Report highlights ‘seismic’ potential of digital economy in Ireland
The digitisation of the Irish economy could potentially be worth around €300 billion in 2023, accounting for 65% of economic output. That is according to forecasts by Amárach and the International Data Corporation contained in a new report by Microsoft Ireland. The research, which was carried out with over 360 business decision makers and technology […]
Bord Bia: Food service sector won’t fully recover until 2023
The food service sector in Ireland will not return to pre-pandemic levels until 2023 at the earliest, according to a new report by Bord Bia. While the value of the sector increased by 14.6% this year, the Irish food promotion board said it remains 41% lower than pre-pandemic turnover levels. Bord Bia said it expects […]
‘Exceptional growth’ in economy despite Covid – Ibec
Business representative group Ibec has said the economy is going through a period of “exceptional growth” despite Covid and that should allow the worst impacted sectors to be supported through the winter under the Employment Wage Subsidy Scheme. In its latest Quarterly Economic Outlook, Ibec expects the economy to grow this year by 13% and […]
New small company rescue process launches
The new dedicated rescue process for small companies, that makes restructuring faster, cheaper and more efficient, launches from today. Similar to examinership, the scheme is available to eligible to all small and micro businesses in the country. However, examinership was seen as too slow and cumbersome for many small firms, leading the Government to accede […]
PUP to have five rates between €150 and €350 for new entrants
The Pandemic Unemployment Payment (PUP) will have five rates when it reopens to new entrants laid off as a result of the latest Government Covid-19 restrictions from tomorrow. The top rate will be €350 and will be available to those earning €400 or more a week. Those who received wages between €300 and €399 prior […]
ESRI reports examine trade in services between Ireland, NI
Two new reports from the Economic and Social Research Institute examine the flow of trade in services between Ireland and Northern Ireland and the factors influencing foreign direct investment in both jurisdictions. These are the first two reports to be published by the ESRI as part of the Government’s Shared Island Initiative. It is part […]
Over 40% of first time buyers use gifts as part of deposit
Over 40% of first time buyers used gifts as part of their deposit in the first half of this year, according to new figures from Banking and Payments Federation Ireland (BPFI). The latest housing market monitor shows that the median deposit for first time buyers was over €52,000 during that period. Meanwhile, the median deposit […]
Cases of EWSS ‘fraud’ referred to gardaí – Revenue
The Revenue Commissioners have said there have been examples of “absolutely fraudulent behaviour” in relation to the Employment Wage Subsidy Scheme (EWSS). Chairman Niall Cody said these cases have been referred to gardaí and in the context of the overall money paid out, they are very small. However, he said Revenue was very concerned and […]
NPHET examining hospitality curbs, household visit limit
The National Public Health Emergency Team is believed to be considering a range of curbs on the hospitality sector tonight, with the aim of reducing transmission of Covid-19. The measures being assessed are thought to include eliminating the capacity of people to book multiple tables, and also reducing numbers to six people per table. It […]
Full year deficit could shrink to €5 billion, 1% of GDP
The deficit in 2021 now looks set to fall to as low as €5 billion to €6 billion – only 1-1.5% of GDP – according to an economist. Conall MacCoille, chief economist at Davy, said that would amount to one of the smallest deficits in the OECD. His outlook is based on the latest exchequer […]
Jobless rate, including Covid-19 payouts, falls to 6.9% – CSO
The unemployment rate, including people receiving temporary Covid-19 jobless benefits, fell to 6.9% in November from 7.9% in October, the latest Central Statistics Office figures show today. The CSO said this measure of unemployment had stood at 20.4% the same time last year. Excluding those on the Pandemic Unemployment Payment, which will be withdrawn in […]
Eurogroup head Donohoe confident Omicron won’t derail recovery
Finance Minister Paschal Donohoe is confident the euro zone’s recovery can be sustained into next year even if the Omicron coronavirus variant requires new public health measures, he told the Reuters Next conference today. Mr Donohoe is also the head of the Eurogroup of euro zone finance ministers. Paschal Donohoe said his confidence was based […]
Health insurance prices to rise, despite stamp duty cut
A health cover analyst has said a cut in the stamp duty rate on private health insurance is likely to be offset by a rise in premiums next year. Dermot Goode, from Total Health Cover said the Government looks set to implement a reduction in stamp duty that will reduce policy costs from €35 to […]
Consumer spending over Christmas to hit €5.4bn, says Retail Ireland
Up to €5.4bn could be spend by consumers this Christmas, Retail Ireland has predicted. This works out at around €832 per household, the organisation claimed, and represents a 5% increase on what was spent last year. In total, the Christmas spend will be €1.58bn more than is spent during the other months of the year. […]
1.4 million to receive Christmas bonus next week
The Department of Social Protection has said 1.4 million social welfare recipients will receive their Christmas bonus next week. Pensioners, carers, people will disabilities, lone parents and those receiving long-term social welfare are among those who will get an additional 100% payment. The qualifying period for those in receipt of an eligible Jobseekers payment has […]
Employment Wage Subsidy Scheme rates reduced from today
Employment Wage Subsidy Scheme rates will be reduced from today as part of a plan to gradually wind it down. However, business groups and the opposition have called for the support to continue at the full rate because of the impact the most recently imposed Covid-19 restrictions are having on certain sectors. Last month, 25,900 […]
Retail sales dip in October but outstrip pre-Covid levels
Retail sales fell by 1.7% in October compared to the previous month but were 9% up on pre-pandemic levels in the same time of 2019, new Central Statistics Office figures show today. The highest increases compared to 2019 levels were seen in the electrical goods, furniture and lighting and food, beverages and tobacco categories, which […]
Climate action: Consumers want more financial incentives
Most consumers want to take action on climate change, but believe it will cost them financially to do so. That’s according to new research by Permanent TSB and Kantar. It reveals that consumers want to see more financial incentives introduced, to help them transition to a more eco-friendly way of living. In particular, the research […]