National commercial vacancy rate up slightly to 13.9%
The commercial vacancy rate across the country reached 13.9% in the second quarter of this year, up 0.25% on the same period last year. This is the highest level recorded by GeoDirectory since it began reporting on the rates in 2013. There were 29,241 vacant commercial units recorded across Ireland in the second quarter, a […]
German economy beats expectations with 0.1% growth in Q2
The German economy grew in the second quarter, propped up by household and government spending and beating analyst expectations that saw it on the edge of a downturn, data showed today. Europe’s largest economy grew by 0.1% quarter on quarter and 1.7% on the year, adjusted for price and calendar effects, the federal statistics office […]
Euro bounces back above parity as investor sentiment improves
The euro rebounded back above parity with the dollar today as the US currency’s recent rally ran out of steam. Investors are waiting to see whether Federal Reserve Chair Jerome Powell would sound a more hawkish tone at a meeting this week. A more bullish mood across markets also helped the euro, as well as […]
365,000 new current accounts opened so far this year as banks exit
The main retail banks, An Post Money and Credit Unions have opened 365,000 personal current accounts so far this year, as customers of Ulster Bank and KBC Bank Ireland continue switching providers ahead of the exit of the two banks from the Irish market. The figures from Banking and Payments Federation Ireland (BPFI) show that […]
‘New shock’ for European markets as gas price spike fuels inflation fears
Another dramatic spike in natural gas prices appears to have ended any hopes that Europe’s inflation battle is set to ease. Financial markets are now bracing for higher prices, a faster pace of interest rate hikes and a deeper economic downturn. Just a few weeks ago, signs that inflation in the US – which tends […]
Euro edges back towards two-decade low as energy supply crunch adds to growth fears
The euro remained under pressure amid growing recession fears fuelled by a possible energy supply crunch this morning, but the US dollar recouped some data-inspired losses. Disappointing US services and manufacturing surveys and a plunge in new home sales saw the dollar take a breather, after a run that pushed the dollar to its strongest […]
Euro falls to new two-decade low against the dollar
The euro dropped to a fresh two-decade trough today as Europe was buffeted by concerns about energy supply and economic growth, while the dollar held firm against major peers, supported by safe-haven flows. The euro hit $0.9909, its lowest since late 2002, and was last down 0.29% at $0.9914. Russia will halt natural gas supplies […]
Oil climbs as Saudi Arabia warns of OPEC output cuts
Oil rose today as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Brent crude gained 42 cents, or 0.4%, to $96.90 a barrel in early trade, after a choppy session yesterday when they dropped by more […]
Annual wholesale electricity prices up 86% – CSO
Wholesale prices and the price of raw materials for manufacturing businesses rose at an annual rate of 6.2% in July, according to the latest figures from the Central Statistics Office. However, the price of food ingredients, construction materials and energy all rose significantly more. Overall, food product ingredients rose 10.8% in the year to July, […]
Electricity customers may be charged more from 5-7pm
Electricity supply companies may be charged more for their customers to use electricity between the hours of 5pm to 7pm. The Commission for Regulation of Utilities (CRU) has launched a two-week consultation asking industry and electricity providers how they intend to reduce energy usage. Speaking on RTÉ’s Morning Ireland, ESRI economist Dr Muireann Lynch said […]
No small thing: The growing value of microtransactions
Having once been the butt of the joke amongst gamers, microtransactions have grown into a multi-billion dollar industry. Today, some of the most popular games in the world are built almost entirely on the model – as well as countless smartphone and tablet apps. But they’ve proven controversial too, with critics saying they encourage bad […]
Government seeking return of €34m in PUP over-payments
The Government is seeking the return of almost €34m which was wrongly claimed in Pandemic Unemployment Payments (PUP) at the height of the Covid-19 outbreak. The Department of Social Protection told RTÉ’s This Week programme that, up to the end of July, just over 18,700 Pandemic Unemployment Payment over-payments were recorded to a value of […]
Electricity supply companies may be charged more between 5pm-7pm – ESRI
Electricity supply companies may be charged more for their customers to use electricity between the hours of 5pm to 7pm, according to the Economic and Social Research Institute. The Commission for Regulation of Utilities (CRU) has launched a two-week consultation asking industry and electricity providers how they intend to reduce energy usage. Speaking on RTÉ’s […]
Euro zone inflation reaches record high of 8.9%
Euro zone inflation reached a new record high of 8.9% year-on-year in July, the EU’s statistics office has confirmed, with the core measure, excluding the most volatile components and key for monetary policy, also sharply up. The European Union’s statistics office Eurostat said consumer prices in the 19 countries using the euro rose 0.1% month-on-month […]
M50 toll income rose 13% last year as traffic recovered
Toll income on the country’s busiest road, the M50, surged 13% to €140 million last year as traffic volumes recovered from the early phases of the pandemic. The 2021 annual report by Transport Infrastructure Ireland (TII) shows however that the €140 million in toll income – which includes €7.5 million in penalty income – falls […]
Turnover of Irish multinationals down 7% to €238bn in 2020
The turnover of Irish-owned multinationals reached €238bn in 2020, down 7% when compared to the previous year. New figures from the Central Statistics Office (CSO) show the US generated more than 39% of such turnover, while almost 17% was generated from the UK. Irish-owned foreign affiliates employed more than 1.2 million people in 2020, up […]
ECB’s Schnabel says inflation outlook hasn’t improved
The euro zone inflation outlook has failed to improve since a July rate hike, European Central Bank board member Isabel Schnabel said, suggesting she favours another large interest rate increase next month even as recession risks harden. The central bank for the 19-country bloc surprised investors with a 50-basis-point rate hike last month fearing that […]
Personal loan drawdowns jump by 20% – BPFI
The value of personal loan drawdowns increased by 20.1% in the second quarter of this year to €414 million, compared to the second quarter of last year. The report on personal loans by Banking & Payments Federation Ireland shows continued strong growth in activity, the most since the data series began in 2020. On an […]