Euro zone consumers more optimistic on inflation – ECB survey
Euro zone consumers cut their inflation expectations in February and also took a more optimistic view on growth and unemployment, a fresh survey by the European Central Bank showed today. Euro zone inflation has started to edge down from record highs around the turn of the year. Further big falls are also likely over the […]
150,000 letters sent about unpaid Local Property Tax
Revenue has sent 150,000 letters to property owners who haven’t yet paid their Local Property Tax (LPT) or made an arrangement to pay. All residential properties were required to set up their payment method by 10 January at the latest, and most did. Revenue said payment arrangements for 2023 LPT liabilities are in place on […]
Growth in service sector slows in March
Growth in the country’s service sector slowed in March, according to the latest AIB Services Purchasing Managers’ Index (PMI). The data shows that the rates of increase in activity and new business moderated. The business activity index stood at 55.7, down from 58.2 in February. Readings above 50 indicate overall growth in activity. The Irish […]
Euro zone recovery gathered pace in March on demand for services – PMI
The euro zone recovery picked up pace last month but the upturn was uneven across industries and countries, according to a survey which showed price pressures remained elevated in the region. S&P Global’s Composite Purchasing Managers’ Index (PMI) is seen as a good gauge of overall economic health. It climbed to a 10-month high of […]
Corporation tax take jumps by 71% in first quarter of 2023
The amount of corporation tax collected in the first three months of this year is running €1.35 billion ahead compared to the same time last year. The latest Exchequer Returns from the Department of Finance show the public finances were just over €2 billion in deficit at the end of March, due mainly to the […]
Ireland the 6th largest exporter of financial services in the world
The number of international banks and investment firms operating in Ireland continues to grow, with 17 of the world’s top 20 global banks now located here. That is according to a new report by the Federation of International Banks in Ireland (FIBI) and Banking and Payments Federation Ireland (BPFI). FIBI is the representative body for […]
Most don’t shop around for financial products – ESRI
Most people do not shop around for bank accounts or financial products like loans, a survey carried out by the Economic and Social Research Institute has found. The survey was based on a national sample of almost 3,000 consumers carried out by the ESRI’s Behavioural Research Unit. It was commissioned by the Department of Finance […]
Retailers urged to avail of €3.4m fund to enhance their online presence
Retailers are being urged to apply to a €3.4m Government fund to enhance their online presence. In the latest round of the Online Retail Scheme, funded by the Department of Enterprise, Trade and Employment and administered by Enterprise Ireland, retailers can access up to €25,000 in grant funding to strengthen their ecommerce capabilities. Since 2018, […]
‘Historic’ corporate tax changes to take effect from next January
Minister for Finance Michael McGrath has said changes to Ireland’s corporate tax rate will take effect from next January and described it as a “historic change” in the country’s corporate tax regime. Speaking on RTÉ’s This Week, he said it is one of two planned changes and arises from an international OECD agreement, which Ireland […]
Asking prices for homes fall for third consecutive quarter – MyHome.ie
New data from property listings website MyHome.ie has found that asking prices for homes fell by 0.3% in the first three months of the year when compared to the previous quarter. The drop marks the third consecutive quarter that advertised prices for homes around the country have fallen. Nationally, though, listed prices are still up […]
Manufacturing activity weakens amid drop in new orders
Activity in the manufacturing sector weakened in March, as demand dropped, new figures show today. The latest Purchasing Managers Index from AIB shows that new orders and factory production fell. On a more positive note, price and supply pressures eased. The index dropped to 49.7, from 51.3 in February. Readings above 50 indicate overall growth […]
Company profits driving up inflation more than higher wages – ECB
A European Central Bank staff paper published today says bigger company profits are driving inflation more than higher wages. The paper – “How tit-for-tat inflation can make everyone poorer” – makes clear that both higher wages and higher profit margins are pushing up prices in the euro area. This is in response to higher energy […]
New legal association launched for media, internet and data protection
The Bar of Ireland has launched the Media, Internet and Data Protection Bar Association (MIDBA). It is a new Specialist Bar Association aimed at legal professionals who practice, or have an interest, in the areas of media, internet and data protection law. The aim of MIDBA is to promote and advance knowledge in what are […]
Inflation rate estimated at 7% in March, down from 8.1% in February – CSO
Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 7% in March, the latest figures from the Central Statistics Office show. This compares to a rate of 8.1% in February and is the slowest annual rate of inflation since March 2022. The […]
IFAC recommends Govt sets up State pension fund
The Government has been urged by budgetary watchdog the Irish Fiscal Advisory Council to take steps now to ensure State and public sector pensions are funded into the future. IFAC warns that otherwise tensions will arise when a smaller, younger, working population will have to pay more to fund a larger retired population. It recommends […]
Migrant employment harder hit by Covid restrictions – ESRI
Migrant labour market outcomes were more affected by the Covid-19 pandemic and associated public health restrictions than those of Irish-born workers, a new study from the Economic and Social Research Institute has found. However, by early 2022, the migrant employment rate of 77% was higher than the 72% rate among Irish-born workers. It also exceeded […]
ICTU welcomes passage of Work Life Balance Bill
The Irish Congress of Trade Unions (ICTU) has welcomed the passage of the Work Life Balance Bill by both Houses of the Oireachtas. The legislation will introduce a range of measures to improve family-friendly work practices including giving parents and carers the right to request flexible work. It will also introduce unpaid leave for medical […]
Economy facing risk of overheating this year – ESRI
The economy is set to grow more strongly this year than had been expected and may even overheat, according to the latest quarterly bulletin from the Economic and Social Research Institute. It expects the domestic economy to grow by 3.8% this year while inflation will moderate to 4.5%. Record levels of employment could stretch the […]