Archive for March 2022

European economies face the risk of a shortage of diesel, the preferred fuel for heavy industry, as sanctions on Russian energy threaten to disrupt imports while supply from elsewhere remains limited. Russia is Europe’s largest supplier of diesel and related fuels. It sends over three quarters of a million barrels per day for use in…

Ireland’s older and poorer populations risk being left behind unless action is taken to address the nation’s digital divide, according to a new report. The 2022 Accenture Digital Index has found that the Covid-19 pandemic has led to an acceleration of the digital divide – the gap between the digitally engaged and disengaged. “The pandemic…

Ireland has among the highest rates of dependency on imported sources of energy in Europe, although dependency has declined in recent years. This is according to a report on energy security from the National Competitiveness and Productivity Council. The Council has called for an urgent focus on projects to help diversify energy supply sources, as…

Euro zone business activity has been stronger than expected this month, a survey showed today, although prices also rose at a record pace. This will likely add to pressure on the European Central Bank to raise interest rates. Some of that growth came from a rebound following the lifting of Covid restrictions, and the outlook…

Consumer sentiment plummeted in March, according to KBC Bank Ireland, in what was the biggest month-on-month drop in confidence since the onset of the pandemic. There was a full ten-point drop in the index bringing it from 77 in February to 67 this month. While not as pronounced as the 34.7 point drop in April…

The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year and increased its outlook for inflation as a result of the ongoing war in Ukraine. In its latest Quarterly Economic Survey, the ESRI said inflation could peak at 8.5% this summer before averaging out across the year at…

Commencement notices for new residential homes last month hit their highest rolling 12-month total since the recording of the data began in 2004. According to the Department of Housing, Local Government and Heritage, notification was received during February that work was to begin on building 2,237 new houses and apartments. That represented an increase of…

The Government has announced plans for a new law that will make it easier for consumers to group together and seek redress if they have been affected by a breach of their rights, either in Ireland or in another EU country. The legislation will give designated qualified entities new powers to take enforcement action on…

A new national online searchable database has been set up by IDA Ireland, in partnership with Enterprise Ireland, to profile Irish based companies and multinational companies that have capacity in disruptive and sustainable technologies. Funding was secured under the Public Service Innovation Fund to build the new portal. It will allow companies to identify collaborators,…

The ESRI is set to warn later this week that soaring price inflation could be with us for up to two years. Many economists had predicted high inflation would ease this year, but Russia’s invasion of Ukraine means that higher energy and fuel prices are likely continue for the foreseeable future. Last week the US…