Dublin Airport expansion ‘essential’ for economic growth, says Chambers
Minister of State Jack Chambers has said he believes the personal criticism of Minister for Transport Eamon Ryan by Ryanair CEO Michael O’Leary was “very unfair”. “I think that’s unwarranted to personally criticise a minister in that way,” Mr Chambers said. He said however that he fully supported the expansion plans from the daa, which […]
New tenancy rents rose faster than existing ones last year, says RTB
Rents in new tenancies went up faster than in existing tenancies, according to new figures from the Residential Tenancies Board (RTB) for July to September last year. National average rents for new tenancies were €1,598 per month, up 11% on the previous year, while existing tenancies rose 5.2% to a national average of €1,357. Breaking […]
Euro zone consumers trim near-term inflation expectations – ECB
Euro zone consumers have trimmed their expectations for inflation over the next 12 months, a European Central Bank poll showed today, in a sign the ECB’s credit-tightening efforts are having an impact. The Consumer Expectations Survey (CES) is used by policymakers to gauge whether the steepest streak of interest-rate hikes in the euro’s history has […]
Weakest pace of services expansion in 3 years in January – AIB PMI
There was a marked slowdown in the rate of expansion in activity in the services sector in January, according to AIB in its latest Purchasing Managers’ Index. The overall index came in at 50.5 in the month – just above the 50 breakeven point that separates expansion from contraction in a given sector. It was […]
Tax take rises in January, driven by VAT, income tax
The amount of tax collected by the State increased by almost 5% in January when compared to the same time last year, driven by strong VAT and income tax receipts. The latest figures from the Department of Finance show that overall tax revenue for the month stood at €7.8 billion. January is a VAT-due month, […]
Interest cut on tax debt warehoused by businesses since Covid
Minister for Finance Michael McGrath has announced that the interest rate on tax debt frozen since the pandemic has been cut to 0%. The Revenue Commissioners have also indicated that they will take a flexible approach to repayments which will allow for pay back arrangements spanning more than five years. There is still €1.72 billion […]
Global economy to fare better than thought in 2024 – OECD
The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets euro zone weakness, the OECD said. World economic growth is expected to ease from 3.1% in 2023 to 2.9% this year, better than the 2.7% expected in […]
Weakest pace of services expansion in 3 years in January – AIB PMI
There was a marked slowdown in the rate of expansion in activity in the services sector in January, according to AIB in its latest Purchasing Managers’ Index. The overall index came in at 50.5 in the month – just above the 50 breakeven point that separates expansion from contraction in a given sector. It was […]
Euro zone inflation dips but core figures may disappoint
Euro zone inflation eased as expected last month but underlying price pressures fell less than forecast, likely boosting the European Central Bank’s argument that rate cuts should not be rushed, even if the next move is still going to be policy easing. Consumer inflation in the 20 nations sharing the euro dipped to 2.8% in […]
New car sales up 15% in January, EV sales hit new high
New car sales were up 15% in January when compared to the same time last year, new figures show. A total of 31,470 new cars were sold during the month, the data from the Society of the Irish Motor Industry (SIMI) reveals. Despite that growth, registrations are still 3% lower than pre-Covid levels in 2019. […]
Construction costs rise but rate of increase eases – SCSI report
Construction costs are continuing to rise, but the rate of increase eased significantly in the second half of last year, the latest Tender Price Index from the Society of Chartered Surveyors of Ireland shows. The report shows that the rate of commercial construction inflation increased nationally at a rate of 1.5% in the final six […]
Investment scams growing in frequency and complexity – BPFI report
Consumers are being warned to be on the alert for elaborate investment scams involving online and mobile banking transfers. Figures from FraudSMART, the fraud awareness initiative led by the Banking & Payments Federation Ireland showed a year on year 26% increase in the incidence of such fraud in the first six months of last year. […]
Construction costs rise but rate of increase eases – SCSI report
Construction costs are continuing to rise, but the rate of increase eased significantly in the second half of last year, the latest Tender Price Index from the Society of Chartered Surveyors of Ireland shows. The report shows that the rate of commercial construction inflation increased nationally at a rate of 1.5% in the final six […]
Inflation estimated to have slowed to 2.7% in January from 3.2% in December
The latest figures from the Central Statistics Office show an easing in the estimated annual rate of inflation in January. The latest “flash” inflation estimate from the CSO shows that the annual rate of inflation stood at 2.7% in January, down from 3.2% in December. The core HICP rate, which excludes energy and unprocessed food, […]
New controls on exports from Ireland to Britain begin
New controls on imports entering Britain from the Republic of Ireland have come into effect. The changes, which are a result of Brexit, require firms to pre-lodge customs declarations ahead of shipping products across the Irish Sea. Agri-food exports also have to be pre-notified to the UK authorities and in some cases they have to […]
Mortgage interest relief scheme opens for homeowners
From today, PAYE taxpayers can submit claims for mortgage interest relief for last year. The relief aims to help homeowners who have borne the brunt of interest rate hikes. Around 208,000 households are eligible, with the relief capped at €1,250 per property. The Government said self-assessed taxpayers will be able to claim the relief from […]
Euro zone narrowly avoids technical recession in Q4
The euro zone’s economy stagnated last year, weighed down by an industrial malaise in Germany, its former powerhouse, data showed today. The 20 countries that share the euro barely avoided an outright recession in the final quarter of last year even as the zone’s biggest trading partner, the US, chalked up impressively brisk growth. The […]
Offshore wind could be worth at least €38bn to economy
The development of offshore wind in Ireland could be worth at least €38 billion to the economy, a new study has estimated. However, the report produced for Green Tech Skillnet and Wind Energy Ireland by BVG Associates also warns that significant investment in training and skills will be required if the benefits are to be […]