Ryan: No significant reduction in energy costs in next year or two
The Minister for Environment has said he did not expect to see a significant reduction in energy prices in the next year or two, despite a dip in costs on wholesale markets. Eamon Ryan said suppliers had hedged a price at which to buy commodities in advance. However, Mr Ryan added he did not expect […]
Number of people working for multinationals hits highest ever level – IDA Ireland
32,426 new jobs were created by multinational companies with operations in Ireland over the past year, despite difficult economic conditions globally – the highest level of annual growth ever. When jobs lost during the same period are taken into account, the net number of new foreign direct investment related roles added over the last 12 […]
Contactless payments hit new high, cheque volumes drop
€4.8 billion worth of contactless payments were made in the third quarter of this year, the highest ever recorded. New figures from Banking and Payments Federation Ireland show that between July and September, the value of contactless payments increased almost 26% compared to the same time last year. There were over 285 million contactless transactions […]
EU agrees to tougher draft gig labour rules
EU lawmakers have agreed to tougher draft gig labour rules ahead of negotiations with EU countries to thrash out details, drawing dismay from a lobby group whose members include Uber Eats and Deliveroo. The European Commission had proposed the draft rules a year ago to give Uber and Deliveroo drivers and delivery employees benefits. These […]
Cost of energy biggest cause of worry for public
The cost of energy is the biggest cause of worry among the public, followed closely by the broader cost of living, a new survey by employers’ organisation Ibec has found. The survey also found a third of people polled were worried about housing, as challenges around that issue continue to grow. The national survey, carried […]
29% increase in insolvencies this year – Deloitte
New figures show a 29% increase in insolvencies so far this year with corporate insolvencies expected to exceed pre-pandemic levels over the next two years. More than 500 corporate insolvencies have been recorded in Ireland so far in 2022, the latest insolvency statistics from Deloitte show. This marked an increase of over 29% from 2021 […]
Construction activity slows for second month in a row
Activity in the construction sector here continued to slow down last month, the second consecutive month a decrease was recorded. The latest fall in the BNP Paribas Real Estate (BNPRE) Ireland Construction Total Activity Index was solid and the fastest since July. There was a particularly sharp acceleration in the pace of decline in housing […]
48% of Ireland’s electricity provided by wind in November
New figures show that wind energy provided 48% of the country’s electricity in November, which means it was the biggest source of electricity in Ireland last month. Wind Energy Ireland said that wind energy has supplied 34% of Ireland’s electricity demand this year to the end of November. It said this marked the best November […]
Wage growth tracker shows first slowdown in over a year
Wage growth in November slowed across economies in Europe, the UK and the US, according to the Indeed Wage Tracker published by the online jobs site Indeed.com. Its reading for Ireland shows annual wage growth slowing from a peak of 5.2% in July and August to 4.6% in November. The tracker, developed by economists from […]
Annual rate of inflation eases to 8.9% in November
The annual rate of inflation, as measured by the Consumer Price Index, moderated to 8.9% in November, new figures from the Central Statistics Office show today. This compares to an annual rate of 9.2% in October – a 38 year high. Today’s CSO figures show that food prices continued to rise but the price of […]
Govt business energy support scheme open for claims
Businesses that are seeking assistance with meeting the cost of rising energy bills can now submit claims under the Government’s support scheme. Revenue has said eligible firms which have already registered for the Temporary Business Energy Support Scheme (TBESS) can now lodge applications for the grant funding. Under the €1.2bn plan, businesses can recoup up […]
Households’ savings rate eases to 19% in Q3 – CSO
The rate of household savings fell in the third quarter of this year to 19% of disposable income, according to data published by the Central Statistics Office today. This was down on the 20% reported in the second quarter. This level is still high compared to pre-pandemic savings rates, which were around 10% according to […]
Pension auto-enrolment should include young, self-employed – ICTU
The Irish Congress of Trade Unions (ICTU) is expected to tell the Oireachtas Committee on Social Protection today that the Government’s new auto-enrolment pension scheme should include young and low-paid employees as well as sole traders. In October, the Government approved details of the new auto-enrolment scheme ahead of its expected introduction in 2024. Workers […]
ECB needs more rate hikes but inflation close to peak, says Lane
The European Central Bank will have to raise interest rates several more times to tame price pressures, even if headline inflation is now close to its peak, ECB chief economist Philip Lane told Italy’s Milano Finanza newspaper today. “We do expect that more rate increases will be necessary, but a lot has been done already,” […]
Euro zone likely heading into mild recession – PMI
Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed. S&P Global’s final composite Purchasing Managers’ Index for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November […]
96% of consumers worried about current cost of living – CSO
A new survey from the Central Statistics Office shows that 96% of respondents are concerned about the current cost of living, with 56% being very concerned. The CSO’s “Our Lives Our Money” Pulse Survey also shows that 63% of respondents believe they are in a worse financial situation now than they were a year ago. […]
Economy grew by 2.3% in Q3 – CSO
The economy grew by 2.3% from July to September of this year when measured by Gross Domestic Product. However, activity in the domestic economy measured by Modified Domestic Demand fell by 1.1%. Ireland’s economy was, again, the best performing economy in Europe in the third quarter of this year. On an annual basis, the economy […]
Most consumers to use savings to fund Christmas spend
Consumers are set to spend more this Christmas but plan to be less reliant on debt, according to research by the Competition and Consumer Protection Commission. Consumers are expecting to spend an average of €1,200 on Christmas shopping this year. That compares to an average of €1,000 last year. Households with children are due to […]