Refundable tax credits could cost €1bn Tax Strategy Group report claims
The Tax Strategy Group paper on income tax has examined the issue of refundable tax credits. This is when those on low incomes do not earn enough to use up all of their available tax credits. A change would allow these taxpayers to receive the value of the unused credits. The Tax Strategy Group is […]
Paper explores cost of hiking social welfare payments in budget
A €1 increase in the personal rates of all weekly paid social welfare schemes in October’s budget would cost €69.4 million, according to new estimates. If an additional €1 was also to be paid to dependent adults and children, it would cost €89.4 million. While a €1 increase in the personal rates of all weekly […]
Job vacancies fall by 25% compared to last year – report
Job vacancies fell by 25% in the second quarter of the year, on an annual basis, according to the latest Jobs Index from hiring platform IrishJobs. The report finds that the fall is linked to the post-Covid hiring surge that occurred in 2022. On a quarterly basis job vacancies fell by 4% and are now […]
Petrol and diesel prices remain steady in July – AA
Fuel prices remained stable in July and are virtually unchanged compared to June, the latest AA fuel prices survey shows. The average petrol price is €1.65 in July, the same as in June, with the average price for diesel rising by a marginal two cents to hit €1.55. “Following the duty increases last month, we […]
Exports slow by €1.2 billion in May – CSO
New figures from the Central Statistics Office show that Irish unadjusted exports of goods decreased by €1.2 billion to €16.7 billion in May compared to the same time last year. When seasonally adjusted, exports of goods fell by more than €400m in May from the previous month. Exports of medical and pharmaceutical products decreased by […]
Exports to boost Irish economic growth – Accenture
A new survey published today shows that despite the global economic challenges, Ireland’s growth forecast has emerged strongly. The latest Accenture/S&P Global Ireland Business Outlook survey show a sustained sense of optimism among Irish private sector companies, buoyed by expected improvements in export performance. The survey reveals that receding energy and raw material price pressures […]
Irish GDP slowed by 2.8% in Q1, revised CSO figures show
The Irish economy, as measured by Gross Domestic Product (GDP), contracted by 2.8% in the first three months of the year, updated data from the Central Statistics Office has found. Last month, early data from the CSO suggested that GDP between January and March had fallen by 4.6%. That, coupled with a downward revision to […]
Interest rates and inflation – the search for the ‘sweet spot’
On paper, the job of a Central Bank Governing Council sounds fairly straight forward. Maintain price stability and ensure the stability of the financial system. The guiding principle for the first is to keep the annual rate of consumer price increases to around 2%. Sounds achievable, but that is much easier said than done, as […]
Infrastructure deficit is leading to lost opportunities, Ibec warns
Ibec has warned that Ireland is currently losing out on business opportunities because of constraints in capacity in the economy, including around housing. The employers’ organisation claims the Government must focus on creating greater economic capacity in October’s budget, through both expanding infrastructure and boosting social investment. Launching Ibec’s pre-budget submission, Executive Director of Lobbying […]
Annual rate of inflation falls to 6.1% in June – CSO
The annual rate of inflation stood at 6.1% in June, down from 6.6% in the 12 months to the end of May, new figures from the Central Statistics Office show. However, the data also shows that consumer prices rose by 0.8% between May and June. Core inflation, which excludes energy and unprocessed foods, rose to […]
Ireland’s emissions down 1.9% but reduction targets missed
Ireland’s greenhouse gas emissions decreased in 2022 compared with the previous year, according to a new report from the Environmental Protection Agency (EPA). Total emissions were 1.9% lower due to decreases in the residential, agricultural and energy sectors. However, emissions from the transport sector increased by 6%. The EPA’s latest assessment of annual greenhouse gas […]
Infrastructure deficit is leading to lost opportunities, Ibec warns
Ibec has warned that Ireland is currently losing out on business opportunities because of constraints in capacity in the economy, including around housing. The employers’ organisation claims the Government must focus on creating greater economic capacity in October’s budget, through both expanding infrastructure and boosting social investment. Launching Ibec’s pre-budget submission, Executive Director of Lobbying […]
Used cars 79% more expensive than pre-pandemic
Asking prices for used cars are 79% higher than they were pre-pandemic, but the rate at which prices are rising is slowing. New figures from listings website DoneDeal show the annual rate of inflation slowed to 10.7% in the second quarter of this year. That is down from 26.6% the same time last year, and […]
Disadvantaged areas hit harder by unemployment during pandemic – ESRI
A new report from the Economic and Social Research Institute (ESRI) has found that people living in disadvantaged areas experienced greater disruption to their employment during the Covid-19 pandemic. The study, entitled ‘Pandemic Unemployment and Social Disadvantage in Ireland’, was carried out in collaboration with Pobal. Pobal is an organisation that administers and manages Government […]
New platform aimed at addressing skills gap launched
A new platform aimed at addressing skills gaps in the workforce and wider economy is being launched today. MicroCreds.ie has been developed by the Irish University Association in conjunction with a number of universities offering hundreds of short, flexible courses with university-accreditation. MicroCreds partner universities have developed courses in key skills areas including sustainability, digital […]
96% of Ulster Bank and KBC Bank Ireland accounts now closed
New Central Bank figures show that just over 96% of all current accounts that were open in Ulster Bank and KBC Bank Ireland at the beginning of 2022 were either closed or inactive by the end of June this year. Ulster Bank and KBC Bank announced their intentions to leave the Irish market in 2021. […]
27% of jobs at high risk from AI revolution – OECD
More than a quarter of jobs in the OECD rely on skills that could be easily automated in the coming artificial intelligence revolution, and workers fear they could lose their jobs to AI, the OECD said today. The Organisation for Economic Co-operation and Development (OECD) is a 38-member bloc, spanning mostly wealthy nations but also […]
New home starts up 7% compared to same period last year
The three coalition leaders and Minister for Housing Darragh O’Brien will unveil the latest progress report on the Government’s “Housing For All” plan. The data relates Q2, from April to June this year. It shows building started on 12,987 new homes in the first five months of 2023, up 7% when compared to the same […]