Archive for October 2023

The rising cost of doing business and reduced tourism accommodation supply meant the key tourism month of July wasn’t as strong as hoped, new data from the sector suggests. The latest monthly dashboard from the Irish Tourism Industry Confederation (ITIC) points out that 650,200 international visitors came to this country from abroad during the month.…

The Nevin Economic Research Institute (NERI) has said an expansionary Budget next week “makes little economic sense” at this time. This is because it believes the economy is at, or close to, capacity with full employment. The union-backed think tank said that the level of spending outlined in the Government’s Summer Economic Statement will “add…

A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic and Social Research Institute. In its latest Quarterly Bulletin, the think-tank also cautions against any cuts in taxes in the upcoming Budget that go beyond keeping pace…

Gas was responsible for generating 46% of Ireland’s electricity in September, amid mild, sunny and wet weather. That proportion was similar to the previous month, but down from 55% in September of 2022. Wind accounted for 35% of energy generation capacity during the month, up 10 percentage points on the same month a year ago.…

The value of mergers and acquisitions with Irish involvement hit $33.3 billion during the first nine months of the year. That represented an increase of 48% compared to 2022 and the second highest amount for that period for any of the last five years. The data compiled by the London Stock Exchange Group Deals Intelligence…

Corporation tax in September came in below the Department of Finance’s estimate for the second month in a row, according to the latest Exchequer figures published this afternoon. The data came as the Department of Finance Chief Economist warned that it looks like tax revenue for 2023 will undershoot the most recent forecast. The Exchequer…

The growth in activity in the services sector was the slowest since the beginning of the year, according to the latest AIB Ireland Services Purchasing Managers Index. Concerns over the impact of higher interest rates and cost pressures weighed on the outlook, although it did remain positive. “Indeed, it was the lowest reading since January,…

A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic and Social Research Institute. In its latest Quarterly Bulletin, the think-tank also cautions against any cuts in taxes in the upcoming Budget that go beyond keeping pace…

The Minister for Finance has said that changes to personal taxation will be a “central element” of a just over €1.1 billion tax package that will form part of next week’s Budget. “While there are a number of different priorities I want to address as part of that, the central element of the tax package…

A company controlled by businessman Larry Goodman is to make up to €6.35m available to Barryroe Offshore Energy (BOE), which is currently in examinership, as part of a rescue package. The development comes as BOE announced that Chief Financial Officer, Colin Christie, has stood down and left the company. In a statement to the stock…