIB Ireland Services Purchasing Managers Index. Concerns ...
Corporation tax take below estimate again in September
Corporation tax in September came in below the Department of Finance’s estimate for the second month in a row, according to the latest Exchequer figures published this afternoon. ...
ESRI predicts slower rate of economic growth this year due to falling exports and rising inflation
A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic ...
Changes to personal taxation to be ‘central’ part of Budget – McGrath
The Minister for Finance has said that changes to personal taxation will be a “central element” of a just over €1.1 billion tax package that will form part ...
Goodman firm to inject up to €6.35m into Barryroe
A company controlled by businessman Larry Goodman is to make up to €6.35m available to Barryroe Offshore Energy (BOE), which is currently in examinership, as part of a ...
ECB’s Lane says rising wages underpinning euro zone inflation
Rising wages in the euro zone are underpinning inflation in the bloc but wage growth should moderate in the coming months, the European Central Bank’s chief economist Philip ...
Companies urged to file returns early amid ID changes
The Government is urging companies to make their annual return filings early ahead of the peak filing period next month, following the introduction of new identification requirements for ...
Signs of property rebound with asking prices up 4% – MyHome.ie
The Irish property market is experiencing a rebound with a period of falling house prices – seen in the early months of 2023 – coming to an end ...
Fresh setbacks for manufacturing sector in September
The manufacturing sector experienced some renewed headwinds in September which saw the index going back into contractionary mode having bounced back in August. The headline AIB Ireland Manufacturing ...
Inflation rises to 5% in September – flash estimate
Inflation is estimated to have risen to an annual rate of 5% in September, according to the latest “flash” estimate from the Central Statistics Office. This compares to ...
House prices rising amid ongoing supply shortage – daft.ie
Demand for property is holding up, despite interest rate increases, and an ongoing supply shortage is supporting prices, the latest House Price Report from property listings website daft.ie ...
Mortgage switching down almost 80% on last year
There was a huge drop in the number of people switching their mortgages in August compared to the same time last year, new figures show. The latest report ...
Competitiveness Council urges action to meet new economic challenges
The National Competitiveness and Productivity Council has published its annual Challenge Report, which outlines some of the key issues facing the economy. Chair of the Council Dr Frances ...
Banks defend interest rate policies at committee
Representatives of the country’s main banks have defended their policies around the passing on of interest rate increases to customers when they appear before an Oireachtas committee later. ...
Corporation tax growth levelling off – McGrath
The Minister for Finance has said there appears to be a “levelling-off” of the growth in corporation tax compared to the extraordinary levels in recent years. Michael McGrath ...
Rise in number of electricity, gas customers in arrears
There has been a notable increase in the number of domestic electricity customers falling into arrears since the end of the Government’s Emergency Electricity Credit in March, according ...
Competition authorities given new powers to fine companies up to €10m
From today, the Competition and Consumer Protection Commission (CCPC) will be able to fine companies for breaching Irish and EU competition law. The new powers come as the ...
Living wage should rise to €14.80 per hour – technical group
The reference hourly living wage rate should rise to €14.80 per hour, according to the Living Wage Technical Group (LWTG). This is an increase of 6.9%, or €0.95, ...
UN charter aims to promote gender equality in sustainable finance
A new United Nations charter aimed at promoting gender equality in the area of sustainable finance is being launched in Dublin this morning. The Financial Centres for Sustainability ...
Semi-states and public bodies most attractive employers – survey
Irish semi-state and public bodies are the most attractive employers for professionals working in Ireland, according to new research from Universum, which is part of IrishJobs. The Most ...
Irish stock market departures are symptom of wider EU malaise
Irish people have a rich history of looking to the US for a better life. That appears to be the thinking of Dublin-listed paper packaging company, Smurfit Kappa, ...
‘”Enormous’ opportunity to double Irish exports to Canada within five years
A new report shows that Ireland’s goods exports to Canada reached a record high of €3.39 billion in 2022, while 2023 is set to be another record year, ...
Wholesale electricity prices up 10% in August, CSO data shows
Wholesale electricity prices rose in August but were still much lower year-on-year, according to the Central Statistics Office. Its latest Wholesale Price Index shows a more-than 10% increase ...
EU urges Ireland to speed up copper switch-off
The European Commission has urged Ireland to speed up the switching off of out-of-date copper wire networks for phone and broadband services. The switch-off of legacy copper networks ...
Housing commencements up 30.6% in August
New figures from the Department of Housing, Local Government and Heritage shows that the number of new commencement notices for August rose by 30.6% compared to the same ...
Consumer confidence drops to lowest level in six months
Consumer confidence dropped to a six month low in September, amid a rebound in oil prices, a further rise in interest rates and a gloomier economic outlook. The ...
Govt must balance support and inflation in budget – McGrath
The Minister for Finance has said the Government faces a challenge in the upcoming budget in getting the balance right between providing an appropriate amount of support needed ...
Unlikely energy prices will return to 2020 levels over coming months – CRU
It is unlikely that households will see energy prices return to the previous low levels seen in 2020 and 2021 over the coming months, a new report from ...
March ‘probably too early’ to expect interest rates to fall – Makhlouf
The Governor of the Central Bank has said his view is that March is probably too early a time to expect interest rates in the eurozone to start ...
McGrath wants public bodies to keep taking cash payments
The Minister for Finance has written to Government colleagues asking that public bodies under their remit maintain their existing payment methods in relation to accepting cash pending the ...
First Home Scheme extended to self-builders building first home
The Government has extended the First Home Scheme to self-builders who are building their first home. The scheme, which was launched just over a year ago, works by ...
Spending on homewares up 18% in August, but pub spend dips 1% – AIB
Summer spending recovered slightly last month despite the continuing bad weather, a new survey shows today. The AIB August Spend Trend report reveals that overall spending rose by ...
Euro zone August inflation revised slightly lower
Euro zone consumer inflation in August was slightly lower than initially estimated, the European Union’s statistics office Eurostat said today. But it still remained more than twice the ...
Grocery price inflation falls to lowest level in a year – Kantar
Grocery price inflation slowed to 11.5% in the 12 weeks to September 3, new figures from Kantar show today. This marks the lowest level of grocery price inflation ...
Economic growth expected to slow as multinational exports weaken – Central Bank
The Central Bank has lowered its forecasts for growth in the economy based on weaker exports from multinationals in Ireland, but has left its outlook for inflation broadly ...
Annual house price growth cools to 1.5% in July – CSO
New figures from the Central Statistics Office show that residential property prices rose by 1.5% in the 12 months to July. This marked the slowest annual rate of ...
Wholesale energy prices fell again in August
Wholesale electricity prices continued their decline in August compared to prices last year, according to the latest report published by the Single Electricity Market Operator (SEMO). SEMO operates ...
What next for Irish stock market amid departures of key players?
Vladimir Lenin is widely credited with the phrase ‘there are decades where nothing happens; and there are weeks where decades happen’. He could well have been talking about ...
Construction activity continued to slow in August – PMI
A slowdown in construction activity continued in August, according to the latest construction purchasing managers index from BNP Paribas Real Estate Ireland. There was a sharper contraction in ...
Plans for participation exemption to Irish corporation tax
The Government has announced plans to introduce changes to how dividend income received from foreign branches of companies with bases in Ireland are taxed here. The reforms, if ...
Budget will help with cost of living, McGrath says
The Minister for Finance has said the latest European Central Bank interest rate increase will undoubtedly add pressure to many households who already are carrying the burden of ...
ECB raises euro zone interest rates again by 0.25%
The European Central Bank raised interest rates for the 10th meeting in a row today to counter stubborn inflation but signalled that it is likely done tightening policy. ...
ECB governing council to make decision on interest rates
The European Central Bank’s governing council meets in Frankfurt today to decide if it will continue to increase interest rates as part of its efforts to bring inflation ...
Campaign encourages SMEs to save time, money and energy
Local Enterprise Offices have launched a campaign encouraging small businesses to avail of supports that will help them save time, money and energy. The “All In A Day’s ...
Research reveals extent of shift to digital banking
One in three people in Ireland now use banking apps from outside of the traditional sector, nearly double the number a year ago, new research has found. The ...
Energy companies told to ‘go further’ on price cuts
The four main energy companies have been told that they must go further on price cuts, during a meeting with Taoiseach Leo Varadkar and energy minister Eamon Ryan ...
Surge in demand for IT and digital roles – ManpowerGroup survey
Despite fears of AI replacing jobs in the tech sector, there has been a surge in demand for workers in IT and digital roles, according to the latest ...
