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Wages rise at over three times their pre-pandemic rate, study finds

Wages are going up at more than three times their pre-pandemic rate across euro area countries, according to a new study published by the Central Bank. However, the study also finds that wage growth may have levelled off in some countries as employers face “an increasingly uncertain and deteriorating economic outlook”. Central Bank economist Reamonn …

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Overseas tourism to Ireland expected to reach 75% of 2019 figure

International travel has recovered quickly from the worldwide Covid-19 pandemic lockdowns, with overseas tourism to Ireland this year expected to reach 75% of the 2019 figures – a year which saw more than 11 million overseas visits to the island and revenue of nearly €6bn. Despite challenges, research in ten key markets shows the desire …

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ECB to continue raising rates even as economy suffers

The European Central Bank will continue to raise borrowing costs even as the euro zone economy suffers because letting inflation stay high would be even more painful, two top ECB policymakers said today. The ECB has been raising interest rates at a record pace and steering investors towards more hikes ahead to bring double-digit inflation …

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‘Positive response’ to second Eurogroup term – Donohoe

Minister for Finance Paschal Donohoe has said eurozone finance ministers have agreed that an election to appoint the president of the Eurogroup will take place on 5 December 5, with a deadline of 24 November for prospective candidates to put their names forward. Mr Donohoe said he was “very privileged” to have received the support …

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Agri-food exports hit €15.4 billion last year

Irish agri-food exports were worth €15.4 billion in 2021, an increase of 51% since 2012, new figures show today. Irish produce was exported to more than 180 countries with the largest export being dairy, which exceeded €5 billion for the third year in a row. Agri-food exports accounted for 9.5% of total goods exports from …

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Euro, sterling jump, dollar falters as market shifts to risk assets

Euro and sterling rose against the safe-haven US dollar today, supported by a risk-on sentiment across markets with European stocks rising on persistent hopes China will ease Covid restrictions. A survey showed today that investor morale in the euro zone improved in November, the first time it rose in three months, reflecting hopes that recent …

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Taoiseach to attend UN climate summit in Egypt

Taoiseach Micheál Martin will arrive at the COP27 Climate Conference in Sharm el-Sheikh, Egypt later this morning and will stay for two days to outline Ireland’s climate priorities. The priorities include a commitment to scale-up the country’s contribution to international climate finance as well as resolute support for progress to be made on compensation for …

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Exporters keep anxious eye on sterling movements

Some economists and bankers are warning that the US economy and the global economy will enter recession by the middle of 2023. The Central Bank and employers body Ibec have also downgraded their growth outlooks for Ireland, but are still predicting economic growth next year. Simon McKeever, the CEO of the Irish Exporters Association, said …

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Euro zone downturn deepens, points to winter recession

The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading for a winter recession. A closely-watched survey showed euro zone October business activity contracted at the fastest pace since late 2020. German industrial orders also slumped more …

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October unemployment rate steady at 4.4% – CSO

The unemployment rate stood at 4.4% in October, unchanged for the third month in a row after the August and September figures were both revised up from 4.3%, the latest Central Statistics Office figures show today. The jobless rate has inched up since hitting a 21-year low of 4.2% in May and June. The CSO …

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Exporters keep anxious eye on sterling movements

Some economists and bankers are warning that the US economy and the global economy will enter recession by the middle of 2023. The Central Bank and employers body Ibec have also downgraded their growth outlooks for Ireland, but are still predicting economic growth next year. Simon McKeever, the CEO of the Irish Exporters Association, said …

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Europe could face gas shortage next year – IEA

Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency has warned. The IEA said the shortfall would occur if Russia stops pipeline deliveries completely and China steps up its imports of liquefied natural gas, which Europe …

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High corporation tax levels may not be sustained – McGrath

Minister for Public Expenditure Michael McGrath said the Government is “avoiding making permanent expenditure commitments” on the back of receipts that may “prove to be temporary”. The Minister’s comments follow the release of the latest Exchequer figures yesterday which show more than €16 billion in corporate tax receipts were collected up to the end of …

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64% of householders make at least one energy efficiency improvement

New research from Banking & Payments Federation Ireland reveals that 64% of consumers have carried out at least one significant energy efficiency home improvement as energy costs continue to jump. Today’s research, carried out by Amárach, shows that 42% of consumers are planning to do at least one energy efficiency home improvement in the next …

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Ibec downgrades growth forecasts for 2023

Business group Ibec has downgraded its forecast for domestic demand due to rising costs and a weaker outlook for the global economy. In its latest Quarterly Economic Outlook, Ibec said domestic demand will grow by 3% in 2023, a downgrade from close to 4% in its previous set of forecasts in July 2022. The report …

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1 in 8 switchers yet to decide on new banking provider – CCPC

One in eight consumers who are in the position of having to switch banking providers, because of the impending departure of Ulster Bank and KBC, have yet to decide on a new provider. That compares to one in four in July. The latest round of research from the Consumer and Competition Protection Commission found that …

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Major conference to focus on opportunities and challenges facing financial system

The Central Bank of Ireland is hosting a major conference this week to discuss and debate the driving forces shaping the financial system. Over 300 consumer representatives, industry leaders, and international policymakers will gather in Dublin today and tomorrow to discuss some of the key opportunities and challenges facing the system, including consumer protection, climate …

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Irish households added €32bn to their wealth last year

Irish households added €32 billion to their wealth last year, according to the Central Statistics Office. That is almost the same amount added to household wealth between 2017 and 2019. It came as average households here continued to save a significant proportion of their incomes, while wages also increased. According to the CSO household net …

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