Archive for June 2022

An increase in the supply of housing may be contributing to an easing in the pace of growth in property prices, an analysis from the Banking and Payments Federation Ireland shows. However, it warns that any easing in price growth may be offset by cost pressures in the construction sector, which will likely have a…

More than a year of rapid growth in Ireland’s services sector moderated slightly for the second successive month in May as selling prices and input costs remained close to record highs, a survey showed today. The AIB S&P Global Purchasing Managers’ Index (PMI) fell to 60.2 from 61.7 in March. But the index stayed above…

Minster for Finance Paschal Donohoe has said Ireland, the US and the EU are at a “high point” of economic co-operation, particularly over the issue of corporation tax. Speaking in Washington after a meeting with US Treasury Secretary Janet Yellen, Mr Donohoe said he expected the 15% Minimum Corporation Tax Rate will be made law…

New research from the Central Statistics Office shows that in March households with the lowest incomes experienced higher inflation, up to 7.6% compared to the average rate of 6.7%. Those in the highest income category had annual estimated inflation of 6.1%, the CSO added. The rate of inflation stood at 6.7% in March and rose…

Despite the ongoing war in Ukraine, it is expected that restrictions on the importation of Russian gas to the EU will not significantly impact on gas supply to Ireland. That is according to Gas Networks Ireland, which does not envisage any disruption to gas supply during the summer months. In its 2022 Summer Outlook, Gas…

The volume of construction production dropped by 2.4% in the first three months of the year, compared to the final quarter of last year, new data from the CSO shows. This is despite widespread intense activity in the sector as it attempts to catch up from delays caused by the pandemic and ramp up the…

The country’s unemployment rate fell to 4.7% in May from 4.8% in April to return to the level it stood at before the Covid-19 pandemic hit, new figures from the Central Statistics Office showed today. The last time the unemployment rate was lower than 4.7% was in November 2006, towards the end of the “Celtic…

The country’s largest exporter of Irish dairy products, Ornua, has reported operating profit of €153.7m for 2021, up 1.3%. The dairy co-operative marked 60 years in business and reported an excellent trading performance with group turnover up 6.9% to €2.5 billion. It was another record year for Kerrygold, with volume growth up 12% on 2020.…

Bank of Ireland said today it has completed its €427m deal for J&E Davy Stockbrokers, which was first announced last July. Bank of Ireland said the deal significantly enhances its commercial and strategic objectives. Davy had assets under management of about €20 billion at the end of 2021 and Bank of Ireland said combining its…

Factory production growth dropped to 15-month low in May, as higher prices reportedly dampened client demand. The latest AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 56.4 in May, down from 59.1 in April. Any figure greater than 50 signals overall improvement of the sector, with the May figure indicating an improvement in…