Mortgage approvals fall in July despite FTB activity
A slowdown in the market meant the number of new mortgages approved in July was down 9.7% on the same month last year and 0.4% on June, despite continued strong first time-buyer activity. New data from Banking and Payments Federation Ireland shows 4,747 new home purchase loans got the go-ahead in the month. First-time buyers […]
Employment rate at highest level since records began in 1998
The employment rate rose to over 74% in the second quarter of 2023, the highest rate since the current series of records began in 1998. The latest Labour Force Survey from the Central Statistics Office shows that the number of people in employment increased by 88,400 or 3.5% to 2,643,000 in the second quarter of […]
Consumer sentiment slips for first time in five months
Sentiment among Irish consumers slipped for the first time in five months this month, amid bad news on the jobs front, global economic difficulties and ongoing inflation pressures. The drop in the Credit Union Consumer Sentiment Index may also reflect poor weather during the summer months, its author has suggested. Economist Austin Hughes said the […]
Tourism chiefs concerned at pace of sector’s recovery
The body representing the tourism industry here has said it is concerned that the recovery of the sector is still some way off the levels reached prior to the Covid-19 pandemic. Publishing its latest monthly tourism dashboard, the Irish Tourism Industry Confederation (ITIC) said soaring cost inflation is damaging business profitability and this combined with […]
52% of SMEs raise prices to counteract inflation squeeze
52% of Irish SME businesses have taken the step to raise their prices, according to the latest Linked Finance SME Confidence Index. Recent Central Statistics Office figures show that inflation stood at 4.6% for July, down from 4.8% in June and 9.6% in July last year. Linked Finance said that initial steps taken by businesses to […]
Government launches action plan on construction jobs
The Government has published a plan to boost employment in the construction sector. The ‘Careers in Construction Action Plan’ highlights the need for the construction industry to recruit and retain a higher number of workers than is currently provided for through education, apprenticeships and current retention levels. It sets out a series of actions aimed […]
Annual wholesale electricity prices down 64% in July – CSO
New figures from the Central Statistics Office show that wholesale electricity prices fell by 64% in July compared to the same time last year. The CSO said that electricity costs on the wholesale market are now lower than any time during the past two years, adding that the last time that prices were lower than […]
ESRI estimates domestic economy grew by 3.5% in June
The domestic economy grew by around 3.5% in June when compared to the same month last year, according to a new estimate from the Economic and Social Research Institute (ESRI). That compares to estimated Modified Domestic Demand (MDD) growth of 3.1% in May, the ESRI said. “While June saw a further tightening of financial conditions […]
Ireland among top countries for jobseekers globally
Ireland is among the most attractive countries for international jobseekers, according to new research from job website Indeed. Just over 11% of searches for jobs in Ireland in June of this year originated from outside the country placing it in 14th place in a list of countries ranked in terms of the proportion of job […]
Grocery inflation drops to lowest rate since November 2022
Grocery inflation rose by 12.8% in the 12 weeks to August 6 – the lowest level of growth since November 2022 and the third drop in a row, new figures from Kantar show. Kantar said that take-home grocery sales in Ireland increased by 6.8% in the four weeks to August 6 as the average price […]
Finance Minister expects to see deposit rates rising soon
The Minister for Finance has said he anticipates the rate of interest which is paid on savings accounts will increase in the weeks ahead. Michael McGrath said that while these are “commercial decisions for the banks”, he expects to see an increase. “The banks have not fully passed on increases in interest rates to mortgage […]
Euro zone inflation fall confirmed, easing pressure on ECB to hike
Euro zone inflation slower further and even underlying price pressures appear to have peaked, Eurostat data showed today. Today’s figures will ease pressure on the European Central Bank to keep raising rates after its fastest rate-hike cycle on record. The ECB has lifted rates from deep in negative territory to two-decade-highs in just a year […]
6 in 10 don’t know about tax relief on dietary needs – survey
A new survey shows that six in ten people are unaware they can get tax relief on the cost of special foods if they have to restrict their diet as a result of a medical condition, such as Coeliac disease or diabetes. The latest Taxback Taxpayer Sentiment Survey examined awareness of the relief which allows […]
Euro zone set for growth over next ‘couple’ of years – Lane
The euro zone economy will keep growing in the coming years and is unlikely to experience a deep or sustained recession, European Central Bank chief economist Philip Lane said today. The economy of the 20-nation bloc sharing the euro has broadly stagnated for the past three quarters as manufacturing is deep in recession. Economists see […]
SMEs struggling to fill skills gap – Chambers Ireland
Small and medium sized companies here are struggling to find adequately skilled individuals to fill a variety of roles, a Chambers Ireland Skills Gap survey has found. Nine in ten respondents said they were facing significant challenges in recruiting employees with the right skills and qualifications. Chambers Ireland conducted the survey to coincide with the […]
Awareness of EU taxonomy system low among Irish firms
New research has found that many Irish financial services firms are not aware of a European Union system that is designed to help companies, investors and policymakers to figure out which economic activities are sustainable for the environment. The EU’s Taxonomy Regulation aims to assist those involved in business to make educated choices about product […]
Over 11,000 extra tourist beds needed by 2032 – ITIC report
An estimated 11,500 additional tourism beds will be required here in the next decade if Ireland is to meet projected demand, a new report on the sector has concluded. The report was carried out by economist Jim Power on behalf of the Irish Tourism Industry Confederation. It partly bases its projections on estimates for growth […]
House prices post first month-on-month growth this year – CSO
Residential property prices recorded their first monthly increase this year in June, growing by 0.6% compared to May, new figures from the Central Statistics Office show. But annual residential property price inflation slowed again to 2.2% in June from 2.6% in May, the CSO added. Property prices in Dublin were 0.9% lower on an annual […]