€16bn worth of mortgages approved in 12 month period – record high
Almost €16 billion worth of mortgages were approved in the 12 months ending January 2023, according to new figures from Banking and Payments Federation Ireland. This was the highest value of annualised approvals recorded since BPFI started collecting the data in 2011. In total, 58,000 mortgages were approved within those 12 months. In January 2023 […]
Ibec upgrades economic growth forecasts
Employers’ group Ibec has upgraded its forecasts for growth in the economy this year in its latest Quarterly Economic Outlook. It now forecasts that the domestic economy will grow by 3.6% this year while GDP is expected to grow by 5.2%. It also expects inflation to be lower than previously forecast with consumer prices to […]
Gas still biggest source of electricity generation despite dip in January
Gas generated 42% of the country’s electricity demand in January, new figures show today Gas generated 42% of the country’s electricity demand in January, new figures show today The country’s gas demand fell by 8% in January compared to December due to milder than usual weather during the month. New figures from Gas Networks Ireland […]
Inflation rate expected to fall ‘much more rapidly’ than assumed
The Minister for Finance has said he expects inflation to fall “much more rapidly than previously assumed.” Speaking ahead of a speech to the Irish Tax Institute in Dublin, Minister Michael McGrath said the Department of Finance now believes inflation will average between 4% and 5% this year, with the annual rate falling to 4% […]
Signs of easing in rate of construction price inflation – SCSI Index
The rate of increase in prices in the construction sector is showing signs of easing, a new report from the Society of Chartered Surveyors suggests. The latest SCSI Tender Price Index shows that, while costs are continuing to rise, the rate of inflation eased significantly towards the end of last year to 4%. It was […]
Access to finance biggest challenge for tech start-ups – Scale Ireland
Access to finance is the biggest challenge facing tech startups here, a survey of founders by Scale Ireland concludes. Four in five respondents to the latest State of Start-ups survey said they believed it was difficult to attract capital in the current environment. That was slightly higher than the percentage who reported the same issue […]
Number of people in employment hits record high – CSO
The number of people in employment increased by 68,600 or 2.7% to 2,574,500 in the year to the fourth quarter of 2022, according to the Central Statistics Office. This is the highest number of people employed in the State since the CSO series began in 1998. The latest CSO Labour Force Survey shows that the […]
Monthly wholesale electricity prices down 41% – CSO
The wholesale price of electricity fell further in January, dropping by 41.4% compared to December, according to the latest figures from the Central Statistics Office. Wholesale electricity prices were 19.5% lower in January this year compared to January 2022. Overall, the price of raw materials for goods produced for the domestic market rose by 8.2% […]
Households €1,000 worse off due to inflation – CSO
Households were €1,000 worse off last year when inflation was taken into account – despite a rise in the median annual household disposable income – according to new figures from the Central Statistics Office. The CSO said the median annual household disposable income increased by over €500 last year to €47,000 compared to the previous […]
Global debt sees first annual drop since 2015 – IIF
The post-pandemic rebound in world growth and inflation last year meant the amount of debt sloshing around the global economy saw its first annual fall in dollar terms since 2015, a widely tracked study has shown. The Institute of International Finance report published on Wednesday estimated that the nominal value of global debt declined by […]
Welfare bonus announced but no new energy credit
The Government has agreed a more targeted cost-of-living package, along with some universal payments, with €470m set to be allocated for social protection measures. It follows a meeting last night between the Coalition leaders and the ministers for finance, public expenditure and social protection. The plan was signed-off by the Cabinet this morning. Among the […]
Fruit and veg imports hit by poor weather in Europe
A number of retailers in Ireland say they are experiencing availability issues with certain fruit and vegetables. They say salad products such as tomatoes, peppers and cucumbers are in short supply due to bad weather conditions in Italy and Spain. Tesco Ireland said that “due to bad weather in seasonal supply from Morocco and Spain, […]
Govt to expand TBESS, keep 9% VAT rate until September
The Government has today announced more measures to help businesses deal with cost-of-living increases. It announced a final extension of the 9% reduced VAT rate for the hospitality sector for a further six months. The reduced VAT rate will return to the standard 13.5% rate from September. The measures announced today will also see the […]
Welfare and child benefit bonuses in cost-of-living plan
The Government’s latest cost-of-living package is on course to exceed €1.2bn, of which €400m looks set to be allocated for social protection measures. It follows a meeting last night between the Coalition leaders and the ministers for finance, public expenditure, and social protection. The plan will be signed-off by the Cabinet when it meets at […]
Working group set up to tackle disinformation
The Government has established a working group to coordinate efforts to combat the spread of disinformation on the internet. The multi-stakeholder group will be tasked with providing a joined-up approach to reduce the creation and spread of false and harmful material. Members will aim to complete a National Counter Disinformation Strategy by the end of […]
European new car sales up 10.7% in January
European new car sales up 10.7% in January European new car registrations jumped in January, data from the region’s carmaker association showed today. The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) grew by 10.7% to 911,064 units, the European Automobile Manufacturers’ Association (ACEA) said. Article […]
1 in 12 vehicles on Irish roads not insured – Motor Insurer’s Bureau of Ireland
The number of uninsured private vehicles on Irish roads grew for the third year in a row, according to new research carried out by the Motor Insurers’ Bureau of Ireland. Last year the total number of private vehicles driving without insurance reached 187,803, an increase of 13,626 on 2021. The figures show that uninsured vehicles […]
Coalition leaders set to finalise cost-of-living plans
Senior coalition figures will meet this evening to finalise plans on cost-of-living measures, with the final package due to be signed off by the full Cabinet tomorrow. It is expected that some temporary supports that were in place will have to be unwound. The three coalition party leaders will be joined by the Ministers for […]