Price shock from Russian invasion reverberates around world
Since the end of last summer, inflation has rebounded across our own economy as well as the rest of the euro area, the UK and the US. But this week, as the war in Ukraine became more brutal and the impact of sanctions against Russia rippled out, it became clearer that what we’ve experienced up […]
Euro zone inflation soars to new high of 5.8%
Euro zone inflation soared to another record high last month, intensifying a policy dilemma for the European Central Bank, which must convey a sense of calm amid war-related market turmoil but also respond to mounting price pressures. Inflation in the 19 countries sharing the euro accelerated to 5.8% from 5.1% in January, beating expectations for […]
Growth in service sector picks up as restrictions lift
Growth in the country’s service sector picked up strongly in February, as the recovery from the pandemic gained momentum following the lifting of Covid-19 restrictions. The AIB Services PMI rose sharply to 61.8 from 56.2 in January and 55.4 in December. Readings above 50 indicate overall rises in activity. The latest reading signalled the fastest […]
Commercial vacancy rate hits highest level in 9 years
The commercial vacancy rate across the country reached 13.9% in the final quarter of last year, the highest level recorded by GeoDirectory in nine years of reporting. There were 29,317 commercial units vacant across the country, according to the report which was prepared by EY. The data reveals that commercial vacancies increased in 15 out […]
Awards for personal injuries have fallen 50% – Tánaiste
Average awards for personal injuries have fallen by 50% since revised guidelines on the calculation of the awards were introduced, the Tánaiste has said. The data was supplied by the Personal Injuries Assessment Board (PIAB) and represents a further decrease on the average 40% reduction seen in the first five months after they came into […]
Unions and employers to give their views on remote working
Groups representing trade unions and employers will address the Joint Oireachtas Committee on Enterprise, Trade and Employment on new remote working legislation. The Irish Congress of Trade Unions and business group Ibec will appear before the committee on Enterprise, Trade and Employment to give their views on the Right to Request Remote Working Bill. Details […]
Oil spikes to 7-year high as markets avoid Russian supply
Oil prices surged to seven-year highs today as supply disruption fears mounted following hefty sanctions on Russian banks amid the intensifying Ukraine conflict,. Traders are scrambling to seek alternative oil sources in an already tight market. Brent crude futures gained $5.30, or 5%, to $110.23 a barrel in early trade, a level last seen in […]
Residential commencements last year topped 2019 levels
Residential development commencements jumped 40% last year compared with 2020, and were 19% higher than pre-pandemic levels in 2019 – according to new figures from Deloitte Ireland. The data shows that commencement notices were lodged on 24,304 units last year, in residential schemes of more than 20 units. However, Deloitte estimates that around 6,000 units […]
Manufacturing grows in February sees slowest pace in 11 months – PMI
The country’s manufacturing sector expanded at the slowest pace in 11 months in February as growth in output, new orders and employment all eased, a survey showed today. But growth still remained at an “elevated level” in historical terms and those surveyed expressed confidence about their output over the coming 12 months. The AIB IHS […]
Wage support rates to be reduced further from today
Subsidy rates for the Government’s Employee Wage Subsidy Scheme (EWSS) are to be cut further from today. The changes will mean that all rates will be reduced to €100 per employee from now until 30 April. At that point the EWSS will end completely. However, those businesses who were directly impacted by the restrictions announced […]
EC invites comments on proposed insurance data remedies
The European Commission is inviting comments on the commitments offered by Insurance Ireland to address competition concerns around access to a data sharing platform which the insurance body runs. EU competition regulators announced last summer that they had formed the preliminary view after a two-year investigation that Insurance Ireland breached competition rules in the motor […]
Mask mandate comes to an end as most restrictions lifted
The wearing of masks in retail settings and on public transport is no longer mandatory from today. Close contact rules have also changed for everyone, except healthcare workers. Public health measures in schools – such and masks, pods and staggered arrival times – have also come to an end. The move comes almost two years […]
Tough sanctions on Russia knock 2% off European stocks
European stocks sank this morning as Western countries imposed tough new sanctions on Russia following its invasion of Ukraine, while soaring oil prices fed into fears of runaway inflation. Shares in London were down 1%, while the Paris and Frankfurt markets were 2% lower in early trade. The Dublin market opened 0.7% lower this morning […]
Paschal Donohoe ‘optimistic’ on prospects for EU banking union
Minister for Finance Paschal Donohoe is “optimistic” that progress can be made on the completion of the EU banking union in the coming months, identifying it as “an important priority” for him in his role as president of the Eurogroup of euro zone finance ministers. Mr Donohoe said he was “committed” to fulfilling the mandate […]
Consumer sentiment dips on inflation, conflict concerns
Consumer sentiment dipped in February, according to the latest survey from KBC Bank Ireland. The drop was blamed on the increase in living costs experienced by households in recent weeks, as well as rising concerns about a conflict between Russia and Ukraine. Consumer sentiment fell to 77 in February – down almost five points on […]
Cost of living and price of housing identified as key challenges
The cost of living and the price of housing are the key issues facing the economy and people’s personal finances, according to a survey by Permanent TSB (PTSB). PTSB published the latest edition of its Reflecting Ireland research series on Friday. The series polls public attitudes each quarter and includes recurring questions about how people […]
Inflation hitting low income, rural and older households harder – Central Bank
A new report from the Central Bank has found that lower income, older and rural households have faced a higher than average increase in the cost of living in recent months. This is because they spend a bigger proportion of their income on heating, energy and transport, all of which have gone up sharply in […]
Mortgage approvals down on December but up year-on-year – BPFI
Mortgage approvals fell in January when compared to the previous month, but were higher year-on-year, according to data from the Banking Payments Federation of Ireland. There were 3,621 mortgages approved last month, down 6.1% on December but 7.9% higher than in January 2021. The total value of the month’s approvals stood at €932m, which was […]