Ireland to assume new EU online safety powers from tomorrow
Ireland’s media regulator Coimisiún na Meán has said it is ready to assume new EU online safety powers from tomorrow. It has been tasked with enforcing the Digital Services Act (DSA) in Ireland. All EU member states are required to have designated a ‘Digitial Services Coordinator’ by 17 February to implement the DSA in their […]
Inflation slows to 4.1% in January from 4.6% in December – CSO
The annual rate of inflation fell to 4.1% in the 12 months to January from 4.6% in December, new figures from the Central Statistics Office show today. This marks the third consecutive month where the inflation rate was lower than 5%. The CSO figures also show that inflation – as measured by the Harmonised Index […]
European Commission cuts Irish growth forecasts to 1.2% from 3%
The European Commission has today revised down its expectations for the performance of the Irish economy in its Winter 2024 Economic Forecast, which was published today. The Commission said that Ireland’s GDP growth outlook for this year has been adjusted “substantially” lower to 1.2% from an estimate of 3% in its Autumn Forecast In 2025, […]
Germany overtakes Japan as world’s third-biggest economy
Once forecast to become the world’s biggest economy, Japan slipped below Germany last year to fourth place, official data showed today, although India is projected to leapfrog both later this decade. Despite growing 1.9%, Japan’s nominal 2023 gross domestic product in dollar terms was $4.2 trillion, government data showed, compared with $4.5 trillion for Germany, […]
Euro zone Q4 GDP confirmed flat on a quarterly basis
Euro zone economic growth was flat in the last three months of the 2023 against the previous quarter and up 0.1% against the same time in 2022, Eurostat said today, confirming its earlier preliminary estimate. After euro zone output contracted 0.1% quarter-on-quarter in the third quarter, the result for the last three months is a […]
ECB needs more data but inflation going in right direction – Lagarde
Euro zone economic data indicates that inflation is heading back towards target as earlier predicted but the European Central Bank still needs more information before it can be sure, ECB President Christine Lagarde said today. The ECB has kept interest rates unchanged at a record high since September and has been pushing back on rampant […]
Government approves public sector pay deal
The Government has given formal approval to the public sector pay deal agreed last month. Following negotiations at the Workplace Relations Commission (WRC), unions, staff associations and government representatives reached agreement on a package that provides for increases of 10.25% over a two and a half year period. The agreement will cost around €3.6 billion […]
US consumer prices rise more than expected in January
US consumer prices increased more than expected in January amid rises in the costs of housing and healthcare, but the pick-up in inflation likely does not change expectations that the Federal Reserve will start cutting interest rates in the first half of this year. The US consumer price index increased 0.3% last month after gaining […]
Romance fraud warning as €7m stolen over five years
People have been urged to beware of romance scams and criminals who are seeking to take advantage of the increased popularity of dating apps this St Valentine’s Day. More than €7 million has been stolen from the victims of romance fraud in the past five years, according to gardaí. The majority of the 245 victims […]
New plan aims to improve childcare policy for parents and providers
Chartered Accountants Ireland has outlined a plan aimed at improving childcare policy for the benefit of both providers and parents. The institute has proposed a series of steps which it said could leave working parents up to €4,500 a year better off and free up vital working capacity in the economy. Its paper ‘Supporting Working […]
Contraction in construction at lowest level since October
Construction activity contracted for the seventh consecutive month in January, but by the smallest amount since October. Housing activity, while reducing further, slowed by the least extent since September, the BNP Paribas Real Estate Ireland Construction Purchasing Managers Index found. “The relative outperformance of residential reflects the strength of the new homes market where consumers […]
Labour and materials continue to drive construction costs higher
Labour and raw material costs continue to drive pricing higher in the construction sector, new research has found. The Construction Industry Federation Construction Outlook Survey for the first quarter of the year found two thirds of respondents saw labour costs rise year on year and 60% saw raw materials increase. More than half of the […]
ICTU recommends private sector pay increases of 4% to 6%
The Irish Congress of Trade Unions (ICTU) is recommending that unions in the private sector should seek to secure pay increases in the range of 4% to 6% in 2024, where affordable. The Private Sector Committee of the ICTU said its pay bargaining guidance was based on an analysis of the prevailing conditions in the […]
Advertising spend predicted to grow 4.1% in 2024 – Core
Advertising spend is predicted to grow by 4.1% this year, according to marketing advisory firm Core. That marks a slightly slower pace of growth than the 4.6% seen in 2023, however it would bring the total amount spent here to €1.534 billion. The majority of that money – 64% – is going towards digital channels, […]
Oil prices slip after rally last week on Middle East, tight supply
Oil prices slipped today as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed refined products markets. Brent crude futures were down 82 cents, or about 1%, at $81.37 a barrel, while US West Texas Intermediate crude futures slipped 74 cents, […]
Personal loan draw downs hit new high, car loans surge
The volume and value of personal loan draw downs reached a new high between July and September last year, new data shows. The figures from Banking and Payments Federation Ireland reveal that 53,404 personal loans were drawn down during the three month period, valued at €552 million. This is the highest volume and value recorded […]
Over a third of electricity produced by wind power last month
A report today shows that more than one third of electricity used in Ireland last month was generated by wind power. The latest figures, published by Wind Energy Ireland, show that the amount of electricity produced by wind farms was one of the highest ever recorded for the month of January. Last year was was […]
Over supply of Dublin offices could continue until 2027
The over supply of office space in Dublin could continue until the end of 2026 or start of 2027, new research suggests. The study by BNP Paribas Real Estate Ireland finds a delay in completing buildings last year has now spilled into this year. This has led to excess supply in the market which is […]