Gas demand down by a fifth during mild August – GNI
Overall gas demand in August was well down on the same month last year amid mild and changeable weather. According to the latest Gas Demand Statement from Gas ...
EU Commission cuts euro zone growth forecast as Germany in recession
The euro zone economy will grow slower than previously expected this year and next, the European Commission forecast today. This comes as consumer demand suffers from high inflation ...
Number of female business leaders continues to rise, but slowly – CSO
New figures from the Central Statistics Office show that Irish businesses continue to increase female representation at both senior executive and board level, albeit slowly. However, the number ...
Disconnect between employers and older workers, survey finds
Recruitment firm Hays Ireland has said that new research it has conducted has revealed a disconnect between employers and older workers. The company said its survey of 1,600 ...
Lack of state support a barrier to fintech expansion – report
A lack of government support for growth and innovation has been identified as a major barrier to expansion in the financial technology, or fintech, sector in a report ...
Oil prices ease but supply cuts keep Brent above $90 a barrel
Oil prices eased today as a stronger US dollar and economic concerns in China weighed on the outlook for fuel demand, but extended supply cuts by Saudi Arabia ...
64% of consumers buy sustainable goods, cost an issue
Two thirds of Irish consumers buy sustainable products sometimes or often, a new survey has found. The research by Deloitte found the level of sustainable purchasing was higher ...
Texts and phone calls down, data usage up
A new report reveals that mobile phone users are sending less texts and making less calls, but using more data. New figures from the Commission for Communications Regulation, ...
Euro zone economy grew just 0.1% in second quarter
The euro zone economy grew by a mere 0.1% in the second quarter, lower than previously estimated, official data showed today. The European Union’s Eurostat data agency had ...
Higher mortgage rates, oil costs push inflation to 6.3%
Inflation rose at an annual rate of 6.3% in August, up from 5.8% in July, according to the latest Central Statistics Office figures. Inflation took a step in ...
Women encouraged to consider construction careers
The shortage of construction workers is one of the biggest challenges facing the building industry amid warnings that there is not enough skilled labour to meet the demand ...
Commercial vacancy rate hits 14.1% – highest on record
There were 29,798 vacant commercial units recorded across the country between April and June. There were 29,798 vacant commercial units recorded across the country between April and June. ...
Euro zone August downturn deeper than was thought – PMIs
The decline in euro zone business activity accelerated faster than initially thought last month as the bloc’s dominant services industry fell into contraction. This is according to a ...
Banking industry’s new support measures for mortgage customers
The main Irish bank and non-bank lenders have agreed a new set of criteria designed to provide clear guidance to mortgage holders whose loans are managed by credit ...
National Broadband Plan marks 50,000th connection in Cork
The company marked the latest milestone in the NBP rollout at a farm in rural Co Cork. Peter Hendrick, the chief executive of National Broadband Ireland, the number ...
Activity in Ireland’s service sector continues to grow
The latest Purchasing Managers Index from AIB marks two and a half years of successive monthly improvement in business activity, new business and employment. The report states that ...
Study reveals stress and financial woes facing workers
Many employees are increasingly feeling cash-strapped as inflation continues to impact their ability to spend, according to a survey of Irish workers by PwC. The proportion of the ...
Corporation tax take in August down over €1bn on last year
The amount of corporation tax collected in August was over a billion euro less than the amount taken in the same month last year. In a statement, the ...
Economy sees growth of 0.5% in second quarter – CSO
The economy continued to grow in the second three months of the year, according to the latest figures from the Central Statistics Office. Measured by GDP, which includes ...
‘Concerning gaps’ in pension coverage – CCPC
The Competition and Consumer Protection Commission (CCPC) has said that research it has carried out into pensions has revealed some concerning gaps in retirement planning. The survey of ...
Deposit rates finally rise but ‘the devil is in the detail’
When the banks published their half year results in the early part of last month, it was clear that pressure was going to mount on them to improve ...
AIB and EBS increase rates on saving accounts
AIB has become the latest bank to increase its interest rates on certain savings products, as well as on EBS saving accounts. The move comes amid growing calls ...
NTMA to increase State Savings interest rates
The National Treasury Management Agency said it is increasing the rates that apply to new fixed term and variable rate State Savings products. It also said it will ...
Motorists facing hike in petrol and diesel prices
Motorists are facing a hike in the cost of refuelling their vehicles from midnight tonight, as excise rates are increased by the Government. Petrol excise rates will increase ...
Reduced 9% VAT rate to expire at midnight
The reduced 9% VAT rate for tourism, hospitality and some other services will expire at midnight and return to 13.5%. The planned increase is set to go-ahead despite ...
Inflation rises to 4.9% in August – flash estimate
An initial estimate for inflation, measured by the Harmonised Index of Consumer Prices (HICP), shows prices rose by 4.9% in the 12 months to August. Today’s latest Central ...
European car sales rise 15% in July, EVs up nearly 61%
European new car registrations jumped 15.2% in July, the 12th consecutive month of growth as the auto industry recovers from pandemic-related supply chain issues, data from the European ...
Europe’s bumper Q2 puts global dividend payouts on track for record year
Companies around the world are on track to pay investors a record $1.64 trillion in dividends this year following a more than 6% jump in the second quarter, ...
McGrath: Excise duty hike will go ahead in September
Minister for Finance Michael McGrath has confirmed that the planned hike in excise duty will go ahead in September as it is already “locked in”. He said the ...
Irish economy tops OECD league table for growth in Q2
Ireland recorded the highest level of economic growth in Gross Domestic Product terms among OECD countries in the second three months of the year. There are 38 member ...
Annual retail sales up 5.9% in July, CSO figures show
The volume of retail sales increased by 5.9% in the 12 months to July, new figures from the Central Statistics Office show. On a monthly basis, sales volumes ...
€17m fund for community-based tourism projects
A fund of €17 million for private and community-based small tourism projects is opening for applications today. Failte Ireland was allocated €68 million in funding in total, the ...
Oil inches up after China moves to support flagging economy
Oil prices ticked higher today after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US ...
Third of workers do not feel companies treat everyone fairly
A third of workers in Ireland do not feel their organisations treat everyone fairly according to new research on workplace diversity and inclusion. The study by the Irish ...
Do your homework: How to manage back-to-school costs
From shoes and uniforms, to school bags and stationary, back-to-school costs are mounting. It is an expensive time of year for those with children in both primary and ...
Construction inflation moderates but remains high
Tender prices for commercial construction projects rose by 2.4% during the first half of the year. That’s down from 3.7% during the second six months of 2022, according ...
Mortgage approvals fall in July despite FTB activity
A slowdown in the market meant the number of new mortgages approved in July was down 9.7% on the same month last year and 0.4% on June, despite ...
Employment rate at highest level since records began in 1998
The employment rate rose to over 74% in the second quarter of 2023, the highest rate since the current series of records began in 1998. The latest Labour ...
Consumer sentiment slips for first time in five months
Sentiment among Irish consumers slipped for the first time in five months this month, amid bad news on the jobs front, global economic difficulties and ongoing inflation pressures. ...
Tourism chiefs concerned at pace of sector’s recovery
The body representing the tourism industry here has said it is concerned that the recovery of the sector is still some way off the levels reached prior to ...
52% of SMEs raise prices to counteract inflation squeeze
52% of Irish SME businesses have taken the step to raise their prices, according to the latest Linked Finance SME Confidence Index. Recent Central Statistics Office figures show ...
Government launches action plan on construction jobs
The Government has published a plan to boost employment in the construction sector. The ‘Careers in Construction Action Plan’ highlights the need for the construction industry to recruit ...
Annual wholesale electricity prices down 64% in July – CSO
New figures from the Central Statistics Office show that wholesale electricity prices fell by 64% in July compared to the same time last year. The CSO said that ...
ESRI estimates domestic economy grew by 3.5% in June
The domestic economy grew by around 3.5% in June when compared to the same month last year, according to a new estimate from the Economic and Social Research ...
Finance Minister expects to see deposit rates rising soon
The Minister for Finance has said he anticipates the rate of interest which is paid on savings accounts will increase in the weeks ahead. Michael McGrath said that ...
Ireland among top countries for jobseekers globally
Ireland is among the most attractive countries for international jobseekers, according to new research from job website Indeed. Just over 11% of searches for jobs in Ireland in ...
Grocery inflation drops to lowest rate since November 2022
Grocery inflation rose by 12.8% in the 12 weeks to August 6 – the lowest level of growth since November 2022 and the third drop in a row, ...
6 in 10 don’t know about tax relief on dietary needs – survey
A new survey shows that six in ten people are unaware they can get tax relief on the cost of special foods if they have to restrict their ...
