Ireland top European country for data fines
Ireland has once again topped a league table of European countries for issuing data fines. The 2024 edition of global law firm DLA Piper’s annual GDPR and Data Breach Survey shows that supervisory authorities across Europe have issued a total of €1.78 billion in fines since 28 January 2023, which is an increase of 14.1% […]
Wage growth in Ireland eases to 3.7%
Wage growth in Ireland slowed at the end of 2023 and has dropped to 3.7% year-on-year, according to a new report from jobs site Indeed and the Central Bank of Ireland. The research shows that the wage growth rate in Ireland is below the 3.8% recorded across the euro area and the slowest since April […]
Minister assures flexibility over tax debt warehousing scheme
Minister for Finance Michael McGrath has said the Government will introduce flexibilities to the Tax Debt Warehousing Scheme. Speaking to RTÉ News in Davos, Mr McGrath said: “We are going to make some changes to the tax warehousing regime with a view to being as flexible as we possibly can. “We’ve been engaging with the […]
Plan launched for future of digital creative industries
The Government has launched a plan to boost growth in the digital creative industries. The roadmap will focus on commercial design, digital games and content creation including advertising and commercial social media content. The plan is designed to leverage the potential of the sectors for sustainable employment, export growth and regional development. Implementation of the […]
Inflation rate moves up to 4.6% in December – CSO
The annual rate of inflation rose in December, driven by increases in prices in areas such as restaurants and hotels, mortgage interest repayments and rents and package holidays. The Consumer Price Index climbed to 4.6% in the year to the end of December, the Central Statistics Office said today. That compares to 3.9% in the […]
Cybercrime top financial crime threat in Ireland, survey finds
Hacking, phishing, online scams, and other variations of cybercrime are thought to be the most prevalent financial crimes in Ireland, according to a new survey. The study was conducted by the Compliance Institute, the professional body for compliance professionals. It found that fraud and tax evasion take joint second place as the most prevalent financial […]
CSO: Exports down 3% in November to €16.5bn, imports up
Exports of goods from Ireland fell by 3% or almost €600 million in November 2023 when compared to the same time the previous year. In total, goods valued at just over €16.5 billion were exported during the month, down almost €2bn on the previous month, the latest figures from the Central Statistics Office show. When […]
Wind farms supplied 35% of electricity in Ireland in 2023
Wind farms supplied a record 35% of all electricity used on the island of Ireland last year, according to the annual report of Wind Energy Ireland. This saved €1.6 billion, north and south, from having to be spent on imported gas and carbon credits that would have been required to burn it. As a result, […]
Construction activity contracts for a sixth month
There was a contraction in construction activity for the sixth month running in December, the latest Purchasing Managers’ Index for the sector from BNP Paribas Real Estate Ireland shows. However, there was a slightly softer pace of decline in the final month of the year with the headline figure increasing from 45.1 to 44.5. Any […]
Higher hotel prices not deterring customers
More than 1,800 new hotel rooms came on stream here in 2023, bringing total stock to an estimated 66,200, an analysis by Deloitte has concluded. But the new supply did not result in lower prices with the average room rate increasing in the three broad areas outlined in the report. The average daily rate in […]
38% of employers want workers back in the office in 2024 – survey
A new survey has shown that 38% of Irish employers will require their employees to spend more time in the office in 2024. The study from recruitment consultants Hays Ireland also shows that 58% of employers expect hybrid working arrangements to stay the same this year. The research found that, currently, 44% of employees work […]
Varying regulation within EU a top barrier for trade, new research shows
Varying regulation across the EU is the top challenge for businesses trading across borders, new research shows. The latest survey by Eurochambres, of which Chambers Ireland is a member, reveals the issues companies face when trading within the EU single market. 70% of those surveyed cited the difference in legal practices and contractual arrangements as […]
Household saving rate eases to 10% in Q3 from 11% – CSO
The savings rate among households here has fallen back to pre-pandemic levels, according to the latest figures from the Central Statistics Office. The latest National Accounts data shows that the household savings rate in Ireland fell to 10.08% in the third quarter of last year. That marks a decline from 11.05% in the second quarter […]
Changes to salary thresholds for sponsored foreign workers may hit SMEs
Many small and medium sized businesses may struggle to retain existing staff due to upcoming changes to the required salary thresholds for some workers from outside the European Economic Area coming into Ireland on work permits, a leading immigration services provider has warned. Last month the Government announced the largest ever expansion of the employment […]
Average interest rate on new mortgage falls slightly, Central Bank data shows
The average interest rate on a new mortgage in Ireland fell slightly again in November, new figures from the Central Bank show. The rate dropped from 4.27% in October, to 4.25% in November. This means that Ireland had the tenth lowest rate in the euro zone. The lowest rate was in Malta at 1.93%, while […]
Consumers more optimistic on economy – PTSB
Consumers are more optimistic about the outlook for the economy than was the case a year ago, according to the latest Reflecting Ireland survey from PTSB. Less than half of respondents – 47% – believe the economy will get worse over the coming year. That compares to 63% a year ago, and is down slightly […]
Energy costs set to fall by 18% this year – analyst
Some relief may be in store for Irish households and businesses when it comes to energy costs, with one analyst predicting the short-term power market price in Ireland could fall by over 18% this year. Cornwall Insight said higher than anticipated gas storage levels in the EU have reduced concerns that there could be shortages […]
Housing supply unlikely to improve in coming months, Lisney says
Housing supply is unlikely to improve in the coming months, a new report from estate agent Lisney suggests. However, it states that more rental homes will become available to buy as private landlords exit the market. The report reveals that probate office delays are causing uncertainty for buyers, with a grant of probate now taking […]