Is the market bounce of 2023 fading rapidly?
2022 was a pretty dismal year for equity markets. Having kicked January off at all-time highs, stock valuations rapidly went south as inflation precipitated a round of interest rate increases, the likes of which hadn’t been seen in decades. On top of that, the outbreak of war in Ukraine contributed to an economic outlook that […]
Growth in service sector picks up in February
The latest AIB Services Purchasing Managers’ Index (PMI) reveals that growth in the country’s service sector picked up in February. The business activity index rose to 58.2 last month, from 54.1 in January. Readings above 50 indicate overall growth in activity. “This is the highest reading since May and points to a robust rate of […]
More than a third of employees feel invisible or under-appreciated at work
More than one third of employees in Ireland feel invisible or under-appreciated at work, according to a new survey. The Workhuman Human Workplace Index found that almost half of employees feel stressed at work. The findings are being published to mark Employee Appreciation Day. Over a quarter of workers surveyed said they plan to leave […]
Public finances show deficit of €2.5bn at end of February
The public finances were €2.5 billion in deficit at the end of February. However, this was due to the transfer of €4 billion to the National Reserve Fund. On a twelve-month rolling basis, the Exchequer had a €1.5 billion surplus. Tax receipts overall were up €0.5 billion or 13% last month compared to February 2022. […]
Unemployment rate eases to 4.3% in February from 4.4% in January – CSO
The country’s unemployment rate fell to 4.3% in February from 4.4% the previous month, new Central Statistics Office figures show today. The jobless rate has remained between a 21-year low of 4.2% and 4.5% over the last 10 months amid a tight labour market. The unemployment rate of 4.3% in February was lower than the […]
Global energy-related CO2 emissions edged up to record high in 2022 – IEA
Global energy-related emissions of carbon dioxide hit a record high last year, although more clean technology such as solar power and electric vehicles helped limit the impact of increased coal and oil use, the International Energy Agency has said. Deep cuts in emissions, mainly from burning fossil fuels, will be needed over the coming years […]
Inflation back up to 8% in February from 7.5% in January – CSO flash reading
The annual rate of inflation went back up to 8% in February, compared to 7.5% in January, according to an initial estimate from the Central Statistics Office. Energy prices fell but food prices continued to climb higher last month. Today’s CSO figures show that Ireland has become the latest euro zone country to record a […]
Energy firms urged to include households in discounts
A charity has called on energy companies to pass on discounts to struggling families. On Monday, Electric Ireland said it was cutting its electricity tariffs for small and medium enterprises by an average of 10% from next month, while gas prices for these businesses are set to fall by an average of 15%. The vice-chair […]
Manufacturing activity improves amid rise in new orders
Activity in the manufacturing sector improved in February amid a rise in new orders, according to the latest AIB Purchasing Managers Index (PMI). After a period of weak activity over the winter months, the PMI moved back into expansion mode. The index rose to 51.3 last month from 50.1 in January and 48.7 in both […]
Young inventors targeted as part of engineering award
The annual James Dyson Award, an engineering competition focused on sustainability, is accepting submissions from young inventors from today. The award is aimed at undergraduates and recent graduates of engineering and challenges them to tackle a global problem, from environmental issues to improving healthcare practices. To date, the competition has awarded 390 inventions with prize […]
Electric Ireland to cut rates for SMEs from next month
Electric Ireland will reduce its electricity tariffs for small and medium enterprises in the Republic of Ireland by an average of 10% from next month. Gas prices for these businesses are set to fall by an average of 15%. However, the energy company said it is very difficult to project the trajectory of residential electricity […]
ECB has started to win inflation fight – Lane
Euro zone inflation pressures have begun to ease, including for all-important core prices, but the European Central Bank will not end rate hikes until it is confident price growth is heading back towards 2%, ECB chief economist Philip Lane said. The ECB has raised rates by 3 percentage points since July. It plans another half […]
€16bn worth of mortgages approved in 12 month period – record high
Almost €16 billion worth of mortgages were approved in the 12 months ending January 2023, according to new figures from Banking and Payments Federation Ireland. This was the highest value of annualised approvals recorded since BPFI started collecting the data in 2011. In total, 58,000 mortgages were approved within those 12 months. In January 2023 […]
Ibec upgrades economic growth forecasts
Employers’ group Ibec has upgraded its forecasts for growth in the economy this year in its latest Quarterly Economic Outlook. It now forecasts that the domestic economy will grow by 3.6% this year while GDP is expected to grow by 5.2%. It also expects inflation to be lower than previously forecast with consumer prices to […]
Gas still biggest source of electricity generation despite dip in January
Gas generated 42% of the country’s electricity demand in January, new figures show today Gas generated 42% of the country’s electricity demand in January, new figures show today The country’s gas demand fell by 8% in January compared to December due to milder than usual weather during the month. New figures from Gas Networks Ireland […]
Inflation rate expected to fall ‘much more rapidly’ than assumed
The Minister for Finance has said he expects inflation to fall “much more rapidly than previously assumed.” Speaking ahead of a speech to the Irish Tax Institute in Dublin, Minister Michael McGrath said the Department of Finance now believes inflation will average between 4% and 5% this year, with the annual rate falling to 4% […]
Signs of easing in rate of construction price inflation – SCSI Index
The rate of increase in prices in the construction sector is showing signs of easing, a new report from the Society of Chartered Surveyors suggests. The latest SCSI Tender Price Index shows that, while costs are continuing to rise, the rate of inflation eased significantly towards the end of last year to 4%. It was […]
Access to finance biggest challenge for tech start-ups – Scale Ireland
Access to finance is the biggest challenge facing tech startups here, a survey of founders by Scale Ireland concludes. Four in five respondents to the latest State of Start-ups survey said they believed it was difficult to attract capital in the current environment. That was slightly higher than the percentage who reported the same issue […]