Euro zone set for growth over next ‘couple’ of years – Lane
The euro zone economy will keep growing in the coming years and is unlikely to experience a deep or sustained recession, European Central Bank chief economist Philip Lane ...
Euro zone inflation fall confirmed, easing pressure on ECB to hike
Euro zone inflation slower further and even underlying price pressures appear to have peaked, Eurostat data showed today. Today’s figures will ease pressure on the European Central Bank ...
Awareness of EU taxonomy system low among Irish firms
New research has found that many Irish financial services firms are not aware of a European Union system that is designed to help companies, investors and policymakers to ...
Over 11,000 extra tourist beds needed by 2032 – ITIC report
An estimated 11,500 additional tourism beds will be required here in the next decade if Ireland is to meet projected demand, a new report on the sector has ...
SMEs struggling to fill skills gap – Chambers Ireland
Small and medium sized companies here are struggling to find adequately skilled individuals to fill a variety of roles, a Chambers Ireland Skills Gap survey has found. Nine ...
House prices post first month-on-month growth this year – CSO
Residential property prices recorded their first monthly increase this year in June, growing by 0.6% compared to May, new figures from the Central Statistics Office show. But annual ...
EU greenhouse gas emissions fall 3% in first quarter of 2023
Greenhouse gas emissions in the European Union fell by nearly 3% in the first quarter of 2023, even as the bloc’s economy grew slightly, statistics agency Eurostat said ...
Industrial output jump gives euro zone growth small boost
The euro zone’s vast industrial sector rebounded in June, giving overall growth a small boost to end an otherwise weak quarter on a positive note, data from Eurostat ...
Historically low housing stock levels impacting market – Sherry FitzGerald
The stock of second-hand homes available on the market has reached a historic low, according to estate agents Sherry FitzGerald. Its analysis shows that there were 13,750 homes ...
Exports down 3% in first half of 2023, imports up 2% – CSO
New figures from the Central Statistics Office figures show that the country’s unadjusted exports increased by €1.8 billion to €19.5 billion in June compared with the same time ...
44% of people now work from home at least 1 day a week – ComReg survey
A new consumer survey shows that 44% of respondents now work from home online at least one day a week. The Commission for Communications Regulation’s latest Broadband Connectivity ...
Conveyancing delays leading to failed property sales – IPAV
Growing and serious delays in the conveyancing process are leading to property sales falling through, estate agents are reporting. A survey conducted by the Institute of Professional Auctioneers ...
Plans to double public service apprenticeship places
The Government has announced plans for nine new apprenticeship programmes in the public service. If realised, the proposals will lead to the doubling of apprenticeship places in the ...
Irish economy will outperform EU peers – Mastercard
The Irish economy will continue to outperform its EU peers, according to the Mastercard Economics Institute, as consumer fundamentals remain strong. It said Irish consumers have been relatively ...
84% rise in commercial bus use in 2022, significantly below pre-Covid levels – report
The number of passengers using commercial bus services in Ireland rose last year by 84%, according to new figures from the National Transport Authority (NTA). The report shows ...
Decline in construction activity in July – BNP Paribas Real Estate
After having returned to growth in June, construction activity in Ireland saw a renewed decline in July, after the BNP Paribas Real Estate Purchasing Managers’ Index. It also ...
Gas demand down by 20% in July – Gas Networks Ireland
New figures today show that gas demand decreased by 20% in July compared to the same month last year, and by 8% when compared to June. Gas Networks ...
Government body faced difficulty in arranging power supplies for state agencies due to market volatility
The Government body responsible for arranging power supply for state agencies could not even get companies to bid to provide electricity because of “extreme volatility” in energy prices ...
Average interest rate on new mortgages here now above 4%
The average interest rate on new mortgage arrangements in Ireland has breached the 4% mark. Figures from the Central Bank show that the average interest rate on new ...
Advertised rents rise another 2.4% in second quarter – Daft.ie
Advertised rents across the country increased by 2.4% between April and June, when compared to the first three months of the year. According to property listings website Daft.ie, ...
Ireland had highest consumer prices in EU in 2021
Ireland had the highest price levels for consumer goods and services across the 27 countries of the European Union in 2021, a report from the Central Statistics Office ...
Retail spend in capital rose again in second quarter
Retail spending in Dublin rose again between April and June, the ninth consecutive quarterly increase. Spend was up 1.1% on the previous quarter and 4.7% on the same ...
Euro zone bond yields drop as risk sentiment worsens, inflation fears ease
Euro zone bond yields dropped today as a European Central Bank (ECB) survey showed consumers expect inflation to keep slowing, while risk sentiment worsened on sticky inflation in ...
Ireland tops EU poll for working from home growth
Ireland is leading the charge in terms of how rapidly remote working is taking the place of traditional office-based work, according to analysis of Eurostat data by BNP ...
Restaurants seek retention of 9% VAT rate
Ireland should retain the hospitality sector’s reduced VAT rate but only for food-related businesses, according to a restaurant representative group. Chief Executive of the Restaurants Association of Ireland ...
Live Register figures edge 0.1% higher in July – CSO
New figures from the Central Statistics Office show that the seasonally adjusted Live Register total for July rose by 0.1%, or 200, from June to reach a total ...
Surge in car and home improvement loans in Q1 – BPFI
There has been a surge in car and home improvement loans in the first quarter of 2023 as personal lending hit €481m, according to the Banking and Payments ...
Decline in euro zone business activity accelerated in July – PMI
The downturn in euro zone business activity worsened more than initially thought in July as the slump in manufacturing was accompanied by a further slowing of growth in ...
Indeed economist says it is still job seekers’ market
The labour market remains a positive backdrop for job seekers with postings on job site, Indeed, 30% higher than before the pandemic. The rate of unemployment in July ...
Exchequer tax take up 4.6% to €4.57bn in July
Almost €6.57 billion in tax was received by the Exchequer in July, up €303m (4.6%) on the same month of last year. Figures from the Department of Finance ...
Unemployment rate falls to 4.1% in July from revised figure of 4.2% in June – CSO
New Central Statistics Office show that the seasonally adjusted unemployment rate for July eased to 4.1%, down from a revised rate of 4.2% recorded in June. The CSO ...
Service growth remains robust, inflation pressures ease – PMI
Service sector growth remained robust in July amid a strengthening in business sentiment and a slight easing in still high input and output cost pressures, a survey showed ...
Irish economy on course for more moderate growth – Ibec
The Irish economy is nearing the peak of the current economic cycle and is on course to enter a period of more moderate growth, Ibec forecasts in its ...
Manufacturing sector continues to contract, amid drop in new orders
Business conditions in the manufacturing sector continued to deteriorate in July, new figures show. The latest Purchasing Managers Index from AIB reveals the sharpest decline in new orders ...
Euro zone factory July activity fell at fastest pace since onset of Covid – PMI
Manufacturing activity across the euro zone contracted in July at the fastest pace since Covid-19 was cementing its grip on the world as demand slumped despite factories cutting ...
Ireland posts highest GDP growth in Q2 as euro zone returns to growth
Ireland recorded the highest increase in economic growth in the euro zone in the second quarter of this year, new figures from Eurostat show today. The country recorded ...
Euro zone inflation falls further in comforting sign for ECB
Consumer prices in the euro zone grew by 5.3% this month from 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, ...
Temporary Business Energy Support Scheme ends today
Today marks the last day of the Temporary Business Energy Support Scheme, which was designed to help businesses with their electricity or natural gas energy costs as they ...
Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in ...
GDP rebound of 3.3% in second quarter may mean economy is out of recession
The Irish economy as measured by Gross Domestic Product (GDP) returned to growth in the second quarter of the year, new preliminary figures from the Central Statistics Office ...
Sharp slowdown in property investment market in first half – BNPPRE
The Irish commercial property market suffered the third sharpest slowdown in investment across 27 countries in Europe over the first half of 2023, according to BNP Paribas Real ...
ECB raises interest rates again but keeps options open for September
The European Central Bank has today raised interest rates for the ninth consecutive time and said it was open-minded about further tightening as stubbornly high inflation and recession ...
SMEs to maintain or increase sustainability investments
Over 90% of small and medium sized businesses in Ireland plan to maintain or increase their investment in sustainability practices over the next year. The SME sustainability sentiment ...
Census 2022 shows falling home ownership rates – CSO
New figures from the Central Statistics Office show that the number of homes owned without a mortgage or loan increased by 11% to nearly 680,000 while the number ...
Corporate insolvencies rise 30% in first half of year
329 corporate insolvencies were recorded in Ireland in the first half of the year, new figures from Deloitte show. This is up 30% on the same time last ...
