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 […]
Additional €8.3bn funding for use in Budget 2025
The Government is to make €8.3 billion in additional funding available for use in Budget 2025, its last before the next general election. €1.4bn of that money is to be spent on funding tax cuts and €6.9bn is to be used for increased expenditure. It means that total spending will rise by 6.9% in 2025, […]
New enhanced unemployment benefit rules passed by Oireachtas
Planned new laws aimed at ensuring enhanced benefits for those with a strong work history who become unemployed have passed through the Oireachtas. Under the new rules, the weekly rate of payment for people who have at least five years paid PRSI contributions will be set at 60% of previous earnings, subject to a maximum […]
Year-on-year wage growth in Ireland rose to 4.3% in June
Year-on-year wage growth in Ireland was 4.3% in June, up slightly from the 4% to 4.1% range recorded since the start of this year, according to new research. The data is contained in the latest report in a wage growth series from jobs website Indeed.ie and the Central Bank of Ireland. It shows that despite […]
Data availability an obstacle to sustainability reporting
The Government says a new EU law aimed at tackling greenwashing will strengthen the rules around the social and environmental information which companies have to report. The Corporate Sustainability Reporting Directive has been signed into law by Minister for Enterprise Peter Burke. Under the law, companies will have to report in more detail about the […]
UK to re-introduce mandatory housing targets
The UK’s finance minister has announced that she will re-introduce mandatory housing targets. In her first speech as Chancellor of the Exchequer, Rachel Reeves said that the new government will build 1.5 million homes over the next five years. Ms Reeves also announced plans to boost economic growth, adding that it was a national mission. […]
Summer Economic Statement to outline size of Budget 2025
The Government will outline the size of the financial package for October’s budget later today, when it publishes the Summer Economic Statement. The document sets out the Government’s medium-term budgetary strategy and the fiscal parameters around which Budget 2025 discussions between ministers will take place. It will give details of the size of any overall […]
Asking prices for homes rising at fastest rate in almost two years
Asking prices for homes across the country rose at the fastest rate in almost two years in the 12 months to the end of June, new data shows. According to the MyHome.ie Property Price Report, advertised prices nationally were up 7.3% with the median asking price reaching €365,000. The last time the annual inflation rate […]
Total construction activity falls for second month in a row
Total construction activity fell for the second month in a row in June, new data shows. BNP Paribas Real Estate Total Construction PMI index fell to 47.5, from 49.8 in May. The report suggests that a fall in commercial activity was a key factor behind the latest reduction in total activity. “Commercial activity surged through […]
Euro zone investor morale drops, breaking streak of gains in “setback”
Investor morale in the euro zone broke an eight-month streak of improvements with a bigger-than-expected decline in July, a survey showed today, describing the results as a “bitter setback”. Sentix’s index for the euro zone fell to -7.3 points for July from 0.3 in June, putting the barometer firmly back in the red. Analysts polled […]
Cabinet approves Bill to introduce pension auto-enrolment
Draft legislation designed to set up the new pension auto-enrolment system has been approved by the Cabinet. If enacted, the Automatic Enrolment Retirement Savings System Bill will result in up to 800,000 private sector workers, who currently do not have a pension, becoming automatically enrolled in one. The aim of the plan is to extend […]