Economic growth set to moderate but remain robust in coming years
The Irish economy is expected to continue expanding at a robust pace in the coming years, according to a new report from AIB. However, it states that this growth will be more moderate than the pace of recent years as the economy bounced back from the pandemic. The inaugural AIB Economic Outlook Report forecasts that […]
€100m stolen through frauds and scams in Ireland in 2023
Almost €100m was stolen by fraudsters through frauds and scams last year, new data shows. That represents an increase of 16% on the previous year, according to FraudSMART which collated the information. 95% of total fraudulent transactions and 36% of gross fraud losses were accounted for by card fraud. Fraudulent card payments were up 8.2% […]
Average weekly earnings up 4.7% in first quarter of 2024 – CSO
New figures from the Central Statistics Office show that average weekly earnings rose by 4.7% to stand at €969.12 in the first quarter of this year compared to €925.44 the same time last year. Today’s CSO figures also show that average hourly earnings rose by 4.5% to €29.82 in the first three months of the […]
Tech companies call for introduction of AI regulations
Major technology companies have called on politicians to regulate artificial intelligence. Appearing before TDs and senators on the Oireachtas Enterprise Committee, representatives from Amazon, Google and Microsoft spoke of the negative and positive impacts that the technology might have. Kieran McCorry, National Technology Officer of Microsoft Ireland, told committee members that, at present, there is […]
Cross border tourism triples in last decade, report shows
The tourism industry across the island of Ireland is worth almost €17 billion to the economy, and supports 300,000 jobs, new data shows. The report from Ulster University and Dublin City University highlights the value of both domestic and international tourism to the island. It states that the sector has bounced back from the challenges […]
Retail sales dip by 1.2% in April from March – CSO
New figures from the Central Statistics Office show that retail sales fell by 1.2% on a monthly basis in April to stand 0.9% lower than a year earlier. The CSO said that excluding volatile car sales, retail sales volumes were 0.1% higher on the month and 0.2% up year-on-year. Today’s CSO figures show that the […]
ECB to focus on quarterly meetings with slow, gradual rate cuts – Knot
The European Central Bank can gradually reduce interest rates given the decline in inflation, and decisions on future cuts could centre around quarterly meetings with new economic projections, Dutch central bank chief Klaas Knot said today. The ECB has all but committed to a rate cut on June 6 when new economic forecasts will also […]
Cost-of-living measures ‘must be a focus’ of Budget 2025 – Harris
Cost-of-living measures “must once again be a focus” for Budget 2025, Taoiseach Simon Harris has said. Mr Harris made the comments during an address at the National Economic Dialogue in Dublin Castle this morning. He said that while there is a record number of people at work at just over 2.7 million, inflation is moderating […]
Over two thirds of firms concerned about pension auto-enrolment
A new report has found that over two thirds of businesses are concerned about the introduction of pension auto-enrolment. The research by Aon found that more than a quarter of respondents are worried about the increased costs of additional contributions. A similar proportion have reservations about the impacts on existing contributions. 38% of participants said […]
Credit union lending up almost 14%, driven by mortgages
Lending at credit unions increased by almost 14% in the past year, driven by a significant rise in mortgage lending. That is according to figures from the Irish League of Credit Unions (ILCU), which represents over 90% of the credit unions here. Its latest results show that around 1,800 mortgages were issued by ILCU-affiliated credit […]
Grocery price inflation falls to 2.6% in May from 13.3% last year
New figures from Kantar show that grocery inflation stood at 2.6% in the 12 weeks to May 12, down from 13.3% the same time last year and the lowest level since March 2022. Today’s figures also show that take-home grocery sales rose by 4.7% in the four weeks to May 12, with volumes per trip […]
Lack of funding the main barrier to innovation by firms
60% of Irish based businesses say a lack of funding is the main barrier they face when it comes to increasing their innovation levels, new research has found. 41% of those surveyed also said the time consuming nature of the grant administration was a large obstacle when it comes to research, development and innovation (RDI) […]
ECB’s Lane says ready to start cutting interest rates
The European Central Bank is ready to cut interest rates next month but policy must continue to be restrictive this year as wage growth will not normalise until 2026, ECB chief economist Philip Lane told the Financial Times today. The ECB has all but promised a rate cut for June 6, so the debate has […]
Mortgage approvals up again in April driven by first time buyers
New mortgage approvals rose again by both value and volume in April, driven by continued strong demand from first time buyers. The Banking & Payments Federation Ireland (BPFI) said a total of 4,446 mortgages were approved last month. That is up 17.7% month-on-month and by 14% compared with the same period last year. In total […]
Lowest rate of annual increase in employment in three years – CSO
The number of people in employment in the first quarter of the year stood at 2.7 million, a rise of 1.9% or 51,500, compared to a year ago. The annual change of 1.9% is the lowest annual increase in three years. The latest Labour Force Survey from the Central Statistics Office shows that 2,704,200 people […]
EU critical materials rules could lead to new Irish mines
New EU rules have come into effect aimed at ensuring the union has access to a secure and sustainable supply of critical raw materials. The Critical Raw Materials Act (CRMA) is focused on protecting access to materials that are considered to be of high economic importance to the EU, but vulnerable to supply disruption. At […]
Annual wholesale electricity prices fell by almost 30% in April – CSO
Wholesale electricity prices – the prices that suppliers pay to generators – fell nearly 30% in the 12 months to April, the latest Central Statistics Office figures show. Wholesale electricity prices had rocketed in the period after Russian invasion of Ukraine, and today’s figures show they have fallen back nearly 60% since April 2022 and […]
Revenue issues new guidance on employment status
Revenue has published new guidance on determining the employment status of workers for tax purposes. It follows a recent Supreme Court judgement relating to Domino’s Pizza delivery drivers. In October 2023, the court ruled that the drivers should be treated as employees and not contractors. The case related to delivery drivers working on 2010/2011 contracts […]