Further 0.25% increase in interest rates expected from ECB today
The European Central Bank (ECB) is expected to raise interest rates again at a meeting of its Governing Council in Frankfurt today. Markets are expecting a further 0.25% ...
Gas demand 9% lower in June compared to last year
Warmer weather and the ending of the academic year in education institutions led to demand for gas dropping by 10% in June compared to May. Overall, gas demand ...
Mortgage activity slows but lending to FTB remains robust
The volume of new mortgages drawn down by first-time buyers in the second three months of the year fell for the first time since the pandemic in 2020. ...
20% never carry cash, younger people leading the way
Younger people are leading the way when it comes to cashless living, with half of 18-24 year olds saying they never carry money. New figures from Royal London ...
Government extends Abhaile scheme for four more years
The Abhaile scheme, which supports families who are in serious or long-term mortgage arrears and are at risk of losing their homes, has been extended by the Government ...
41% of charities failed to file annual finances on time
Many Irish charities failed to meet their obligations under governance standards last year, according to the Charities Regulator. Its latest annual report shows that 41% of charities failed ...
Euro zone firms slash loan demand to lowest on record – ECB poll
Euro zone firms’ demand for loans dropped to the lowest on record last quarter and a further decline is likely over the summer as lenders continue to tighten ...
‘Consumers feeling strengths as well as strains’
The pressures facing Irish consumers are fading but are far from finished, according to the Credit Union Consumer Sentiment Index, which showed the mood among consumers improved fractionally ...
Oil edges higher, buoyed by tighter supplies
Oil prices rose today, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, ...
Annual wholesale electricity prices down over 35% in June
New figures from the Central Statistics Office show the price of wholesale electricity in June rose by 11.3% from May, but fell by 35.6% compared to June of ...
New home construction starts down 16% in June
The number of new homes that building work commenced on in June was down 16% on the previous month. However, compared to June of last year, the number ...
‘Embarrassment of riches’ should be spent on capital infrastructure – Goodbody
The chief economist at stockbroker Goodbody said he supports a proposed new capital spending stabilisation fund for the country’s “embarrassment of riches”. “The public finances have been the ...
June sunshine boosted spending in pubs and restaurants
The June sunshine boosted spending in pubs by 28% compared to the previous month, new figures from AIB show. Spending in hotels jumped by 12%, while restaurant spend ...
ECB to raise rates by 25 basis points in July, slim majority say September too
The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom ...
Ireland’s home ownership age gap among the highest in Western Europe – ESRI
Ireland has one of the biggest gaps in home ownership between younger and older people in western Europe, a new study has found. The research by the Economic ...
Warning of businesses going bust if VAT goes back to 13.5%
Hairdressers and restaurant owners have warned that if the reduced 9% VAT rate increases back to 13.5% again as planned at the end of August, it will put ...
Refundable tax credits could cost €1bn Tax Strategy Group report claims
The Tax Strategy Group paper on income tax has examined the issue of refundable tax credits. This is when those on low incomes do not earn enough to ...
Paper explores cost of hiking social welfare payments in budget
A €1 increase in the personal rates of all weekly paid social welfare schemes in October’s budget would cost €69.4 million, according to new estimates. If an additional ...
Petrol and diesel prices remain steady in July – AA
Fuel prices remained stable in July and are virtually unchanged compared to June, the latest AA fuel prices survey shows. The average petrol price is €1.65 in July, ...
Exports slow by €1.2 billion in May – CSO
New figures from the Central Statistics Office show that Irish unadjusted exports of goods decreased by €1.2 billion to €16.7 billion in May compared to the same time ...
Job vacancies fall by 25% compared to last year – report
Job vacancies fell by 25% in the second quarter of the year, on an annual basis, according to the latest Jobs Index from hiring platform IrishJobs. The report ...
Interest rates and inflation – the search for the ‘sweet spot’
On paper, the job of a Central Bank Governing Council sounds fairly straight forward. Maintain price stability and ensure the stability of the financial system. The guiding principle ...
Exports to boost Irish economic growth – Accenture
A new survey published today shows that despite the global economic challenges, Ireland’s growth forecast has emerged strongly. The latest Accenture/S&P Global Ireland Business Outlook survey show a ...
Irish GDP slowed by 2.8% in Q1, revised CSO figures show
The Irish economy, as measured by Gross Domestic Product (GDP), contracted by 2.8% in the first three months of the year, updated data from the Central Statistics Office ...
Annual rate of inflation falls to 6.1% in June – CSO
The annual rate of inflation stood at 6.1% in June, down from 6.6% in the 12 months to the end of May, new figures from the Central Statistics ...
Disadvantaged areas hit harder by unemployment during pandemic – ESRI
A new report from the Economic and Social Research Institute (ESRI) has found that people living in disadvantaged areas experienced greater disruption to their employment during the Covid-19 ...
Infrastructure deficit is leading to lost opportunities, Ibec warns
Ibec has warned that Ireland is currently losing out on business opportunities because of constraints in capacity in the economy, including around housing. The employers’ organisation claims the ...
Used cars 79% more expensive than pre-pandemic
Asking prices for used cars are 79% higher than they were pre-pandemic, but the rate at which prices are rising is slowing. New figures from listings website DoneDeal ...
27% of jobs at high risk from AI revolution – OECD
More than a quarter of jobs in the OECD rely on skills that could be easily automated in the coming artificial intelligence revolution, and workers fear they could ...
New platform aimed at addressing skills gap launched
A new platform aimed at addressing skills gaps in the workforce and wider economy is being launched today. MicroCreds.ie has been developed by the Irish University Association in ...
96% of Ulster Bank and KBC Bank Ireland accounts now closed
New Central Bank figures show that just over 96% of all current accounts that were open in Ulster Bank and KBC Bank Ireland at the beginning of 2022 ...
New home starts up 7% compared to same period last year
The three coalition leaders and Minister for Housing Darragh O’Brien will unveil the latest progress report on the Government’s “Housing For All” plan. The data relates Q2, from ...
Home asking prices up 2.2% in second quarter – MyHome
Asking prices for homes across the country were 2.2% higher between April and June than they were during the same period last year, as the market began to ...
New electric car sales up 65% in first half of 2023
New figures from the Central Statistics Office show that the number of new electric cars licensed has increased by 65% from 8,309 in the first half of 2022 ...
Euro zone price pressures finally easing – ECB’s de Guindos
The ECB has raised interest rates at every meeting over the past year and promised another hike this month The ECB has raised interest rates at every meeting ...
€783m paid in unpublished tax settlements last year
A massive €783m was paid last year in unpublished tax settlements involving close to 55,000 separate companies and members of the public. A total of €665m was paid ...
First increase in construction activity recorded since September of 2022
Construction activity in Ireland increased in June for the first time since September of last year, albeit slightly. New data from the BNP Paribas Real Estate Ireland Construction ...
IFAC: Govt to boost core spending by more than stated in Summer Economic Statement
The Irish Fiscal Advisory Council has calculated that the Government plans to increase core spending next year by €5.5 billion, some €250 million more than set out in ...
Euro zone retail sales flat in May, still down year-on-year
Retail sales volumes in the 20 nations sharing the euro currency were unchanged from April and were 2.9% lower year-on-year. That compared with average forecasts in a Reuters ...
2022 sees biggest fall in Government debt since 2014 – NTMA
Ireland’s General Government debt fell by €11 billion to €225 billion in 2022 and has the potential to fall below €200 billion by 2030, according to the National ...
1 in 3 struggling to survive financially – CCPC report
One in three people in Ireland say they are just about getting by financially, a new report conducted on behalf of the Competition and Consumer Protection Commission (CCPC) ...
1 in 3 struggling to survive financially – CCPC report
One in three people in Ireland say they are just about getting by financially, a new report conducted on behalf of the Competition and Consumer Protection Commission (CCPC) ...
Euro zone business activity contracts in June – PMI
Euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc’s dominant services industry and a deepening decline of factory output, a ...
Euro zone consumers see lower inflation ahead – ECB poll
Euro zone consumers cut their inflation expectations for the following 12 months again in May, although they still saw prices growing faster than the European Central Bank would ...
Steady service sector growth reignites inflationary pressures
The services sector covers areas as diverse as communication, financial and business services, IT and the tourism trade The services sector covers areas as diverse as communication, financial ...
Summer Economic Statement may increase core spending by 6.1%
The Ministers for Finance and Public Expenditure and Reform Michael McGrath and Paschal Donohoe are expected to publish their Summer Economic Statement today. This document sets out the ...
