ESRI forecasts robust economic recovery
The Economic and Social Research Institute (ESRI) has become the latest body to forecast a robust recovery in the economy. In its Quarterly Economic Commentary, published today, the ESRI predicts the domestic economy will grow by just over 7% this year while GDP will grow by 12.6%. The report says this will ease the pressure […]
Big jump in residential commencements in second quarter
Residential development commencements jumped threefold in the second quarter of the year compared to the same period last year. The figures, compiled by Deloitte, also show a two-fold increase in the number of residential developments that commenced versus the first quarter of this year as pent up demand began to be released. “The large increase […]
Central Bank forecasts rebound in domestic economic activity this year
A stronger than expected recovery is forecast to result in activity in the domestic economy returning to pre-pandemic levels this year, according to the Central Bank. In its Quarterly Bulletin, published today, the Central Bank also warns that in the short-term surging demand and bottlenecks in the supply of some goods will lead to higher […]
Revision of draft OECD tax reform plan positive – Martin
Taoiseach Micheál Martin has said the revision of the text of a draft OECD global corporate tax rate reform plan is a positive step. Diplomatic efforts are set to continue ahead of an expected final Irish Government decision tomorrow. An updated draft of the tax deal yesterday dropped “at least” from a proposed minimum global […]
Services sector records strongest growth since Q2 2006
The Irish services sector continued to grow rapidly in September, according to AIB’s Purchasing Managers’ Index. It reveals that the pace of expansion remained unchanged from the previous month, and rounded off the strongest quarter of growth since the second quarter of 2006. New and outstanding work both continued to expand sharply, while companies in […]
Central Bank mortgage measures built up resilience during Covid
Central Bank Deputy Governor Sharon Donnery has said the benefits of the mortgage measures were evident over the past year as the resilience built since their introduction helped to protect borrowers and lenders during the Covid-19 crisis. Ms Donnery made her comments today as she participated virtually in the Bank of Lithuania’s macroprudential policy conference. […]
Minister ‘hopeful’ Government will sign up to OECD corporate tax deal – Ryan
Minister for the Environment, Climate and Communications Eamon Ryan has said he is hopeful and confident that Ireland will “be able to be part of the solution” and sign up to a new global tax agreement. Speaking to RTÉ’s Morning Ireland Minister Ryan said that the final decision will be made by Cabinet on Thursday. […]
Donohoe to meet EU’s Vestager on tax issues
Minister for Finance Paschal Donohoe is due to meet with Executive Vice-President of the European Commission and Commissioner for Competition Margrethe Vestager to discuss tax issues today. Mr Donohoe is also President of the Eurogroup. Mr Donohoe will also chair a meeting of the Finance Ministers of the euro area this afternoon in Luxembourg. The […]
‘Transformative change’ needed as Govt to sign off on €165bn National Development Plan
The Minister for Public Expenditure and Reform has said the National Development Plan (NDP), which will be announced later today, is the largest public capital investment programme in the history of the State in relation to transport and housing. Michael McGrath said “transformative change” is needed in the area of transport policy in Ireland. The […]
Govt urged to scrap pandemic bonus plan
The Government needs to scrap its plan for frontline pandemic bonus payments and a new bank holiday because it will burden future generations with increased debt, CEO of the Irish Small and Medium Business Association Neil McDonnell has said. The call came as a prominent Limerick-based economics professor labelled pandemic bonuses as a “bad idea” […]
Forecasts doubled for economic growth this year
Forecasts for economic growth this year have been revised significantly upwards by the Department of Finance today. When measured by GDP, the department said the economy is forecast to grow this year by 15.6%. This is a revision upwards from just over 8.8% in the Summer Economic Statement. When measured by Modified Domestic Demand, which […]
Water charges to rise for many businesses from today
More than half of businesses will see their cost of water increase from today, as a result of changes to the charging system. The balance of customers will see the amount they have to pay fall because of the alterations. Irish Water says the vast majority of customers will see either a decrease or an […]
Manufacturing growth slips to 6-month low – PMI
Growth in factory activity slipped to a six-month low in September but remained close to all-time highs with the sector showing signs of inflationary pressures, a survey showed today. The latest AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 60.3 in September from 62.8 in August and down from May’s record reading of […]
Firms face redundancy bills as payment pause expires
An emergency measure that suspended the right of workers laid off by their employers during the Covid-19 pandemic to receive a redundancy payment will be removed after today. The development means tens of thousands of employee lay-offs could be crystallised, if employers are not in a position to take staff back or have not already. […]
Pandemic’s lasting impact will be positive for some – KBC consumer sentiment survey
Almost half of Irish consumers believe the pandemic will have a lasting impact on their circumstances, according to the latest KBC Bank Ireland consumer sentiment index. One third of those consumers expect their circumstances to improve. The survey conducted in September included a special question intended to assess the extent to which Irish consumers felt […]
Donohoe wants certainty and stability on corporation tax rates
Minister for Finance Paschal Donohoe has said that Ireland will enter the OECD’s global tax agreement if certainty and stability on corporation tax rates can be assured and if not “we will stay where we are”. Speaking on RTÉ’s Morning Ireland, Mr Donohoe said the coming week is a critical time in the negotiations as […]
No changes to Employment Wage Subsidy Scheme for October
Minister for Finance Paschal Donohoe said today that there will be no change to the Employment Wage Subsidy Scheme (EWSS) for October. Paschal Donohoe said this means the EWSS will continue to operate in its current form during October, so that the main eligibility requirement is a 30% decrease in turnover or customer orders in […]
Minister ‘convinced’ mica scheme can be improved
The Minister for Housing has said that he is “absolutely convinced” that the Mica redress scheme can be improved. Darragh O’Brien will meet with homeowners from Donegal and Mayo later today, who are seeking 100% redress for the damage to their homes caused by the presence of the mineral mica in concrete blocks. The Government […]