EU new car sales rise 4.3% in June
New car sales in the European Union rose 4.3% in June to their highest since July 2019, driven by an uptick in major markets Italy, Germany, and Spain, while registrations of battery electric cars fell marginally, data from Europe’s auto industry body showed today. The European Automobile Manufacturers Association (ACEA) said a rise in registrations […]
Property prices rise for 9th month in a row in May – CSO
The annual rate of increase in the price of homes around the country picked up further in pace in May, new data from the Central Statistics Office shows. The CSO’s Residential Property Price Index rose by 8.2% in the 12 months to the end of May, compared to 7.9% in the year to the end […]
ECB not expected to cut interest rates any further today
The Governing Council of the European Central Bank (ECB) is expected to leave interest rates unchanged when it meets later today. The likely pause follows the decision to cut rates by 0.25% at the last meeting of the bank’s chiefs in June, the first reduction since 2019. That brought the key deposit rate back down […]
Rebound in Dublin office lettings, but vacancy still rising
There has been a strong rebound in Dublin office lettings, but a surge in supply in driving vacancy rates higher. New data from BNP Paribas Real Estate Ireland shows that 86,250 sq m of office accommodation was taken-up between April and June. This is the highest figure for two and a half years, and surpasses […]
Just 15% of Irish firms ‘fully compliant’ with GDPR
Just 15% of businesses here say they are fully compliant with the European Union’s General Data Protection Regulation (GDPR) rules. A survey by Ipsos B&A, conducted on behalf of Forvis Mazars and McCann Fitzgerald, found that 58% of firms deemed themselves to be ‘materially compliant’, while 25% were ‘somewhat compliant’. That is despite more companies […]
IMF sees steady global growth, warns of slowing disinflation
The global economy is set for modest growth over the next two years amid cooling activity in the US, a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound, the International Monetary Fund said today. The IMF warned in an update to its World Economic Outlook (WEO) that […]
Irish firms more upbeat than euro zone counterparts
Almost three quarters of Irish medium-sized companies are predicting a positive future, the latest International Business Report from Grant Thornton reveals, better than the euro zone average. The Grant Thornton survey, which looks at the attitudes of 10,000 mid-market businesses across 28 countries, shows that 73% of Irish medium-sized companies surveyed are predicting a positive […]
Regulator overseeing building construction to be set up
The Government is to establish a new regulator to oversee the construction of buildings. The Buildings Standards Regulatory Authority will have powers of inspection, enforcement and will have a range of sanctions available to it. Minister for Housing Darragh O’Brien will seek Cabinet approval for the establishment of the new regulator. This step was recommended […]
Exports increase by 10% in first five months of 2024
New figures from the Central Statistics Office show that exports of goods increased by 10% to almost €91 billion in the first five months of this year, while imports decreased by 10% during the same time. The CSO said that chemicals and related products showed the largest changes in both cases. Exports of these goods […]
ECB to opt for summer pause after initial rate cut
The European Central Bank is expected to leave interest rates unchanged on Thursday, giving the euro zone time to digest last month’s first cut since 2019 as the inflation path remains unpredictable. ECB governors lowered the closely-watched deposit rate from a record 4% to 3.75% at their June meeting, following an unprecedented campaign of monetary […]
GDP fell by more than previously estimated in 2023 – CSO
New figures from the Central Statistics Office show that the economy as measured by Gross Domestic Product (GDP) contracted last year by more than previously estimated. The revised data shows that GDP shrank by 5.5% in 2023, compared to the original estimate of a 3.2% contraction. The CSO said the fall was driven largely by […]
Health Service Executive recruitment freeze ends today
A recruitment freeze at the Health Service Executive is to end today after it was introduced last October. Its termination was confirmed yesterday by HSE CEO Bernard Gloster. The embargo was extended in November to include all categories of staff, with the exception of consultants, doctors in training and nurses and midwives who graduated last […]
Euro zone bond yields inch higher after inflation-driven drop
Euro zone bond yields edged higher after a sharp drop the previous day on the back of weaker-than-expected US inflation data. German 10-year bond yield, the benchmark for the euro zone bloc, rose 2 basis points (bps) to 2.493%, but was on track to end the week around 4 bps lower after dropping 7 bps […]
Rooftop revolution – 100,000 solar panels connected in Ireland
Over 100,000 rooftop solar microgenerators have now been connected to Ireland’s electricity network, according to ESB Networks, cumulatively adding over 400MW of clean energy onto the power system. ESB Networks said 20% of solar panel connections were delivered in the past six months, and it is continuing to progress applications at a rate of 750 […]
SMEs lost €10m through email-related scams last year
Small and medium sized businesses lost almost €10m through email-related scams last year. The number of cases reported by SMEs increased almost 25% when compared with 2022. The figures published by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland, show that companies were conned out of an average of €12,000. The […]
Govt adopting ‘everything now’ approach to budget
The State’s fiscal watchdog has claimed that the Government is adopting an ‘everything now’ approach of current spending increases, tax cuts and increased investment for next year’s budget. Responding to the publication yesterday of the Summer Economic Statement, the Irish Fiscal Advisory (IFAC) also said that by breaking its own rule limiting spending increases to […]
‘Many more challenges’ facing Irish economy – Chambers
Minister for Finance Jack Chambers has pointed to “many more challenges facing our economy,” along with “threats” and “vulnerabilities present in our public finances”. Following turbulence in recent years, he told the Oireachtas Committee on Budgetary Oversight that the “economy has weathered these shocks remarkably well and now appears to have entered a period of […]
National Enterprise Hub launched to support businesses
A new resource to help businesses access a range of government supports called the National Enterprise Hub has been launched today by Minister for Enterprise Peter Burke. The Hub is described as a one-stop shop which brings together information and resources on over 180 supports from 19 Departments and state agencies. It will be staffed […]