Most US companies plan to increase employment here – AmCham survey
The majority of American multinationals with operations here expect to increase employment in the coming year, according to the American Chamber of Commerce Ireland. In a survey of ...
53% of Northern Ireland’s exports go to Ireland – ESRI
New research from ESRI shows that the Republic accounts for more than half of Northern Ireland’s exports, mainly due to Brexit. According to the Economic and Social Research ...
Toll charges on national road network increases
Toll charges on most of the country’s national road network have increased today after a six-month deferment by the Government and there have been warnings that tolls are ...
Manufacturing slump drags employment lower – PMI
A slump in manufacturing activity deepened slightly last month, hitting a fresh three year low and leading to a fall in employment in the sector for only the ...
Work-life balance act to extend leave for parents and carers
Workers will be able to avail of extended breastfeeding breaks and new unpaid leave entitlements as part of the work-life balance act. Under the legislation, the entitlement to ...
Rate of house price inflation moderates further as first time buyers dominate
The annual rate of house price inflation continued to ease during the first half of the year, the latest residential market review from property advisors DNG shows, while ...
Inflation rate estimated to have slowed to 4.8% in June from 5.4% in May – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.8% in June from 5.4% in ...
Contactless payments surge to 3 million payments per day
The volume of contactless payments rose by almost 18% year-on-year to more than 268 million in the first quarter of the year, hitting three million payments a day. ...
Government announces plan to boost cybersecurity
The Government has published a plan to boost cybersecurity, which includes measures to support the potential growth of the cybersecurity industry. The Mid-Term Review of the National Cyber ...
ESRI downgrades GDP growth outlook for Irish economy
The Economic and Social Research Institute (ESRI) has downgraded substantially its outlook for growth in Gross Domestic Product terms for the Irish economy, but it says the underlying ...
ECB’s Lagarde sees no rate peak call in near term
Euro zone inflation has entered a new phase which could linger for some time, European Central Bank President Christine Lagarde said today, outlining a lengthy fight against price ...
EU to take next step towards digital euro
The EU is set to take the next crucial step towards launching a digital version of the euro, a controversial project that has come under attack from the ...
EU reach data rule deal targeting Big Tech
EU countries and EU lawmakers has agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments ...
Grocery price inflation slows to 15.8% from 16.5%
New figures from Kantar show that grocery inflation rose by 15.8% in the 12 weeks to June 11, down on last month’s level of 16.5% and the lowest ...
First-time buyers mortgage approvals hit record high
May was the busiest month for first-time buyer mortgage approvals in both volume and value terms since the figures started being collected in 2011, new figures from Banking ...
Third of wages in 2021 came from multinationals – ESRI
A new study from the Economic and Social Research Institute (ESRI) shows that a third of the wages paid in the Irish economy in 2021 came from Multinational ...
BIS warns world economy at critical juncture in inflation fight
The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for more interest rate hikes, warning the world economy was now at a crucial ...
Review of occupations on critical skills list
The Government has announced a review of the occupations eligible for employment permits under the Critical Skills Occupation List and Ineligible Occupations List. Employers and stakeholders are being ...
Optimism among Irish firms but taking action on sustainability a challenge – KPMG
Over half of Irish businesses expect to increase turnover in the next 12 months and 38% expect to expand their workforce, according to the latest research from KPMG. ...
Wholesale electricity prices fall to lowest in 2 years, CSO figures show
Wholesale electricity prices continued to fall last month and are now back to levels not seen in two years. Figures from the Central Statistics Office show that prices ...
27% of consumers can’t afford a holiday this year
As the holiday season begins, 27% of consumers say they cannot afford a holiday this year, compared with 23% last year and 19% in 2021, according to the ...
Euro zone business growth stalls in June – flash PMI
Manufacturing activity has been in decline since July Manufacturing activity has been in decline since July Euro zone business growth virtually stalled this month as the downturn in ...
Eurostat: Prices here 46% above EU average last year
Prices in Ireland were higher than in any other European Union country last year, according to statistics agency Eurostat. Data on household consumption show that Irish prices were ...
Oil eases on uncertain demand, market eyes US inventory data
Oil futures dipped today amid demand fears after the Federal Reserve chairman hinted at further interest rate hikes, while traders awaited official US inventory data following an industry ...
Central Bank warns Govt not to exceed 5% spending rule in Budget or risk stoking inflation
The Central Bank has warned that if Government expenditure in next year’s Budget goes beyond its 5% spending rule, it runs the risk of stoking inflation further. In ...
Fuel prices jump 4% following rise in excise duty
Duty on petrol increased by 6 cents per litre and 5 cents per litre on diesel on June 1st Fuel prices have jumped over 4% when compared to ...
Tax cuts could contribute to persistent inflation – TASC report
Tax cuts in the budget would add fuel to an over-stimulated economy and could contribute to persistent inflation, a new report warns. The study from the economic and ...
Supply and rate rises contributing to property price moderation – BPFI
A significant increase in housing supply since pandemic restrictions were lifted together with recent interest rate increases have contributed to a substantial moderation in property price growth, the ...
ECB risks losing sight of ‘greedflation’
The European Central Bank risks losing sight of corporate profits as a driver of inflation – or “greedflation” in market parlance – by zeroing in on wage growth ...
Nearly half of those eligible for rent relief scheme yet to apply
Almost half of people eligible for the Government’s rent credit tax relief scheme have yet to apply for the help, nine months after the policy was first announced. ...
Call for State pension to be set at 34% of average earnings
A new campaign will be launched today calling for the Government to honour its commitment to introduce a State pension rate of 34% of average earnings. The ‘Pension ...
Euro zone May inflation confirmed at 6.1%
Euro zone consumer inflation sharply decelerated in May, the European Union’s statistics office confirmed today, with the core price growth measure, watched closely by the central bank, also ...
ECB rate hikes may need to last beyond summer
The European Central Bank needs to keep raising interest rates, policymakers said today, reaffirming the bank’s stance after fresh projections showed that inflation is even more stubborn than ...
Oil set to snap two-week losing streak
Oil prices were set to snap a two-week losing streak today amid optimism about higher energy demand from top crude importer China and a weaker dollar. Brent futures ...
Oil extends downtrend as China economy stumbles
Oil rebounded today after the previous day’s plunge, as data showed a jump in refinery runs at the world’s top crude importer China, though a weak economic backdrop ...
ECB expected to hike interest rates by another 0.25%
The Governing Council of the European Central Bank is meeting in Frankfurt today where it’s widely expected to increase interest rates by another quarter of one percent. This ...
Mortgage approvals fell in April as fewer movers and switchers secure loans
A decline in the numbers of people looking to switch mortgage provider or move home led to a decline in mortgage approvals in April, according to Banking and ...
AIB increases interest rates for deposit holders
AIB and EBS have increased their interest rates on a number of deposit accounts to 2%. The 2% rate will apply to its regular online saver, its AIB ...
Residential property prices rose 3.6% in April
Residential property prices nationally rose in April by 3.6% on an annual basis, according to the CSO. This compares to an annual rate of 4% in March. Prices ...
US Fed expected to leave rates unchanged
The US Federal Reserve is expected to leave interest rates unchanged today for the first time since the US central bank kicked off a historically aggressive round of ...
Prices paid for farmers’ produce drop 2.2%
Returns to farmers for their produce have fallen overall from March to April this year, according to the latest figures from the CSO. Output prices for produce fell ...
Data centres needed as economy ‘tech-centred’ – Martin
Tánaiste Micheál Martin has said Ireland is a “technology-centred economy” with a need for further data centres. He was responding to reports of concern over a surge in ...
Calm weather leads to drop in wind energy generation in May
Wind generated just 23% of Ireland’s electricity in May, with calm conditions leading to a 38% drop in generation when compared to April. New figures from Gas Networks ...
Slight contraction in construction activity in May
Construction activity contracted again in May, but only slightly, as demand improved. The latest BNP Paribas Real Estate (BNPRE) Ireland Construction index was still below the crucial 50 ...
McGrath calls on banks to keep mortgage customers out of arrears
Speaking at a Banking Payments Federation Ireland conference, Micheal McGrath said genuine people should not be allowed to fall into arrears due to higher interest rates. Speaking at ...
Government urged to tackle energy poverty in Budget
The Government is being urged to use October’s Budget to tackle energy poverty and break Ireland’s dependence on fossil fuels for home heating. A cross-section of social, environmental ...
INAB calls on businesses to be ‘accreditation aware’
Today on World Accreditation Day, the Irish National Accreditation Board (INAB) is calling on businesses to employ accredited services to test, inspect, verify or certify their products or ...
