Credit and debit card spending rose by 5.7% in June
Credit and debit card spending rose by 5.7% in June compared to the same month last year, according to new figures from Bank of Ireland. The bank said the data shows consumer spending remained robust last month and “well ahead” of the rate of inflation of 1.8%. The figure is down from the 6.5% year-on-year […]
EU ready ‘for all scenarios’ amid trade talks with US
The European Union is working closely with US President Donald Trump’s administration to reach a trade deal, but Brussels is getting ready for all scenarios, European Commission President Ursula von der Leyen has said. Addressing the European Parliament this morning, she said the EU will “stick to our principles.” “We defend our interests, we continue […]
Markets ‘shaken but not stirred’ by Trump’s latest tariff threats
Markets are “shaken but definitely not stirred” by the latest US tariff threats, according to financial analysit Danni Hewson. On Tuesday the White House confirmed that the high tariffs on imports from most countries – which were due to come into effect on 9 July – would be delayed until 1 August. That was to […]
Mortgage interest rates fall to over two year low in May
Irish mortgage interest rates fell to their lowest rate in over two years in May, according to new figures from the Central Bank. The average rate for the month was 3.66% on new mortgages, which was down slightly on the April rate of 3.72%, and over half a percentage point lower than for May 2024 […]
Pharmaceutical tariffs could reach 200%, says US President
US President Donald Trump has said he is planning to announce tariffs on imported semiconductor and pharmaceuticals, saying the rate for medicines could reach 200% but that he would give drugmakers about one year “to get their act together”. “We’re going to give people about a year, a year and a half to come in […]
Irish economy, as measured by national income, up 4.8% in 2024 – CSO
Ireland’s national income, a key measure of economic growth, rose by 4.8% last year according to the latest figures from the Central Statistics Office. The figure, which excludes the effect of multinationals, compares to growth of 5% a year earlier. The figures mean that the economy continued to enjoy robust growth last year. Personal spending […]
Construction activity falls for second month in a row
The level of home building slipped for the second successive month in June, according to AIB’s latest Construction PMI report. AIB’s Ireland Construction Total Activity Index also posted below the 50 no-change mark for the second month in a row in June – falling to 48.6 in June from a reading of 49.2 in May. […]
Trump signs order delaying tariff deadline to 1 August
US President Donald Trump has signed an executive order delaying the date on which so-called “reciprocal tariffs” affecting dozens of economies, including the EU, will take effect. The Wednesday deadline for steeper levies will be pushed back to 1 August, according to the order. Earlier, White House Press Secretary Karoline Leavitt told reporters the deadline […]
New awareness campaign for pension auto-enrolment scheme
A national campaign has been launched to raise awareness of the new pension auto-enrolment scheme which is now called “My Future Fund”. The multimedia advertising campaign will inform people about how the new system will work, who can participate, and what it will mean for them. The scheme will be rolled out from 1 January […]
Euro zone investor morale hits three-year record as recovery broadens
Investor sentiment in the euro zone improved more than expected in July to hit its highest level in more than three years, a survey showed today, as the bloc’s economic recovery broadened. The Sentix index for the euro zone rose to 4.5 from 0.2 in June, beating the 1.1 forecast from analysts polled by Reuters […]
Coming hours crucial for US-EU trade talks, says Tánaiste
Tánaiste Simon Harris has said the coming hours will be crucial ahead of Wednesday’s deadline for the end of the US “pause” on higher tariff rates. Mr Harris will spend much of the day engaging with officials and the EU Trade Commissioner as a final push is made to find a way forward between the […]
Property asking prices rising 7% annually – report
Asking prices for houses and apartments are rising at 7% annually, according to the latest quarterly report by property website MyHome.ie in conjunction with Bank of Ireland. The report said asking prices outside Dublin are rising by 7.9% and prices in the capital are up 5.1%. According to the report, the average mortgage approved in […]
No breakthrough on EU trade, as US prepares to inform countries of tariff rates
There has been no immediate breakthrough in the EU-US trade negotiations, according to the EU’s trade commissioner Maroš Šefčovič, while Donald Trump plans to start sending letters informing trading partners of their tariff rates as soon as today. In a message posted on social media, Mr Šefčovič said he was returning to Brussels after talks […]
US multinationals to increase employee numbers in Ireland over next year
60% of US multinationals that are members of the American Chamber of Commerce Ireland plan to increase employee numbers here over the next year. The findings of a new survey carried out by the American Chamber also show that a further 32.5% of US companies say they will maintain their current workforce levels. Ahead of […]
Tax collected in first half of year up 7% to nearly €48bn
The amount of money collected in tax in the first half of the year rose almost 7% to €47.7bn compare to the same period last year reflecting strong economic growth despite concerns about the impact of US tariffs. Most major categories of taxation are performing ahead of or in line with expectations so far in […]
New ‘likely scam’ tag for texts comes into effect
A new ‘likely scam’ label will from today be added to text messages that users receive from companies or organisations that have not yet registered with the Commission for Communications Regulation (ComReg), in a bid to protect mobile users from falling victim to scams. Any organisations that fail to register with ComReg will have any […]
Further closures, jobs losses if VAT not reduced for food-led hospitality – RAI
The Restaurants Association of Ireland is warning of further closures and job losses if the VAT rate for food-led hospitality businesses is not reduced. The RAI said it is “essential” that the Government reinstates the 9% VAT rate, which is currently at 13.5%. The Government has pledged to reduce the rate. In its pre-budget submission, […]
Weaker US dollar creates additional hurdle for exporters
The US dollar has continued to weaken against the euro this week, presenting extra challenges for exporting firms. Having strengthened in the immediate aftermath of Donald Trump’s election victory last year, the dollar has steadily slipped against the euro since the start of 2025. Compared to mid-January, the euro is currently up almost 15% against […]