Irish economy on course for more moderate growth – Ibec
The Irish economy is nearing the peak of the current economic cycle and is on course to enter a period of more moderate growth, Ibec forecasts in its latest economic outlook. The business group points out that while the pipeline of investment and demand remains strong, the economy is on track to experience a natural […]
Manufacturing sector continues to contract, amid drop in new orders
Business conditions in the manufacturing sector continued to deteriorate in July, new figures show. The latest Purchasing Managers Index from AIB reveals the sharpest decline in new orders so far this year. The index dropped slightly to 47, from 47.3 in June and 47.5 in May. Readings above 50 indicate overall growth in activity. The […]
Euro zone factory July activity fell at fastest pace since onset of Covid – PMI
Manufacturing activity across the euro zone contracted in July at the fastest pace since Covid-19 was cementing its grip on the world as demand slumped despite factories cutting their prices sharply, a survey showed today. There was considerable weakness seen in Germany, Europe’s largest economy. France and Italy, the second and third-largest euro zone economies, […]
Ireland posts highest GDP growth in Q2 as euro zone returns to growth
Ireland recorded the highest increase in economic growth in the euro zone in the second quarter of this year, new figures from Eurostat show today. The country recorded GDP growth of 3.3% in the three months to the end of June, compared to the previous quarter. It was followed by Lithuania, which grew by 2.8%. […]
Euro zone inflation falls further in comforting sign for ECB
Consumer prices in the euro zone grew by 5.3% this month from 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, prices increased by 6.6% after a 6.8% rise a month earlier. While this is still a far cry from the ECB’s 2% target, the reading may help […]
Temporary Business Energy Support Scheme ends today
Today marks the last day of the Temporary Business Energy Support Scheme, which was designed to help businesses with their electricity or natural gas energy costs as they surged over the last year. The scheme had been due to expire at the end of February, but was first extended to May and further extended until […]
GDP rebound of 3.3% in second quarter may mean economy is out of recession
The Irish economy as measured by Gross Domestic Product (GDP) returned to growth in the second quarter of the year, new preliminary figures from the Central Statistics Office (CSO) show. GDP grew by an estimated 3.3% between April and June. That compares to a contraction of 2.8% in the first three months driven by a […]
Sharp slowdown in property investment market in first half – BNPPRE
The Irish commercial property market suffered the third sharpest slowdown in investment across 27 countries in Europe over the first half of 2023, according to BNP Paribas Real Estate Ireland, with the market described as being at a ‘near standstill’. The second three months of the year was the weakest quarter for investment property in […]
Inflation rate estimated to have slowed to 4.6% in July from 4.8% in June – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in June, new figures from the Central Statistics Office show. Today’s CSO flash inflation figures show that energy prices are estimated to have increased by 0.2% in the […]
ECB raises interest rates again but keeps options open for September
The European Central Bank has today raised interest rates for the ninth consecutive time and said it was open-minded about further tightening as stubbornly high inflation and recession worries pull policymakers in opposing directions. Fighting off a historic surge in prices, the ECB has now lifted borrowing costs by a combined 425 basis points since […]
SMEs to maintain or increase sustainability investments
Over 90% of small and medium sized businesses in Ireland plan to maintain or increase their investment in sustainability practices over the next year. The SME sustainability sentiment survey conducted by Behaviour and Attitudes for Uisce Éireann reveals that 73% of companies plan to maintain their current level of investment, while 20% expect to increase […]
Census 2022 shows falling home ownership rates – CSO
New figures from the Central Statistics Office show that the number of homes owned without a mortgage or loan increased by 11% to nearly 680,000 while the number owned with a mortgage or loan fell by 1% in 2022. Compiled from data in Census 2022, today’s CSO figures also show that the housing stock increased […]
Further 0.25% increase in interest rates expected from ECB today
The European Central Bank (ECB) is expected to raise interest rates again at a meeting of its Governing Council in Frankfurt today. Markets are expecting a further 0.25% rise in rates, as efforts continue to bring inflation in the euro area under control. If rates do increase as expected today, it would be the ninth […]
Gas demand 9% lower in June compared to last year
Warmer weather and the ending of the academic year in education institutions led to demand for gas dropping by 10% in June compared to May. Overall, gas demand was 9% lower in June of this year compared to last, Gas Networks Ireland said. The residential sector drew -53% less gas in June compared to a […]
Corporate insolvencies rise 30% in first half of year
329 corporate insolvencies were recorded in Ireland in the first half of the year, new figures from Deloitte show. This is up 30% on the same time last year, when 253 insolvencies were recorded. 186 corporate insolvencies were recorded in the second quarter of the year, up 30% on the previous quarter. These figures represent […]
20% never carry cash, younger people leading the way
Younger people are leading the way when it comes to cashless living, with half of 18-24 year olds saying they never carry money. New figures from Royal London Ireland, a life insurance and pensions company, show that in total, 20% of people in Ireland never carry cash. Those over the age of 55 were less […]
Government extends Abhaile scheme for four more years
The Abhaile scheme, which supports families who are in serious or long-term mortgage arrears and are at risk of losing their homes, has been extended by the Government for a further four years. Funded and managed jointly by the Department of Social Protection and the Department of Justice, the scheme was set up in 2016 […]
Mortgage activity slows but lending to FTB remains robust
The volume of new mortgages drawn down by first-time buyers in the second three months of the year fell for the first time since the pandemic in 2020. However, first-time buyers remained the single biggest segment of the market by both volume and value, accounting for 63%. According to new data from the Banking and […]