Mortgages from credit-servicing firms face higher interest rates, Central Bank data shows
The Central Bank has published data showing customers with mortgages at credit-servicing firms face higher interest rates. The analysis shows that 90% of loans held by the so-called ...
Annual inflation rate slows to 6.6% in May from 7.2%
The annual rate of inflation slowed to 6.6% in May, compared to 7.2% in April, new figures from the Central Statistics Office show today. The rate of goods ...
Household saving rate back at more typical levels in Q1 – CSO
New figures from the Central Statistics Office show that the Households Saving Rate fell to 14% in the first three months of 2023, down from 24% at the ...
NTMA sells €1.25 billion of 2033, 2050 bonds
The National Treasury Management Agency said it sold €1.25 billion of bonds maturing in 2033 and 2050 at auction today at yields of 2.84% and 3.359%. With the ...
Euro area falls into technical recession in Q1
The euro area fell into a technical recession in the first quarter of this year, according to figures from Eurostat. However, across the EU as a whole, growth ...
Euro zone consumers hopeful of slowing inflation – ECB survey
Euro zone consumers lowered their inflation expectations, a fresh European Central Bank survey showed today, a relief for policymakers after an unexpected surge a month earlier, even if ...
Airlines urge co-operation to help curb emissions
Global airlines have called for broad co-operation to reach “very tough” emission targets and pledged to release interim climate targets next year as the industry aims for a ...
US tightens crackdown on crypto with lawsuits against Coinbase, Binance
The top US securities regulator has sued cryptocurrency platform Coinbase, the second lawsuit in two days against a major crypto exchange. This marks a dramatic escalation of a ...
Increased Child Benefit payment being made this month to assist with cost of living
A once-off additional €100 in Child Benefit is being paid this month to help 650,000 families with the cost of living. The extra support means that €240 per ...
Slight fall in corporation tax in May
Corporation tax receipts dropped slightly in May according to the latest exchequer returns, underlining the volatile nature of this source of revenue. A total of €2.7 billion in ...
Services sector growth slows in May – PMI
Growth in the services sector slowed slightly in May but new export business grew at its fastest rate since last summer and business expectations improved, a survey showed ...
Euro zone inflation drops more than expected in relief for ECB
Euro zone inflation eased more than expected last month as underlying price growth also slowed, fuelling a debate about the need for further European Central Bank rate hikes ...
Demand for new-build homes up 114%, Daft report shows
Demand for new-build homes jumped 114% in May when compared to the same month last year, according to new figures from property listings website Daft.ie. When all homes ...
Ireland is on course to miss 2030 climate targets, says EPA
Ireland is on course to miss its 2030 climate targets by a large margin unless all sectors, including agriculture, electricity and transport, rapidly deliver further emission reductions and ...
Government approves pay increase for employment support scheme staff
The Government has approved a 5% pay increase for more than 1,600 supervisors and team leaders of employment support schemes. The pay deal will benefit employees of organisations ...
Home prices may slump in euro zone as rates rise – ECB
Home prices in the euro zone may be headed for a “disorderly” decline as high mortgage rates make purchases unaffordable for households and unattractive for investors, the European ...
Excise duty on fuel to increase from midnight
Motorists can expect to see a jump in the cost of petrol and diesel from midnight tonight as cuts to Government excise charges begin to reverse. Petrol prices ...
Engineering and construction roles among hardest to fill jobs – report
Engineering and construction related jobs are some of the hardest positions for employers to fill, according to a new report from hiring platform Indeed. The analysis looked at ...
Euro zone lending growth slows again in April
Bank lending to euro zone companies and households slowed again in April, continuing the steady decline since last autumn as the economy stagnated and rapid rate hikes dented ...
ECB warns of hit to top European banks if funds run into trouble
The euro zone’s top banks may take a hit if their financial clients, such as funds, insurers and clearing houses, withdrew their deposits or otherwise ran into trouble, ...
Consumer confidence hit 14-month high this month
Consumer confidence here hit a 14-month high this month, as concerns eased about the economic outlook. Hopes for additional Government measures to offer some respite from price pressures ...
Car sales push retail sales sharply higher again
The volume of annual retail sales rose sharply again last month due to another surge in car sales, jumping 7.5% on an annual basis, new figures from the ...
Gas generated 47% of electricity in April
Demand for gas fell by 10% in April compared to the same month last year, according to the latest figures from Gas Networks Ireland. Gas demand was also ...
ICTU calls for €2 increase to minimum wage
The Irish Congress of Trade Unions (ICTU) has called for the national minimum wage to be increased in January 2024 by €2, making the hourly rate €13.30. In ...
Finance, tech and media have highest gender pay gaps – Deloitte analysis
Financial Services, Technology and the Media and Telecommunications sectors command the highest gender pay gaps in Ireland, according to an analysis by Deloitte. The study was based on ...
Optimism among businesses, with 55% on ‘stable footing’
Over half of businesses are on a “stable footing”, according to new research by InterTradeIreland. Its latest all-island business monitor suggests that 2023 is off to a smoother ...
Pressure likely to mount on banks to hike deposit rates
Banks are likely to come under pressure in the months ahead to offer better rates to customers putting money on deposit, according to one treasury specialist. The ECB ...
Age Friendly: Why companies should value older customers
Around 800,000 people over the age of 65 are currently living and shopping in Ireland, but do companies really value their business? This age group is the wealthiest ...
Home prices rose faster than mortgage values in second half of last year
The increase in median mortgage values was slower between 2020 and 2022 than the rise recorded in property prices over the same period, new data shows. According to ...
McGrath to bring plan to Cabinet over corporation tax windfall surplus
Minister for Finance Michael McGrath has said he is planning to bring a proposal to Cabinet on how Ireland should deal with the large corporation tax windfall surpluses ...
Finance union calls for regulations for surveillance of staff
The Financial Services Union (FSU) will today urge TDs and senators to consider new regulations and legislation to cover the technological surveillance of staff by their employers. In ...
New electric vehicles 13% more expensive than last year
New data from DoneDeal shows the average price of a brand new electric vehicle (EV) now stands at €64,755, 13% higher than the same time last year. Despite ...
Consumers more frugal due to rising costs – global survey
A new survey of global consumer sentiment shows people everywhere adjusting to higher living costs by taking action regarding their spending behaviour. The 12th EY Future Consumer Index ...
Wholesale electricity prices down over 40% in April
Prices paid for raw materials by manufacturers fell in April for the first time since November 2021, new Central Statistics Office figures show today. The Wholesale Price Index ...
Almost a quarter of Irish workers are fully remote – survey
Almost a quarter of Irish workers are fully remote, according to new research from Leitrim County Council. The study shows that 61% of millennials (25-35-year-olds) are considering a ...
Ireland’s credit rating upgraded to AA by S&P
Ireland’s credit rating has been upgraded by the ratings agency, Standard & Poor’s. Improved ratings by agencies such as S&P help Ireland borrow more easily and at lower ...
ECB banking on a digital euro
The European Central Bank is investigating introducing a digital currency, to keep pace with a rapidly evolving digital economy. It would be a major change in the way ...
Number of house commencements down 20% in April
The number of new homes which construction started on fell 20% in April compared to the previous month, according to new data released by the Department of Housing. ...
Drivers interested in idea of long-term car insurance
Almost half of drivers would support the introduction of some sort of long-term motor insurance, a new survey has found. More than one in every four respondents said ...
Two thirds of SMEs feel Govt doesn’t understand them
Two thirds of small and medium sized businesses do not believe that the Government understands them, new research has found. The study also shows that four out of ...
Hospitality spend jumps in April, overall spend flat – AIB data show
Spending in hotels, pubs and restaurants increased last month, according to new debit and credit card data from AIB. The average daily spend in hotels jumped by 7% ...
5 tips for clearing credit card debt ahead of the summer
With summer round the corner, thoughts of the two week vacation, parties, barbeques, open air concerts and fun are the order of the day. For many people, using ...
Property price growth cools further to 3.9% in March – CSO
Prices in the residential property market continued to cool in March, according to the latest figures from the Central Statistics Office. The annual rate of residential property prices ...
Central banks have lost a degree of trust – Makhlouf
Central banks around the world have lost a degree of trust and need to rebuild it by explaining their decision making to a wider audience and not just ...
European car sales rise by 16% in April – ACEA
The number of new vehicles registered in April in the European Union, Britain and the European Free Trade Association (EFTA) grew by 16.1% to 964,932 units The number ...
Euro zone first quarter GDP growth confirmed at 0.1%
Euro zone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the EU’s statistics agency confirmed today, with rising employment and a sharp increase ...
