€17m fund for community-based tourism projects
A fund of €17 million for private and community-based small tourism projects is opening for applications today. Failte Ireland was allocated €68 million in funding in total, the first part of which is focused on grants for small and community projects. It is part of the European Union Just Transition package announced earlier this year. […]
Irish economy tops OECD league table for growth in Q2
Ireland recorded the highest level of economic growth in Gross Domestic Product terms among OECD countries in the second three months of the year. There are 38 member economies in the Paris-based Organisation for Economic Development including the world’s leading economies. Between March and June, GDP growth across OECD economies was estimated to have registered […]
Annual retail sales up 5.9% in July, CSO figures show
The volume of retail sales increased by 5.9% in the 12 months to July, new figures from the Central Statistics Office show. On a monthly basis, sales volumes dropped by 0.8% when compared to June. When motor trades are excluded, the volume of retail sales fell by 4% in the month, and rose by just […]
Do your homework: How to manage back-to-school costs
From shoes and uniforms, to school bags and stationary, back-to-school costs are mounting. It is an expensive time of year for those with children in both primary and secondary school, with many of the expenses unavoidable. A recent study carried out by children’s charity Barnardos revealed that many parents are concerned about meeting the costs […]
Oil inches up after China moves to support flagging economy
Oil prices ticked higher today after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand. Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while US West Texas Intermediate […]
Third of workers do not feel companies treat everyone fairly
A third of workers in Ireland do not feel their organisations treat everyone fairly according to new research on workplace diversity and inclusion. The study by the Irish Centre for Diversity shows that 90% of workers feel respected and valued by their immediate colleagues but two out of five respondents said they did not feel […]
Construction inflation moderates but remains high
Tender prices for commercial construction projects rose by 2.4% during the first half of the year. That’s down from 3.7% during the second six months of 2022, according to the Society of Chartered Surveyors Ireland (SCSI). It means the annual rate of commercial construction tender price inflation between July of last year and June of […]
Mortgage approvals fall in July despite FTB activity
A slowdown in the market meant the number of new mortgages approved in July was down 9.7% on the same month last year and 0.4% on June, despite continued strong first time-buyer activity. New data from Banking and Payments Federation Ireland shows 4,747 new home purchase loans got the go-ahead in the month. First-time buyers […]
Employment rate at highest level since records began in 1998
The employment rate rose to over 74% in the second quarter of 2023, the highest rate since the current series of records began in 1998. The latest Labour Force Survey from the Central Statistics Office shows that the number of people in employment increased by 88,400 or 3.5% to 2,643,000 in the second quarter of […]
Consumer sentiment slips for first time in five months
Sentiment among Irish consumers slipped for the first time in five months this month, amid bad news on the jobs front, global economic difficulties and ongoing inflation pressures. The drop in the Credit Union Consumer Sentiment Index may also reflect poor weather during the summer months, its author has suggested. Economist Austin Hughes said the […]
Tourism chiefs concerned at pace of sector’s recovery
The body representing the tourism industry here has said it is concerned that the recovery of the sector is still some way off the levels reached prior to the Covid-19 pandemic. Publishing its latest monthly tourism dashboard, the Irish Tourism Industry Confederation (ITIC) said soaring cost inflation is damaging business profitability and this combined with […]
52% of SMEs raise prices to counteract inflation squeeze
52% of Irish SME businesses have taken the step to raise their prices, according to the latest Linked Finance SME Confidence Index. Recent Central Statistics Office figures show that inflation stood at 4.6% for July, down from 4.8% in June and 9.6% in July last year. Linked Finance said that initial steps taken by businesses to […]
Government launches action plan on construction jobs
The Government has published a plan to boost employment in the construction sector. The ‘Careers in Construction Action Plan’ highlights the need for the construction industry to recruit and retain a higher number of workers than is currently provided for through education, apprenticeships and current retention levels. It sets out a series of actions aimed […]
Annual wholesale electricity prices down 64% in July – CSO
New figures from the Central Statistics Office show that wholesale electricity prices fell by 64% in July compared to the same time last year. The CSO said that electricity costs on the wholesale market are now lower than any time during the past two years, adding that the last time that prices were lower than […]
ESRI estimates domestic economy grew by 3.5% in June
The domestic economy grew by around 3.5% in June when compared to the same month last year, according to a new estimate from the Economic and Social Research Institute (ESRI). That compares to estimated Modified Domestic Demand (MDD) growth of 3.1% in May, the ESRI said. “While June saw a further tightening of financial conditions […]
Ireland among top countries for jobseekers globally
Ireland is among the most attractive countries for international jobseekers, according to new research from job website Indeed. Just over 11% of searches for jobs in Ireland in June of this year originated from outside the country placing it in 14th place in a list of countries ranked in terms of the proportion of job […]
Grocery inflation drops to lowest rate since November 2022
Grocery inflation rose by 12.8% in the 12 weeks to August 6 – the lowest level of growth since November 2022 and the third drop in a row, new figures from Kantar show. Kantar said that take-home grocery sales in Ireland increased by 6.8% in the four weeks to August 6 as the average price […]
Finance Minister expects to see deposit rates rising soon
The Minister for Finance has said he anticipates the rate of interest which is paid on savings accounts will increase in the weeks ahead. Michael McGrath said that while these are “commercial decisions for the banks”, he expects to see an increase. “The banks have not fully passed on increases in interest rates to mortgage […]