Interest cut on tax debt warehoused by businesses since Covid
Minister for Finance Michael McGrath has announced that the interest rate on tax debt frozen since the pandemic has been cut to 0%. The Revenue Commissioners have also indicated that they will take a flexible approach to repayments which will allow for pay back arrangements spanning more than five years. There is still €1.72 billion […]
Global economy to fare better than thought in 2024 – OECD
The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets euro zone weakness, the OECD said. World economic growth is expected to ease from 3.1% in 2023 to 2.9% this year, better than the 2.7% expected in […]
Weakest pace of services expansion in 3 years in January – AIB PMI
There was a marked slowdown in the rate of expansion in activity in the services sector in January, according to AIB in its latest Purchasing Managers’ Index. The overall index came in at 50.5 in the month – just above the 50 breakeven point that separates expansion from contraction in a given sector. It was […]
Euro zone inflation dips but core figures may disappoint
Euro zone inflation eased as expected last month but underlying price pressures fell less than forecast, likely boosting the European Central Bank’s argument that rate cuts should not be rushed, even if the next move is still going to be policy easing. Consumer inflation in the 20 nations sharing the euro dipped to 2.8% in […]
New car sales up 15% in January, EV sales hit new high
New car sales were up 15% in January when compared to the same time last year, new figures show. A total of 31,470 new cars were sold during the month, the data from the Society of the Irish Motor Industry (SIMI) reveals. Despite that growth, registrations are still 3% lower than pre-Covid levels in 2019. […]
Construction costs rise but rate of increase eases – SCSI report
Construction costs are continuing to rise, but the rate of increase eased significantly in the second half of last year, the latest Tender Price Index from the Society of Chartered Surveyors of Ireland shows. The report shows that the rate of commercial construction inflation increased nationally at a rate of 1.5% in the final six […]
Investment scams growing in frequency and complexity – BPFI report
Consumers are being warned to be on the alert for elaborate investment scams involving online and mobile banking transfers. Figures from FraudSMART, the fraud awareness initiative led by the Banking & Payments Federation Ireland showed a year on year 26% increase in the incidence of such fraud in the first six months of last year. […]
Construction costs rise but rate of increase eases – SCSI report
Construction costs are continuing to rise, but the rate of increase eased significantly in the second half of last year, the latest Tender Price Index from the Society of Chartered Surveyors of Ireland shows. The report shows that the rate of commercial construction inflation increased nationally at a rate of 1.5% in the final six […]
Inflation estimated to have slowed to 2.7% in January from 3.2% in December
The latest figures from the Central Statistics Office show an easing in the estimated annual rate of inflation in January. The latest “flash” inflation estimate from the CSO shows that the annual rate of inflation stood at 2.7% in January, down from 3.2% in December. The core HICP rate, which excludes energy and unprocessed food, […]
New controls on exports from Ireland to Britain begin
New controls on imports entering Britain from the Republic of Ireland have come into effect. The changes, which are a result of Brexit, require firms to pre-lodge customs declarations ahead of shipping products across the Irish Sea. Agri-food exports also have to be pre-notified to the UK authorities and in some cases they have to […]
Mortgage interest relief scheme opens for homeowners
From today, PAYE taxpayers can submit claims for mortgage interest relief for last year. The relief aims to help homeowners who have borne the brunt of interest rate hikes. Around 208,000 households are eligible, with the relief capped at €1,250 per property. The Government said self-assessed taxpayers will be able to claim the relief from […]
Euro zone narrowly avoids technical recession in Q4
The euro zone’s economy stagnated last year, weighed down by an industrial malaise in Germany, its former powerhouse, data showed today. The 20 countries that share the euro barely avoided an outright recession in the final quarter of last year even as the zone’s biggest trading partner, the US, chalked up impressively brisk growth. The […]
Offshore wind could be worth at least €38bn to economy
The development of offshore wind in Ireland could be worth at least €38 billion to the economy, a new study has estimated. However, the report produced for Green Tech Skillnet and Wind Energy Ireland by BVG Associates also warns that significant investment in training and skills will be required if the benefits are to be […]
Job vacancies down 28% in final quarter of last year
Job vacancies fell 28% in the final three months of last year, compared to the same period in 2022. According to IrishJobs the number of open positions advertised on its platform during the period was also 13% lower than the previous quarter. The hiring platform claims the softening is further evidence of a normalisation of […]
Turnover in Irish investment property market down 70%
Turnover in the Irish investment property market dropped almost 70% last year to €1.85bn when compared to 2022 – the lowest since 2012. A new report by BNP Paribas shows that just 114 deals were carried out in the 12 month period, well below the ten-year average of 223. Between October and December, turnover reached […]
Social welfare recipients to receive double payment this week
Around 1.3 million social welfare recipients will receive a double payment this week. Up to €342m will be paid out to pensioners, carers, people with disabilities, lone parents and low-income families. Those on Jobseekers Allowance for over 12 months will also qualify for the enhanced payment. Minister for Social Protection Heather Humphreys said: “Over the […]
Falling energy prices help boost consumer sentiment – survey
Falling energy prices and announcements of grocery price cuts have boosted consumer sentiment at the beginning of 2024, according to the latest Credit Union Consumer Sentiment Index. The survey of 1,000 adults conducted from the 4-19 January puts Irish consumer confidence at its highest level in almost two years. It found that though the Christmas […]
GDP down 1.9% in 2023, CSO’s preliminary estimate shows
New preliminary figures from the Central Statistics Office show that the country’s GDP is estimated to have fallen by 0.7% in the fourth quarter of 2023 when compared with the third quarter of last year. The CSO said the fall came on the back of decreases in the multinational dominated sectors of Industry and Information […]