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 […]
Irish food and drinks exports declined in 2023 – Bord Bia
The value of Ireland’s food, drink and horticulture exports declined by 4% last year to reach €16.3 billion, following a record breaking year in 2022 when exports grew by 22%. Bord Bia’s Export Performance and Prospects report shows that exports were impacted by inflation and the cost of living crisis which affected consumer spending. There […]
Drop off in switching drives mortgage approvals lower
Mortgage switching activity dropped 75% last November when compared to the same time the previous year, new figures show. The latest report from Banking and Payments Federation Ireland (BPFI) shows that just 355 mortgages were approved for this group during the month, down from 1,419 in November 2022. Overall, there has been a slowdown in […]
Record employment at Enterprise Ireland-supported companies in 2023
Enterprise Ireland has announced that net employment at its client firms grew by just over 5,000 last year to a record 225,500 in what was a “very challenging year for businesses”. The government agency supports Irish businesses, from start-ups to multinationals, to grow and scale and compete in global markets. 15,530 new jobs were created […]
Cyberattacks top concern for businesses in Ireland
Cyberattacks and data breaches are the top risks for Irish business, according to a new study. Aon’s Global Risk Management Survey gathered insights from 2,842 respondents across 61 countries, including Ireland, to identify their most-pressing business challenges. The study found that 94% of firms in Ireland have a formal plan or are reviewing processes to […]
Buoyant labour market boosts property prices
Ireland’s buoyant labour market had a significant effect on the housing market, reducing the negative impact of high interest rates on property prices last year. Asking prices for properties nationally rose by over 4% through 2023, in Dublin and outside the capital. The Myhome.ie report, which was done with the Bank of Ireland, said much […]
Euro zone inflation rises to 2.9%, cooling case for ECB rate cuts
Euro zone inflation surged in December and could still go higher in the early part of 2024, easing financial markets pressure on the European Central Bank to start cutting interest rates from record highs. Inflation across the 20-nation bloc jumped to 2.9% in December from 2.4% in November, just shy of expectations for a 3% […]
Exchequer surplus falls to €1.2 billion in 2023 from €5 billion in 2022
The Exchequer recorded a surplus of €1.2 billion in 2023, according to figures released by the Department of Finance. This compares with a surplus of €5 billion in 2022, with the decline driven by factors including increased public expenditure and the transfer of €4 billion to the National Reserve Fund (NRF) in February last year. […]
Annual inflation rate climbs to 3.2% in December – flash data
The annual rate of inflation rose in December to 3.2%, the latest “flash estimate” from the Central Statistics Office shows. After falling from over 3.5% to 2.5% in November, a slight increase in the rate was not unexpected. The sharp fall in inflation in November was mirrored across the euro zone and gave rise to […]
Euro zone business activity shrank again in December, pointing to recession
The contraction in euro zone business activity continued at the end of 2023 due to a persistent downturn in the dominant services industry, a survey showed today, indicating the bloc’s economy was in recession. HCOB’s Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, was […]