Euro zone inflation falls further in comforting sign for ECB
Consumer prices in the euro zone grew by 5.3% this month from 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, prices increased by 6.6% after a 6.8% rise a month earlier. While this is still a far cry from the ECB’s 2% target, the reading may help […]
Temporary Business Energy Support Scheme ends today
Today marks the last day of the Temporary Business Energy Support Scheme, which was designed to help businesses with their electricity or natural gas energy costs as they surged over the last year. The scheme had been due to expire at the end of February, but was first extended to May and further extended until […]
GDP rebound of 3.3% in second quarter may mean economy is out of recession
The Irish economy as measured by Gross Domestic Product (GDP) returned to growth in the second quarter of the year, new preliminary figures from the Central Statistics Office (CSO) show. GDP grew by an estimated 3.3% between April and June. That compares to a contraction of 2.8% in the first three months driven by a […]
Sharp slowdown in property investment market in first half – BNPPRE
The Irish commercial property market suffered the third sharpest slowdown in investment across 27 countries in Europe over the first half of 2023, according to BNP Paribas Real Estate Ireland, with the market described as being at a ‘near standstill’. The second three months of the year was the weakest quarter for investment property in […]
Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in June, new figures from the Central Statistics Office show. Today’s CSO flash inflation figures show that energy prices are estimated to have increased by 0.2% in the […]
ECB raises interest rates again but keeps options open for September
The European Central Bank has today raised interest rates for the ninth consecutive time and said it was open-minded about further tightening as stubbornly high inflation and recession worries pull policymakers in opposing directions. Fighting off a historic surge in prices, the ECB has now lifted borrowing costs by a combined 425 basis points since […]
SMEs to maintain or increase sustainability investments
Over 90% of small and medium sized businesses in Ireland plan to maintain or increase their investment in sustainability practices over the next year. The SME sustainability sentiment survey conducted by Behaviour and Attitudes for Uisce Éireann reveals that 73% of companies plan to maintain their current level of investment, while 20% expect to increase […]
Census 2022 shows falling home ownership rates – CSO
New figures from the Central Statistics Office show that the number of homes owned without a mortgage or loan increased by 11% to nearly 680,000 while the number owned with a mortgage or loan fell by 1% in 2022. Compiled from data in Census 2022, today’s CSO figures also show that the housing stock increased […]
Further 0.25% increase in interest rates expected from ECB today
The European Central Bank (ECB) is expected to raise interest rates again at a meeting of its Governing Council in Frankfurt today. Markets are expecting a further 0.25% rise in rates, as efforts continue to bring inflation in the euro area under control. If rates do increase as expected today, it would be the ninth […]
Gas demand 9% lower in June compared to last year
Warmer weather and the ending of the academic year in education institutions led to demand for gas dropping by 10% in June compared to May. Overall, gas demand was 9% lower in June of this year compared to last, Gas Networks Ireland said. The residential sector drew -53% less gas in June compared to a […]
Corporate insolvencies rise 30% in first half of year
329 corporate insolvencies were recorded in Ireland in the first half of the year, new figures from Deloitte show. This is up 30% on the same time last year, when 253 insolvencies were recorded. 186 corporate insolvencies were recorded in the second quarter of the year, up 30% on the previous quarter. These figures represent […]
20% never carry cash, younger people leading the way
Younger people are leading the way when it comes to cashless living, with half of 18-24 year olds saying they never carry money. New figures from Royal London Ireland, a life insurance and pensions company, show that in total, 20% of people in Ireland never carry cash. Those over the age of 55 were less […]
Government extends Abhaile scheme for four more years
The Abhaile scheme, which supports families who are in serious or long-term mortgage arrears and are at risk of losing their homes, has been extended by the Government for a further four years. Funded and managed jointly by the Department of Social Protection and the Department of Justice, the scheme was set up in 2016 […]
Mortgage activity slows but lending to FTB remains robust
The volume of new mortgages drawn down by first-time buyers in the second three months of the year fell for the first time since the pandemic in 2020. However, first-time buyers remained the single biggest segment of the market by both volume and value, accounting for 63%. According to new data from the Banking and […]
Refundable tax credits could cost €1bn Tax Strategy Group report claims
The Tax Strategy Group paper on income tax has examined the issue of refundable tax credits. This is when those on low incomes do not earn enough to use up all of their available tax credits. A change would allow these taxpayers to receive the value of the unused credits. The Tax Strategy Group is […]
41% of charities failed to file annual finances on time
Many Irish charities failed to meet their obligations under governance standards last year, according to the Charities Regulator. Its latest annual report shows that 41% of charities failed to file their annual finances and activities on time. The 11,506 registered charities are legally required to file annual reports within ten months of their financial year-end, […]
Euro zone firms slash loan demand to lowest on record – ECB poll
Euro zone firms’ demand for loans dropped to the lowest on record last quarter and a further decline is likely over the summer as lenders continue to tighten access to credit, the European Central Bank said today based on a survey of big banks. A key input in policy deliberations, the survey is further proof […]
Annual wholesale electricity prices down over 35% in June
New figures from the Central Statistics Office show the price of wholesale electricity in June rose by 11.3% from May, but fell by 35.6% compared to June of last year. The CSO said that the overall Energy Products Index increased by 9% since May of this year but slowed by 33.5% when compared with June […]