Fuel prices fall again in May ahead of June excise duty increase – AA Ireland
Fuel prices have fallen again slightly but are set to increase by six cents per litre for petrol and five cents per litre for diesel on June 1. ...
Climate mandate aims to phase out parking for some workers
Minister for the Environment and Climate Eamon Ryan will request Cabinet approval today for a plan to ensure public sector bodies lead by example on climate, and help ...
One in three can’t afford to retrofit their homes
One in three homeowners cannot afford to make their properties more energy-efficient, according to a survey by property advisor, Savills Ireland. It also found that most homeowners do ...
Construction sector activity shrinks for seventh month in a row
Activity in the construction sector contracted more sharply in April than in the previous month as the industry continues to struggle. The BNP Paribas Real Estate Ireland Construction ...
Rate of rise in market rents slowed in first quarter – Daft.ie
The rate of increase in advertised rents slowed during the first three months of the year, rising just 1% compared to the previous quarter. Latest data from the ...
EU failing to police how big tech uses data – ICCL
Marking five years since the introduction of the General Data Protection Regulation (GDPR), the Irish Council for Civil Liberties (ICCL) has accused the EU of being unable to ...
Younger people more likely to invest in cryptocurrency – BPFI
Generational differences in investment behaviour among consumers in Ireland has been highlighted in a survey by Banking & Payments Federation Ireland. It found that younger people more likely ...
Inflation rate falls to 7.2% in April from 7.7% in March – CSO
New figures from the Central Statistics Office show that inflation fell to 7.2% in the 12 months to April, down from 7.7% in March. This marked its lowest ...
Barriers remain for young people finding employment
The shortage of housing and a lack of transport options are among a range of barriers preventing young people from finding jobs and entering the labour market, a ...
FDI into Ireland grew by 21% last year
Foreign direct investment into Ireland jumped by 21% last year, according to a new analysis. The EY European Attractiveness Survey shows that 184 new and expansion projects were ...
Govt not planning intervention on grocery prices – Tánaiste
The Government has no plans for any “legislative intervention” to reduce the cost of groceries, Tánaiste Micheál Martin has said. It comes after the Competition and Consumer Protection ...
TD calls for windfall tax for ‘profiteering’ supermarket chains
Supermarkets should be treated like energy companies and subject to a windfall tax if they are found to be profiteering, according to Labour’s finance spokesperson. Ged Nash said ...
Govt to urge retailers over high cost of groceries, as inflation declines
Representatives of large supermarkets chains, smaller shops and the grocery industry are due to attend a meeting of the Retail Forum at the Department of Enterprise later today, ...
Taoiseach ‘concerned’ as 23% in arrears on gas bills
The number of domestic gas customers falling into arrears has increased from 20% to 23% in the first quarter of 2023. However, the number of domestic electricity customers ...
Sovereign wealth fund among options considered for €65bn public finance surplus
The Taoiseach has said debt reduction, increasing some of the capital budgets, and the establishment of a new sovereign wealth fund, are among the options being considered for ...
Minister to outline options for expected €65bn public finance surplus
The Taoiseach has said debt reduction, increasing some of the capital budgets, and the establishment of a new sovereign wealth fund, are among the options being considered for ...
Split among taxpayers around vacant homes tax
More than half of taxpayers are in favour of the Vacant Homes Tax, a new survey has found. But almost three quarters of respondents who support it think ...
Increase in gas customers falling into arrears
The number of domestic gas customers falling into arrears has increased from 20% to 23% in the first quarter of 2023. However, the number of domestic electricity customers ...
Lack of understanding of new EU anti-greenwashing rules, research shows
Almost half of Irish companies are concerned about the costs or time involved in meeting new EU rules on greenwashing, new research shows. The Corporate Sustainability Reporting Directive ...
Oil prices climb as recession fears begin to fade
Oil prices rose today as fears of a recession in the US, which drove prices down for three weeks in a row for the first time since November, ...
Government to work with retailers on rising prices – Richmond
Minister of State at the Department of Enterprise Neale Richmond has said that the Government wants to work with retailers to make sure costs people pay are reasonable ...
Ireland’s ‘macroeconomic fundamentals’ are strong, says NCPC
The National Competitiveness and Productivity Council has said that overall the country’s “macroeconomic fundamentals” are strong. In its Competitiveness Scorecard report, published every three years, the council found ...
ECB raises rates by 0.25% and signals ‘not pausing’
The European Central Bank raised interest rates by 25 basis points to 3.25% as expected today and signalled that more tightening would be needed to tame inflation. The ...
Unemployment falls to match previous record low of 3.9% – CSO
New figures from the Central Statistics Office show that the country’s unemployment rate fell to 3.9% in April from a revised 4% a month earlier to match the ...
Weekly wages down €76 due to inflation – Unite
There has been a €76 drop in real weekly wages over the past two years due to rising inflation, according to new research from the Unite trade union. ...
ECB expected to increase interest rates for 7th time
The Governing Council of the European Central Bank meets in Frankfurt today where it is widely expected to increase interest rates for the seventh time since it began ...
Irish services activity expands rapidly in April
The latest AIB Services Business Activity Index grew from 55.7 to 58.4 during the month, well above the 50 threshold separating growth from contraction. It was the twenty-sixth ...
Fear of losing money the biggest barrier to investing
Fear of losing money is the biggest barrier to people investing (67%), according to a survey by Bank of Ireland which also revealed low levels of investment knowledge. ...
Number of homes provided by approved housing bodies grew by 10% – report
The number of homes provided by approved housing bodies grew by 10% last year, according to the latest report from the Irish Council for Social Housing. It amounts ...
Irish Residential Properties REIT’s Q1 revenue up 4.9%
The country’s largest private residential landlord, Irish Residential Properties REIT, saw its revenue increase by 4.9% in the first three months of the year, driven by additions to ...
18% drop in corporate property investment in first quarter
Corporate property investment fell by 18% in the first quarter, as foreign investors paused their activity, new research has claimed. In total, €625m was invested in the Irish ...
Weak demand hits production in manufacturing sector
The downturn across Ireland’s manufacturing sector deepened at the start of the second quarter of the year amid a sharper contraction in factory production and a sustained decline ...
Organisations wanted for four-day working week trial
Recruitment for a new four-day working week pilot programme has been launched today to coincide with International Workers’ Day. Companies and organisations of all sizes from every sector ...
New mortgage drawdowns fell by a third in first quarter – BPFI
The volume and value of new mortgages drawn down in the first three months of this year fell by around a third, compared to the final three months ...
Q1 GDP fell 2.7% on a quarterly basis, preliminary estimate shows
The country’s gross domestic product fell by 2.7% on a quarterly basis in the first quarter of 2023 but stood 6.4% higher than a year ago, a preliminary ...
IMF urges European central banks to kill inflation ‘beast’ with rate hikes
The International Monetary Fund has today urged European central banks to “kill the beast” of inflation by pursuing interest rate hikes. “You need to go and kill that ...
VC investment into Irish firms plummeted 57% in the first quarter
Venture capital investment into Irish firms plummeted 57% between January and March, compared to the same period last year. Irish businesses raised $172.8m during the period through 24 ...
Economic concerns cause job ads to drop 20% in first quarter
Job vacancies fell 20% in the first three months of the year when compared to the same period in 2022, according to hiring platform IrishJobs. In comparison to ...
Significant improvement in consumer sentiment in April
Consumer sentiment has improved significantly this month as negativity about the economy and household finances subsided, new data has found.The Credit Union Consumer Sentiment Index rose to its ...
Income tax receipts surged between 2020 and 2022
Income tax receipts in Ireland rose by more over the two year period up to 2022 than they did over the seven year period up to 2019, new ...
18,856 home owners pay LPT for first time in 2022 – Revenue
Revenue has today published its annual report for 2022, which it said reflected a year of strong performance with a record amount of tax and duty collected during ...
Proportion of corporation tax paid by 10 multinationals rose to 57% in 2022 – Revenue
An analysis by Revenue of corporation tax returns last year has revealed that the proportion paid by just ten multinationals rose to 57%. Last year the amount of ...
Motor insurance premiums fell 5% in first half of 2022 – Central Bank
Motor insurance premiums fell by 5% in the first six months of last year, according to new data compiled by the Central Bank of Ireland. The first mid-year ...
Agricultural land prices to continue to rise this year – report
The cost of farmland and renting farmland is set to continue to rise in 2023, according to a new report from the Society of Chartered Surveyors and Teagasc. ...
