Euro zone likely in recession, PMI surveys show
The downturn in euro zone business activity surprisingly deepened in December, according to closely watched surveys which indicated the bloc’s economy is almost certainly in recession. It was a broad-based decline with activity deteriorating in both Germany and France and across services and manufacturing, the surveys showed. Last quarter, the euro zone economy contracted 0.1%, […]
Prices at the pump down again in December – AA Ireland
The AA Ireland’s latest monthly fuel price survey has shown another drop in petrol and diesel prices over the last month. Petrol is down from €1.80 a litre in November to €1.72, while diesel has fallen from €1.81 to €1.72. December marked the third month in a row that prices have dropped at the pumps. […]
Air passenger numbers in third quarter up 13% compared to last year
New figures from the Central Statistics Office show that almost 1.4 million more passengers used Irish airports in the third quarter of this year compared to the same time last year. The CSO said the number of passengers travelling to and from Ireland in the third quarter rose by 2% when compared with the third […]
Short term mortgage arrears up 3% in third quarter
The number of mortgages on private homes that were in short term arrears of less than 90 days rose 3% between July and September compared to the previous quarter. But new Central Bank data today also shows that the number of mortgages in arrears over 90 days was unchanged compared to the April to June […]
Housing commencements up almost 30% in past year
Work began on 3,087 new homes across the State last month, according to commencement notices registered with the authorities. That’s up 18% on the 2,624 that were started in October of this year and a 29% boost on the number recorded in the same month of last year. 43% are homes in housing schemes, 45% […]
Inflation slows to 3.9% in November from 5.1% in October – CSO
The annual rate of inflation fell to 3.9% in November, new figures from the Central Statistics Office show today. This marks the first time since September 2021 that the annual rate has been less than 5%. The inflation rate had stood at 5.1% in October. Energy prices were the biggest contributor to pushing inflation up […]
EU agrees plan to boost conditions for app based “gig” workers
The European Parliament and EU member states have struck a deal on rules to strengthen conditions for those working through apps, such as ride-hailing drivers. Under the new law, many platform workers in Europe could be reclassified as employees and therefore gain access to labour and social protection rights, the parliament said. At least 5.5 […]
ESRI further downgrades economic growth forecast
The Economic and Social Research Institute has further downgraded its forecast for growth in the economy this year. However, in its latest Quarterly Economic Commentary the think-tank says the underlying performance of the economy is stronger than the headline figures suggest. It has also questioned the assumptions underpinning the national spending rule. Meanwhile, later today […]
Fed flags end of rate hikes, sees lower borrowing costs in 2024
The US Federal Reserve held interest rates steady today and signaled in new economic projections that the historic tightening of US monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024. In a new policy statement, Fed officials took explicit account of the fact that […]
House price growth picks up to 2.3% in October – CSO
Residential property price growth picked up on a yearly basis for the second month in a row in October, Central Statistics Office figures showed today. Prices for residential property increased by 2.3% in October compared with a near three-year low of 1.1% two months earlier. Prices had risen by 1.4% in September. Property price growth […]
Interest rate on new mortgages dips in October – Central Bank
The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average interest rate offered on term deposit accounts rose to its highest level in 14 years. At the end of the month, the average rate on new mortgages […]
Average motor insurance premiums fell 7% last year despite rise in cost of damage claims
The average cost of a private motor insurance policy fell by 7% last year to €568, new data from the Central Bank has found. That is despite a 20% rise in the cost of an average damage claim during the year, amid the inflationary environment. It means that on average, damage claim costs have risen […]
Talks on fish quotas resume in Brussels
Talks between EU fisheries ministers to finalise quota arrangements for national fishing fleets for 2024 have resumed in Brussels Talks were suspended last night with firm proposals for most stocks but no political sign off. Irish sources report both positive and negative decisions on some of the stocks important to Ireland’s fishers, and also some […]
Grocery price inflation falls again to 8.6%
Grocery sales are expected to exceed €1.4 billion for the first time ever in December, according to the latest predictions from Kantar. New figures from Kantar today show that take-home grocery sales increased by 7.2% in the four weeks to November 26. Kantar noted that shoppers visited stores more often in November, making an average […]
Retail Ireland predicting extra €1.1bn spend in December
Retailers are predicting an increase in household spending in the run-up to Christmas, despite cost-of-living pressures and the difficult economic backdrop for many. Retail Ireland, the Ibec group representing the sector, is expecting that on average each household in Ireland will spend €1,019 more during December compared to other months of the year. That represents […]
Construction activity falls for fifth month in a row
Construction activity fell in November, new data from BNP Paribas Real Estate Ireland has found. The fall in its Construction Total Activity Index is the fifth successive monthly drop. The organisation says respondents blamed a slowdown in the economy, the completion of projects and delays in decision making at clients. Activity slipped in all three […]
Revenue warns of tax implications for planning payments
Revenue has warned of “potentially serious consequences” for people who do not disclose payments they have received as part of the misuse of the planning appeals system. It said payments which influence the planning process may have tax implications, and people are obliged to include them in the appropriate tax return. The statement follows an […]
Stamp duty on health insurance policies reduced
The health insurance regulator has cut the level of stamp duty on all health insurance policies next year. The move should result in around three quarters of consumers paying €18 less for their policies in 2024, provided the saving is passed on to them by their providers, which the Health Insurance Authority (HIA) says they […]