New tenants are paying 18% more for rent than existing ones – RTB
New tenants are paying considerably more rent than renters with existing tenancies, new official data has shown for the first time. According to information released by the Residential Tenancies Board, the standardised average rent nationally for an existing tenancy between April and June of this year was €1,332. That compares to €1,574 for a new […]
Big increase in demand for construction workers in 2023
The resurgence of construction here meant professional roles in that sector recorded the biggest increase in demand this year, new data shows. IrishJobs TalentBank, a database containing over 1.2m job candidates, shows demand for site engineers rose by 255%, while demand for site managers more than doubled to 157% between the third quarter of last […]
ECB picks ‘European culture’ and ‘rivers and birds’ as themes for new euro banknotes
The Governing Council of the European Central Bank said it has selected “European culture” and “Rivers and birds” as the possible themes to choose from for future euro banknotes. This follows surveys conducted during the summer for the European public to express their preferences from seven shortlisted themes. In the survey commissioned by the ECB, […]
Weekly earnings rose by 4.6% in third quarter – CSO
Workers average weekly earnings rose 4.6% between July and September compared to the same period last year, new data from the Central Statistics Office (CSO) shows. On average, employees received wages of €907.72 during the period, up from €876.63 during the third quarter of 2022. Average weekly earnings increased across 12 out of 13 sectors […]
Brent tops $80 ahead of OPEC+ meeting
Oil prices crept higher today as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel. Brent crude futures were up 73 cents, or nearly 1%, at $80.71 a barrel by 1506 GMT. US West Texas […]
EU agreement on reducing industrial emissions
EU member countries and the European Parliament have said they have reached a preliminary agreement on curbing industrial emissions, including those from intensive poultry and pig farms and from ore mines. The deal, struck late last night, would “reduce harmful emissions from industry and improve public access to information,” the European Council, representing member states, […]
New domestic violence leave entitlements begin
Employers will be required to offer paid leave to workers who are subjected to domestic violence from today. The Work-Life Balance Act, which was passed earlier this year, provides for up to five days paid domestic violence leave over a period of 12 months. Minister for Children and Equality Roderic O’Gorman said no one experiencing […]
Oil prices rise slightly due to weak dollar
Oil prices rose slightly today due to a weak dollar, and expectations that the OPEC+ producer group would deepen and extend output cuts due to fears demand would remain subdued. Brent crude futures were up 11 cents, or 0.1%, at $80.09 a barrel at 0510 GMT. US West Texas Intermediate (WTI) crude futures were trading […]
ECB rate hikes not necessarily over, Nagel says
The European Central Bank may need to raise interest rates again if the inflation outlook worsens, and the bank should not rush to ease policy too quickly after the steepest set of rates hikes on record, Bundesbank chief Joachim Nagel said today. The ECB has signalled steady rates for several quarters ahead and investors are […]
Public sector pay talks to begin at WRC
Talks on a new public sector pay deal involving unions, staff associations and the Government are due to begin at the Workplace Relations Commission (WRC) today. Last week, unions accepted an invitation from the Government to enter talks, but said they want to focus on a short-term agreement. They also expressed disappointment at the Government’s […]
39% of daily internet users almost always online – CSO
New figures from the Central Statistics Office shows that 94% of internet users go online daily, and of these, 39% use it all the time or nearly all the time. The CSO’s Internet Coverage and Usage in Ireland research shows that 92% of people aged 16 years and older were recent users of the internet, […]
Irish agri-food exports were worth €19 billion in 2022
Irish agri-food exports were worth €19 billion in 2022, with 165,000 people employed across the sector, according to the latest annual review and outlook report from the Department of Agriculture published today. Last year was another bumper year for Irish agri-food exports, with total sales of €19 billion, up 22% on 2021. The increase was […]
Mortgage approvals for first time buyers hits record in year to October
The number of mortgages approved last month increased by 2.7% compared to a month earlier. But versus the same month in 2022, volumes were down 20%, as switching activity fell off, new data from Banking and Payments Federation Ireland (BPFI) shows. A total of 4,273 mortgages were approved during the month, with first time buyers […]
Central Bank’s Makhlouf not ruling out another interest rate hike
The full effect of higher interest rates has yet to feed through the economy, according to the Central Bank’s Financial Stability Review published today. The Review has left mortgage lending rules unchanged. Speaking at a press conference, the Governor of the Central Bank said he was concerned inflation was higher in Ireland than in the […]
Labour market participation rate highest since 2008 – CSO
New figures from the Central Statistics Office today show that the estimated labour market participation rate in the third quarter of 2023 reached 65.8% – the highest rate recorded since the third quarter of 2008 and up from 64.8% the same time last year. Today’s CSO Labour Force Survey figures show that the employment rate […]
€1,000 reduction in third level college fees comes into effect
Minister for Further and Higher Education Simon Harris has announced further details on the cost of education measures first outlined in the Budget. A reduction of €1,000 in undergraduate fees has now been applied to all students’ accounts reducing the cost of college for 96,000 students by 33%. Students, or their families, who have paid […]
OPEC+ postpones policy meeting to November 30, oil falls
OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to November 30 from November 26 as producers struggled to agree on production levels and hence possible reductions, OPEC+ sources said, a surprise delay that sent oil prices sliding. Three OPEC+ sources said this was linked to African countries. OPEC+ said after its […]
€110 billion collected in taxes in 2022, up 17% on 2021 – CSO
The Exchequer collected €110 billion in 2022 in taxes and PRSI, according to figures from the Central Statistics Office published today. This is an increase of €16.3 billion or 17% on the total tax revenue figure in 2021. Included in this figure was what the CSO described as an “unprecedented” 48% increase in corporation tax […]