New share buyback to cut State’s stake in AIB to 53.35%
The Minister for Finance has taken part in AIB Group’s 2023 share buyback programme on a directed basis, which will further reduce the State’s shareholding in the bank. ...
Corporate insolvencies rose 22% in first quarter
The number of corporate insolvencies recorded in the first three months of the year rose 22% compared to the same period last year. But overall the number of ...
Cabinet to consider abolishing development levies temporarily
Development levies for housing could be abolished temporarily under plans to be considered by Cabinet tomorrow. The measure, yet to be approved, is designed to help increase “near-term ...
Moody’s upgrades Ireland’s credit rating to highest level in 13 years
Ratings agency Moody’s has upgraded Ireland’s sovereign credit rating. The move to the Aa3 ratings brings Ireland back to Moody’s AA category for the first time since 2010. ...
Dollar, euro steady after strong US bank results
The US dollar and euro steadied today after strong US banking results firmed up expectations that the Federal Reserve and the European Central Bank will keep raising interest ...
Cryptocurrency regulations to be approved in EU parliament
The first set of regulations for the trading of cryptocurrency are to be approved by the European Parliament today. If passed, the measures are designed to ensure that ...
Dublin office lettings slump in first quarter
Office lettings in Dublin slumped in the first three months of the year, caused by the retrenchment in the tech sector and the growth in hybrid working. New ...
Core euro zone inflation edges up in March, keeping ECB on alert
Euro zone inflation eased last month but underlying readings remained stubbornly high, Eurostat said today. The latest figures confirmed preliminary data that raised worries at the European Central ...
Exports by Enterprise Ireland clients rose 19% to new record high in 2022
Exports by Enterprise Ireland (EI) backed companies grew by a record 19% last year to €32.1 billion, fuelled in part by the inflationary environment. It was the highest ...
Government can’t rely on ‘volatile’ corporation tax – McGrath
The Government says the right decisions must be made with the budget surplus recorded this year, according to the Minister for Finance. Michael McGrath says the Government cannot ...
Euro zone inflation to slow but ‘considerable uncertainty’ – Lagarde
The high rate of inflation in the euro zone ought to come down over the coming months, European Central Bank President Christine Lagarde said today. But she warned ...
Euro, dollar status should not be taken for granted – ECB’s Lagarde
The US and the euro zone should not take the international status of their currencies for granted as countries such as China and Russia seek to create their ...
Irish jobs market stable despite tech layoffs – Morgan McKinley
The Irish jobs market has remained resilient despite recent layoffs in the technology sector, according to the latest Morgan McKinley Ireland Quarterly Employment Monitor. It shows there was ...
State to charge 30% on increased value of land rezoned for housing
A new bill could see landowners and developers pay a charge of 30% on the difference in the value of land before and after residential zoning. The Land ...
Property price increases slow to 5% in February – CSO
The annual rate of residential property price increases slowed nationally to 5% in February, compared to 6.1% in January, new figures from the Central Statistics Office show. This ...
85% of Ulster Bank and KBC Bank Ireland accounts now closed
New figures from the Central Bank show that a total of 86,298 current and deposit accounts were closed in Ulster Bank and KBC Bank in four weeks to ...
Inflation eases to 7.7% in March from 8.5% – CSO
The annual rate of inflation eased to 7.7% in March from 8.5% in February, according to the latest figures from the Central Statistics Office today – the lowest ...
Irish mortgage rates see surprise dip in February
New figures from the Central Bank show that the average interest rate on a new mortgage dipped in February to 2.92% from 2.93% in January. Ireland once again ...
UK’s De La Rue warns FY profit below expectations on dwindling cash demand
Struggling British banknote printer De La Rue warned its fiscal 2023 profit was set to miss market expectations and next year’s outlook was uncertain, as demand for cash ...
Inbound tourism visits during Q1 still down 16% on pre-pandemic levels
The number of international visitors to Ireland over the first three months of the year remained down 16% compared to the same period in 2019, before the pandemic ...
Interest rates likely to fall to pre-pandemic levels – IMF
The International Monetary Fund has said it expects interest rates in major economies to fall back to pre-pandemic levels because of low productivity and ageing populations. In a ...
Live register numbers down almost 1% in March – CSO
The seasonally adjusted number of people on the Live Register in March stood at 180,500 – a decrease of almost 1%, or 1,600 from the position in February. ...
Euro zone consumers more optimistic on inflation – ECB survey
Euro zone consumers cut their inflation expectations in February and also took a more optimistic view on growth and unemployment, a fresh survey by the European Central Bank ...
150,000 letters sent about unpaid Local Property Tax
Revenue has sent 150,000 letters to property owners who haven’t yet paid their Local Property Tax (LPT) or made an arrangement to pay. All residential properties were required ...
ECB may need to increase rates again in May – Lane
The chief economist of the European Central Bank, Philip Lane, has said the bank’s next decision on interest rates in May will be “data-dependent” but another rise could ...
Growth in service sector slows in March
Growth in the country’s service sector slowed in March, according to the latest AIB Services Purchasing Managers’ Index (PMI). The data shows that the rates of increase in ...
Euro zone recovery gathered pace in March on demand for services – PMI
The euro zone recovery picked up pace last month but the upturn was uneven across industries and countries, according to a survey which showed price pressures remained elevated ...
Corporation tax take jumps by 71% in first quarter of 2023
The amount of corporation tax collected in the first three months of this year is running €1.35 billion ahead compared to the same time last year. The latest ...
Ireland the 6th largest exporter of financial services in the world
The number of international banks and investment firms operating in Ireland continues to grow, with 17 of the world’s top 20 global banks now located here. That is ...
Most don’t shop around for financial products – ESRI
Most people do not shop around for bank accounts or financial products like loans, a survey carried out by the Economic and Social Research Institute has found. The ...
Retailers urged to avail of €3.4m fund to enhance their online presence
Retailers are being urged to apply to a €3.4m Government fund to enhance their online presence. In the latest round of the Online Retail Scheme, funded by the ...
‘Historic’ corporate tax changes to take effect from next January
Minister for Finance Michael McGrath has said changes to Ireland’s corporate tax rate will take effect from next January and described it as a “historic change” in the ...
Asking prices for homes fall for third consecutive quarter – MyHome.ie
New data from property listings website MyHome.ie has found that asking prices for homes fell by 0.3% in the first three months of the year when compared to ...
Manufacturing activity weakens amid drop in new orders
Activity in the manufacturing sector weakened in March, as demand dropped, new figures show today. The latest Purchasing Managers Index from AIB shows that new orders and factory ...
New legal association launched for media, internet and data protection
The Bar of Ireland has launched the Media, Internet and Data Protection Bar Association (MIDBA). It is a new Specialist Bar Association aimed at legal professionals who practice, ...
Inflation rate estimated at 7% in March, down from 8.1% in February – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 7% in March, the latest figures ...
Company profits driving up inflation more than higher wages – ECB
A European Central Bank staff paper published today says bigger company profits are driving inflation more than higher wages. The paper – “How tit-for-tat inflation can make everyone ...
IFAC recommends Govt sets up State pension fund
The Government has been urged by budgetary watchdog the Irish Fiscal Advisory Council to take steps now to ensure State and public sector pensions are funded into the ...
Migrant employment harder hit by Covid restrictions – ESRI
Migrant labour market outcomes were more affected by the Covid-19 pandemic and associated public health restrictions than those of Irish-born workers, a new study from the Economic and ...
ICTU welcomes passage of Work Life Balance Bill
The Irish Congress of Trade Unions (ICTU) has welcomed the passage of the Work Life Balance Bill by both Houses of the Oireachtas. The legislation will introduce a ...
Economy facing risk of overheating this year – ESRI
The economy is set to grow more strongly this year than had been expected and may even overheat, according to the latest quarterly bulletin from the Economic and ...
Small firms conned out of €8m through fraud last year
Small firms were conned out of €8m last year as a result of cases of invoice and so-called CEO impersonation fraud. The Banking and Payments Federation Ireland’s (BPFI) ...
Financial literacy levels here lag other countries – Bank of Ireland study
Financial literacy levels in Ireland appear to lag those in other comparable jurisdictions, a study carried out on behalf of Bank of Ireland concludes. The survey of over ...
Irish base for EU Anti-Money Laundering Authority to be considered
Minister for Finance Michael McGrath will today seek Cabinet approval for Ireland to apply to become the base for the new EU Anti-Money Laundering Authority (AMLA). The AMLA, ...
Over 60,000 homes could be built on State-owned land – report
More than 60,000 homes could be built on State-owned land, according to a report going to Cabinet this morning. The Report on Public Land identifies 83 State-owned sites ...