ESRI predicts slower rate of economic growth this year due to falling exports and rising inflation
A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic and Social Research Institute. In its latest Quarterly Bulletin, the think-tank also cautions against any cuts in taxes in the upcoming Budget that go beyond keeping pace […]
Services activity growth has slowed to lowest this year
The growth in activity in the services sector was the slowest since the beginning of the year, according to the latest AIB Ireland Services Purchasing Managers Index. Concerns over the impact of higher interest rates and cost pressures weighed on the outlook, although it did remain positive. “Indeed, it was the lowest reading since January, […]
Corporation tax take below estimate again in September
Corporation tax in September came in below the Department of Finance’s estimate for the second month in a row, according to the latest Exchequer figures published this afternoon. The data came as the Department of Finance Chief Economist warned that it looks like tax revenue for 2023 will undershoot the most recent forecast. The Exchequer […]
Changes to personal taxation to be ‘central’ part of Budget – McGrath
The Minister for Finance has said that changes to personal taxation will be a “central element” of a just over €1.1 billion tax package that will form part of next week’s Budget. “While there are a number of different priorities I want to address as part of that, the central element of the tax package […]
ECB’s Lane says rising wages underpinning euro zone inflation
Rising wages in the euro zone are underpinning inflation in the bloc but wage growth should moderate in the coming months, the European Central Bank’s chief economist Philip Lane said today. Professor Lane told an event in the Lithuanian capital Vilnius that the ECB will only know around Easter next year if wage growth is […]
Goodman firm to inject up to €6.35m into Barryroe
A company controlled by businessman Larry Goodman is to make up to €6.35m available to Barryroe Offshore Energy (BOE), which is currently in examinership, as part of a rescue package. The development comes as BOE announced that Chief Financial Officer, Colin Christie, has stood down and left the company. In a statement to the stock […]
Companies urged to file returns early amid ID changes
The Government is urging companies to make their annual return filings early ahead of the peak filing period next month, following the introduction of new identification requirements for directors. Around 80,000 businesses will be due to file their returns to the Companies Registration Office (CRO) by November 25 this year. But as that date falls […]
Signs of property rebound with asking prices up 4% – MyHome.ie
The Irish property market is experiencing a rebound with a period of falling house prices – seen in the early months of 2023 – coming to an end as the year entered its second half. The latest report from the property website MyHome.ie captured asking price inflation nationally running at an annual pace of just […]
Fresh setbacks for manufacturing sector in September
The manufacturing sector experienced some renewed headwinds in September which saw the index going back into contractionary mode having bounced back in August. The headline AIB Ireland Manufacturing Purchasing Managers Index – a composite single-figure indicator of manufacturing performance – fell to 49.6 in September from the six month high of 50.8 recorded in August. […]
Mortgage switching down almost 80% on last year
There was a huge drop in the number of people switching their mortgages in August compared to the same time last year, new figures show. The latest report from Banking and Payments Federation Ireland reveals an almost 80% drop in switching and remortgage activity. Just over 300 mortgages were approved for this group in August, […]
House prices rising amid ongoing supply shortage – daft.ie
Demand for property is holding up, despite interest rate increases, and an ongoing supply shortage is supporting prices, the latest House Price Report from property listings website daft.ie suggests. The report captured a 1.1% increase in asking prices for properties in the three months to September compared to the prior three month period. In the […]
Inflation rises to 5% in September – flash estimate
Inflation is estimated to have risen to an annual rate of 5% in September, according to the latest “flash” estimate from the Central Statistics Office. This compares to 4.9% in August and marks the second month in a row that inflation has risen. Inflation is estimated to have risen marginally by 0.1% from August to […]
Competitiveness Council urges action to meet new economic challenges
The National Competitiveness and Productivity Council has published its annual Challenge Report, which outlines some of the key issues facing the economy. Chair of the Council Dr Frances Ruane said “failure to develop and implement appropriate policies now to address new developments, including decarbonisation and tipping points in digital technologies, could leave Ireland in a […]
Banks defend interest rate policies at committee
Representatives of the country’s main banks have defended their policies around the passing on of interest rate increases to customers when they appear before an Oireachtas committee later. In opening statements delivered at the Committee on Finance, Public Expenditure and Reform, and Taoiseach, Banking and Payments Federation Ireland (BPFI) claimed banks have taken a balanced […]
Corporation tax growth levelling off – McGrath
The Minister for Finance has said there appears to be a “levelling-off” of the growth in corporation tax compared to the extraordinary levels in recent years. Michael McGrath made his remarks in his opening address to the Joint Oireachtas Committee on Budgetary Oversight. His colleague, the Minister for Public Expenditure, National Development Plan and Reform, […]
Living wage should rise to €14.80 per hour – technical group
The reference hourly living wage rate should rise to €14.80 per hour, according to the Living Wage Technical Group (LWTG). This is an increase of 6.9%, or €0.95, compared to the previous reference rate of €13.85 per hour. The living wage is seen as the minimum rate required for a full-time worker to afford the […]
Rise in number of electricity, gas customers in arrears
There has been a notable increase in the number of domestic electricity customers falling into arrears since the end of the Government’s Emergency Electricity Credit in March, according to an updated report from the Commission for Regulation of Utilities (CRU). The numbers of domestic gas customers falling into arrears has also been rising. Disconnections for […]
Competition authorities given new powers to fine companies up to €10m
From today, the Competition and Consumer Protection Commission (CCPC) will be able to fine companies for breaching Irish and EU competition law. The new powers come as the Competition Act 2022 takes effect. The main purpose of the Act is to implement an EU directive which is designed to ensure that national competition authorities across […]