Irish economy grows three times faster than euro zone average in 2022
The EU’s statistical agency, Eurostat, has estimated that the euro area economy, measured by GDP, grew by 0.1% in the last three months of last year compared to the previous three months. Across 2022, Eurostat estimates that the euro area economy grew by 3.5% of GDP. Ireland’s economy, boosted by the performance of multinationals, grew […]
Hairdressers warn salons at risk if VAT rate rises
The Irish Hairdressers Federation has called for the retention of the 9% VAT rate for the sector ahead of its planned rise in the coming weeks. The rate is due to increase to 13.5% on 1 March. The federation said hair salons have seen their costs rise dramatically in the past year and the VAT […]
Rent tax credit adds to volume of calls to Revenue
Revenue is experiencing a higher volume of calls due to tenants enquiring about the new rent tax credit. The measure, introduced in Budget 2023, allows tenants paying rent on private rental accommodation to claim a €500 rent tax credit. The credit is for 2022 so when a renter claims it, it will result in a […]
70% of consumers considering buying an electric vehicle
70% of consumers in Ireland are considering an electric vehicle as their next car purchase, a new survey by DoneDeal shows. The figures show that demand on the website for new and used electric vehicles grew by 33% last year, while demand for diesel cars fell 39% during the same period. For the first time […]
RTB pausing and refunding late fees to landlords
The Residential Tenancies Board is applying a temporary pause on the charging of late fees in recognition of “the genuine difficulties” experienced by landlords who have been trying to register tenancies. It is also in the process of refunding landlords who were charged late fees between August and November last year, with over 80% of […]
Businesses urged to avail of energy bill aid scheme
Businesses are being urged to claim for State help with energy bills as new figures show there has been a low take-up so far of a Government scheme. The Temporary Business Energy Support Scheme (TBESS) provides qualifying businesses with up to 40% of the increase in electricity or gas bills up to €10,000 per month […]
2023 travel trends: Cruises, safaris and budget trips
From cruising around the Mediterranean, to backpacking across South America, international travel is set to return full force this year. ‘Revenge travel’ is a phrase being used to describe the desire to travel that emerged last year, as people took to the skies, seas and roads to make up for the trips they missed due […]
More interest rate hikes in prospect? Almost certainly
After six years of interest rates sitting at rock bottom, it came as a bit of a jolt when the European Central Bank started raising rates last summer. And the regulator certainly hit the ground running with a full half a percentage point increase to its key rates in July on what was its first […]
Almost 30,000 new home completions in 2022 – CSO
The number of new dwellings completed in 2022 reached 29,851, according to new figures from the Central Statistics Office today. The CSO said this represents an increase of 45.2% on the numbers completed in 2021 and an increase of 41.3% on the numbers completed in 2019 – pre-pandemic. A total of 9,166 apartments were completed […]
Warning of unsustainable mortgages due to rising rates
The Central Bank faced strong criticism from some TDs at the Oireachtas Finance Committee yesterday over the higher mortgage rates being paid by customers whose loans were sold to investment funds. Some people are being charged rates as high as 7%. Financial adviser Padraic Kissane explained that there was a level of non-performing loans in […]
28,786 housing units in large developments await An Bord Pleanála permission
There are 28,786 proposed units in a series of large housing and apartment developments currently awaiting a planning permission decision from An Bord Pleanála, according to a new analysis. The Annual Construction Sector Report from consultants Mitchell McDermott found 59% of the applications before An Bord Pleanála for Strategic Housing Developments (SHD) last year did […]
Consumer sentiment hits seven month high in January
Irish consumer confidence hit a seven month high in January, according to the latest Credit Union Consumer Sentiment index. The data suggests that consumers had a less negative view of the economic and financial circumstances of households heading into 2023. The index reached 55.2, up from 48.7 in December, and its strongest level since last […]
75 ‘ghost estates’ still in place across Ireland
A total of 75 so-called “ghost estates” still exist across Ireland more than 15 years after the Celtic Tiger economic and property crash. New figures obtained by RTÉ show that despite the issue falling off the public and political agenda in recent years, it continues to be a daily problem for hundreds of people living […]
Irish film industry hopes Oscar nods will drive further investment
Buoyed by the number of Oscar nominations for Irish films and actors ahead of this year’s awards, the industry is hoping the international spotlight will drive further investment in the sector. The nomination of An Cailín Ciúin in the International Film category is seen as further vindication of the Cine4 initiative, to develop and produce […]
Euro zone January business activity returns to growth – PMI
Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic […]
677,000 visitors to Irish whiskey distilleries in 2022
Visitor numbers are still down a third on the pre-Covid peak of 1.02 million Irish whiskey distilleries around the island of Ireland attracted 677,000 visitors last year, an increase of 425% on 2021. New figures from the Irish Whiskey Association show that visitor numbers are still down a third on the pre-Covid peak of 1.02 […]
Recent market rally prompted by improved outlook
Europe’s main stock markets were little changed at the open today, failing to mirror strong overnight gains in Tokyo and on Wall Street. Stock markets have notched up some decent gains in recent weeks as the economic outlook appears to have improved dramatically on the back of China’s economic reopening after strict Covid-19 lockdowns and […]
370,000 tax returns processed for PAYE taxpayers so far
New data from Revenue shows more than 370,000 tax returns have been processed for PAYE taxpayers who have filed their returns for last year. This represents a 30% increase on the same period last year. Around three quarters of those, some 275,000, resulted in an overpayment of tax. This has led to €193m in total […]