Ireland, Switzerland added to US Treasury monitoring list
No major US trading partner manipulated its currency in 2024, the Treasury Department said in the first semi-annual currency report of President Donald Trump’s new administration. But the Treasury Department’s “monitoring list” of countries warranting close attention grew to nine with the addition of Ireland and Switzerland. While it did not label China a currency […]
Annual inflation slows to 1.7% in May – CSO
New figures from the Central Statistics Office show that the annual rate of inflation slowed to 1.7% in May from a rate of 2.2% in April. The CSO said inflation was flat month-on-month while the Harmonised Index of Consumer Prices, which strips out mortgage interest costs, fell to 1.4% on an annual basis from 2% […]
Fall in number of homes approved for planning permission
The number of homes approved for planning permission fell by 2.5% in the first three months of this year compared to the same period in 2024, according to the Central Statistics Office. The CSO said that in the first quarter of this year 8,177 homes were given the green light by planners compared to 8,387 […]
Wind farms provided 33% of Ireland’s electricity so far this year
Irish wind farms have produced 33% of the country’s electricity since the start of the year, new figures from Wind Energy Ireland show today. Wind Energy Ireland said around 22% of demand was meet by windfarms last month, up slightly when compared to May last year. It also said that wind farms had a significant […]
Central Bank warns of impact of US tariffs on Irish economy
The Central Bank has warned about the effects of global uncertainty caused by US tariffs and its potential impact on the Irish economy. The Governor of the Central Bank Gabriel Makhlouf said: “There has already been some softening in consumer sentiment.” Mr Makhlouf added the bank’s engagement with industry pointed to “cautiousness amongst companies, at […]
NAMA to return €300m more than expected to Exchequer
NAMA, the State body responsible for handling property loans from the financial crisis, plans to return more money to the taxpayer than previously expected. The organisation, which is due to be dissolved this year, plans to return €5.5 billion to the Exchequer – €300m more than previously thought. This made up of a surplus of […]
Data centre electricity usage increased by 10% from 2023 to 2024 – CSO
The amount of electricity used by data centres increased by 10% between 2023 and 2024, according to new figures from the Central Statistics Office. The CSO figures also show that last year data centres accounted for over a fifth (22%) of all metered electricity consumed in Ireland, at 6,969 Gigawatt hours (GWh). This represents a […]
Significant drop in people buying health insurance – HIA
There has been a significant drop-off in the number of people buying health insurance, according to new figures from the Health Insurance Authority (HIA). In its market bulletin for the first three months of 2025, the HIA said that just 7,318 people purchased a health insurance policy between January and March, compared to 13,633 in […]
World Bank slashes global growth forecast as trade tensions bite
The World Bank has slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a “significant headwind” for nearly all economies. In its twice-yearly Global Economic Prospects report, the bank lowered its forecasts for nearly 70% of all economies – including the United States, […]
‘Poor budgeting’ – Government spending rising faster than expected, warns IFAC
The State’s independent financial watchdog has warned that Government spending was rising much faster than planned. The Irish Fiscal Advisory Council said “poor budgeting” was mostly to blame. It said current spending is up 6% so far this year, which was well above the 1.4% outlined in the Budget. It added: “This is because earlier […]
Live register fell in May by 2.8%
The seasonally adjusted Live Register total for May 2025 was 165,700 people, down by 4,700 people or 2.8% from April 2025. New figures from the Central Statistics Office (CSO) show that the unadjusted Live Register total stood at 162,269 people for May 2025, of which 56% were male and 71.6% were Irish. The May Live […]
€40m paid in Residential Zoned Land Tax, according to Revenue
Revenue has announced that approximately 1,800 Residential Zoned Land Tax returns have been filed to date, with liabilities of almost €40 million paid. RZLT applies to land which is zoned for residential use and is serviced, and which has been identified on maps published by Local Authorities as being within the scope of the tax. […]
Rents for new builds to be tied to inflation under plans set to go to Cabinet
Rents for newly-built properties will no longer be capped at 2% annually but will instead be tied to the rate of inflation under plans set to be considered by Cabinet next week. Changes to the Rent Pressure Zones will be brought to Government by Minister for Housing James Browne on Tuesday. The move is aimed […]
Rent caps for new tenancies to be eased under Govt plan
Rent caps for new tenancies are to be eased as part of a plan expected to go to Cabinet next week. The Government looks set to change the current Rent Pressure Zones (RPZs) in a move that has already been strongly criticised by opposition parties. Intensive discussions have taken place on this politically sensitive issue […]
Bank of Ireland warning of spike in ‘safe account’ scam
Bank of Ireland has issued a warning over what it calls a dramatic increase in reports and cases of attempted so-called ‘safe account’ scams. The lender is advising customers to be “on particular alert” for fraudulent texts that attempt to lure them into calling a fake bank phone line. According to the bank, the scammer […]
ECB cuts interest rates for eighth time in a year
The ECB has cut interest rates for the eighth time in a year by one-quarter of a percentage point, which brings its rate down from 2.25% to 2% The move will immediately benefit tracker mortgage customers and put downward pressure on other rates. With inflation now safely in line with its 2% target, today’s decision […]
Economic growth rises by 9.7% in first quarter of 2025
Economic growth, including the contribution from multinationals or Gross Domestic Product, soared by 9.7% in the first three months of this year as exports to the US ramped up ahead of tariffs being imposed by the Trump administration. The figures were affected by strong exports from the pharmaceutical sector in Ireland particularly in March. “The […]
Tax take to end of May up 3.6% on same time last year
Taxes collected by the State rose by 3.6% in the first five months of the year to €36.4bn, according to latest Exchequer Returns from the Department of Finance. When some funds from iPhone-maker Apple, which was forced to pay back taxes as part of settlement of up to €14bn to Ireland are included, the amount […]