Tourism industry recovering but facing new inflation, Ukraine threats
New figures from the Irish Tourism Industry Confederation suggests that the sector continued to recover in March – traditionally the period that kick-starts the tourism season with the Saint Patrick’s Festival. The Irish Tourism Industry Confederation’s Tourism Dashboard is published in association with AIB and compares each month to the same month in 2019, the […]
IMF cuts global growth forecast, warns of inflation danger
The International Monetary Fund has slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. The war is expected to slow growth and further increase inflation, the IMF said in its latest World […]
Work-life balance bill being discussed at Cabinet
Parents will receive five days of unpaid leave to look after sick children under new legislation to be signed off at Cabinet today. Minister for Children Roderic O’Gorman is bringing a draft of a new Work-Life Balance Bill aimed at providing more family friendly workplaces. This new bill will bring the European Union’s work-life balance […]
Oil prices rebound after sharp losses as supply concerns dominate
Oil prices rebounded this morning from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in US crude inventories last week. Brent crude futures rose 66 cents, or 0.6%, to $107.91 a barrel in early trade. The front-month WTI crude futures contract, […]
High debt could slow countries’ recoveries – IMF
Debt accumulated by businesses and individuals worldwide could slow economic recoveries from the pandemic crisis, the International Monetary Fund has warned. Governments took exceptional measures to support their economies as Covid-19 spread two years ago, including rolling out debt repayment suspensions or offering large-scale loans. However these programmes resulted in higher debt levels for some […]
Foley to address teacher conferences amid calls over pay
Minister for Education Norma Foley will address primary school teachers in Killarney this morning in what will be her first in-person address to a teacher trade union conference. The teachers’ Easter conferences have been held online for the past two years, but this year they return to their traditional in-person format. Ms Foley will speak […]
Cost of supplying Irish electricity ‘wildly out of line’ with Europe
The cost of supplying electricity to Irish homes is “wildly out of line” with the rest of Europe, and the temporary VAT reduction fails to address the underlying causes of high costs, the Irish Solar Energy Association (ISEA) has said. ISEA, which was established in 2013 to advance a policy and regulatory landscape promoting solar […]
VAT cuts on gas and electricity from 1 May
Minister for Finance Paschal Donohoe has said that a temporary cut in VAT on fuel bills will lead to a saving of more than €50 on an annual gas bill and €70 on an annual electricity bill. The VAT cut from 13.5% to 9% will begin on 1 May and last until 31 October. He […]
Family businesses call for creation of taskforce to tackle rising cost of business
The Family Business Network is calling on the Government to establish a dedicated taskforce to address the rising cost of doing business in Ireland. Family-owned businesses employ around a million people in over 170,000 firms across the country. With energy and manufacturing prices increasing by 17.4% and 2.8% respectively, the organisation has proposed the establishment […]
Govt cuts economic growth forecast due to inflation
The Government has cut its forecast for growth in the economy by 2.25 percentage points to 4.25% as a result of higher inflation and the negative impact of the war in Ukraine. At Budget time, Modified Domestic Demand had been forecast to grow this year by 6.5%. Forecasts for inflation have also been increased to […]
Business leaders split on remote working bill
More than one-third of business leaders do not believe the Government’s proposed new Right to Request Remote Working Bill balances the rights and requirements of both employees and employers. However, 28% of business leaders do believe that it strikes the right balance. Of those who are unhappy with the proposed new legislation, 93% think the […]
New trade strategy to safeguard jobs and win new investments
The Government’s new Trade and Investment Strategy, entitled “Values for Ireland. Values for the World”, has been published today. Seven priority actions have been set out to grow trade with other countries between 2022 and 2026. The actions include enhancing Ireland’s “trade and investment ecosystem” and building on trade links around the world. A “whole […]
Cabinet likely to consider living wage plans by summer – Tánaiste
The Tánaiste has said he expects to bring proposals to Government before the summer recess on how Ireland can adopt a living wage. Mr Varadkar said the Irish Government will be among the early movers in adopting a national, mandatory living wage. He said he intends to honour the Programme for Government commitment to do […]
Govt looks to reduce VAT rate on energy to 9%
The three coalition party leaders have discussed plans to use domestic legislation to reduce the VAT rate on energy from 13.5% to 9%. The development would mean a €49 per annum reduction on the average gas bill and a cut of €61 annually on electricity prices. In a statement to RTÉ News, the Department of […]
Demand for land led to price surge in 2021, survey finds
Demand for land around the country brought significant price increases in 2021, according to a survey by the Society of Chartered Surveyors Ireland (SCSI) and food and agri-research body Teagasc. Co Kildare retained its position as having the most expensive land in the country up from €13,600 to €15,350 per acre, while the cheapest land […]
ESRI says rent pressure zones have been successful in limiting rent inflation
A report by the Economic and Social Research Institute has found that Rent Pressure Zones (RPZs) have been successful in limiting rent inflation. However, the report says it is not possible to completely separate the impact of broader economic conditions from rental price changes. The authors say that given the expected recovery in the Irish […]
How you can beat inflation and save money
Prices have been rising at their fastest pace in decades, but it’s not that anyone needs reminding. According to the latest figures form the CSO published this week, inflation hit a 22 year high of 6.7% in March. The ESRI and the Central Bank both expect the annual rate of price increases to peak at […]
Construction activity growth slows in first quarter
Growth in the Irish construction sector slowed in the first quarter of the year, according to the BNP Paribas Real Estate Ireland Construction Total Activity Index. It shows that activity, new orders and employment all rose at slower rates, while business confidence dropped sharply. It comes amid near-record increases in input costs, with more than […]