Q1 GDP fell 2.7% on a quarterly basis, preliminary estimate shows
The country’s gross domestic product fell by 2.7% on a quarterly basis in the first quarter of 2023 but stood 6.4% higher than a year ago, a preliminary estimate reading from the Central Statistics Office shows today. The Government has long cautioned against using GDP to accurately measure economic growth as it is routinely inflated […]
IMF urges European central banks to kill inflation ‘beast’ with rate hikes
The International Monetary Fund has today urged European central banks to “kill the beast” of inflation by pursuing interest rate hikes. “You need to go and kill that beast” the IMF’s European department director Alfred Kammer told reporters in Stockholm. He said “history is littered” with examples of policymakers who pause rate hikes only to […]
New mortgage drawdowns fell by a third in first quarter – BPFI
The volume and value of new mortgages drawn down in the first three months of this year fell by around a third, compared to the final three months of last year. According to new data from the Banking and Payments Federation Ireland, 10,908 new home loans worth €2.87 billion were issued by lenders. The BPFI […]
Significant improvement in consumer sentiment in April
Consumer sentiment has improved significantly this month as negativity about the economy and household finances subsided, new data has found.The Credit Union Consumer Sentiment Index rose to its best level in 13 months, reversing the 1.7-point decline seen between February and March.Author of the commentary, economist Austin Hughes, said the rise means a clear if […]
VC investment into Irish firms plummeted 57% in the first quarter
Venture capital investment into Irish firms plummeted 57% between January and March, compared to the same period last year. Irish businesses raised $172.8m during the period through 24 deals, down from the 25 worth $401m in the first three months of last year. Rising interest rates, high inflation, worries about the banking system and the […]
Economic concerns cause job ads to drop 20% in first quarter
Job vacancies fell 20% in the first three months of the year when compared to the same period in 2022, according to hiring platform IrishJobs. In comparison to the last three months of last year, the number of job ads was down 6%. Despite the apparent softening of the market though, the number of vacancies […]
Proportion of corporation tax paid by 10 multinationals rose to 57% in 2022 – Revenue
An analysis by Revenue of corporation tax returns last year has revealed that the proportion paid by just ten multinationals rose to 57%. Last year the amount of corporation tax collected by the State rose by 48% to €22.7 billion. This year, it is forecast to rise again to over €24 billion. Last year the […]
Income tax receipts surged between 2020 and 2022
Income tax receipts in Ireland rose by more over the two year period up to 2022 than they did over the seven year period up to 2019, new data from Revenue shows. Total income tax receipts between 2020 and 2022 came in at €8.1 billion, compared to €7.8 billion between 2012 and 2019. While receipts […]
18,856 home owners pay LPT for first time in 2022 – Revenue
Revenue has today published its annual report for 2022, which it said reflected a year of strong performance with a record amount of tax and duty collected during the year. The 2022 publication is Revenue’s 100th annual report. Revenue collected total gross receipts of almost €118 billion last year, including €22 billion in non-Exchequer receipts […]
Motor insurance premiums fell 5% in first half of 2022 – Central Bank
Motor insurance premiums fell by 5% in the first six months of last year, according to new data compiled by the Central Bank of Ireland. The first mid-year motor insurance report of the National Claims Information Database also shows the cost of claims settled directly or through the Personal Injuries Assessment Board (PIAB) has fallen […]
Agricultural land prices to continue to rise this year – report
The cost of farmland and renting farmland is set to continue to rise in 2023, according to a new report from the Society of Chartered Surveyors and Teagasc. The report, based on returns from 134 SCSI members completed in January and February, forecasts average agricultural land prices will rise 8% in 2023, while average prices […]
New share buyback to cut State’s stake in AIB to 53.35%
The Minister for Finance has taken part in AIB Group’s 2023 share buyback programme on a directed basis, which will further reduce the State’s shareholding in the bank. The buyback will see AIB purchase €215m of its shares from the State by way of an off-market purchase. This represents 54,674,818 shares or 2.05% of the […]
Corporate insolvencies rose 22% in first quarter
The number of corporate insolvencies recorded in the first three months of the year rose 22% compared to the same period last year. But overall the number of insolvencies is down slightly on the last three months of 2022, indicating that the forecasted steep increase in firms going out of business is not currently happening. […]
Cabinet to consider abolishing development levies temporarily
Development levies for housing could be abolished temporarily under plans to be considered by Cabinet tomorrow. The measure, yet to be approved, is designed to help increase “near-term delivery” and will apply for a set time period. Savings to be gained from the abolishment of the development levy will vary depending on where the construction […]
Moody’s upgrades Ireland’s credit rating to highest level in 13 years
Ratings agency Moody’s has upgraded Ireland’s sovereign credit rating. The move to the Aa3 ratings brings Ireland back to Moody’s AA category for the first time since 2010. It is the second time that Moodys has upgraded Ireland in under one year. In May of last year, it bumped the country’s credit rating up to […]
Important to build up an ‘anti-austerity fund’ – Taoiseach
The Taoiseach has said that while there will be tax cuts and a welfare package in the next budget, it is also important to reduce the country’s debt levels and build up an “anti-austerity fund” for the future. Leo Varadkar was speaking at the Bloomberg New Economy Gateway Conference in Wicklow and was asked about […]
Dublin office lettings slump in first quarter
Office lettings in Dublin slumped in the first three months of the year, caused by the retrenchment in the tech sector and the growth in hybrid working. New data from BNP Paribas Real Estate found just 26,500 sq m of office space was let over the quarter. BNPRE is forecasting that the vacancy rate will […]
Dollar, euro steady after strong US bank results
The US dollar and euro steadied today after strong US banking results firmed up expectations that the Federal Reserve and the European Central Bank will keep raising interest rates. Morgan Stanley reported first quarter profit yesterday that beat expectations. This added to rosy results from major US lenders and calming fears of a widening crisis […]