Archive for January 2024

Consumers are more optimistic about the outlook for the economy than was the case a year ago, according to the latest Reflecting Ireland survey from PTSB. Less than half of respondents – 47% – believe the economy will get worse over the coming year. That compares to 63% a year ago, and is down slightly…

The average interest rate on a new mortgage in Ireland fell slightly again in November, new figures from the Central Bank show. The rate dropped from 4.27% in October, to 4.25% in November. This means that Ireland had the tenth lowest rate in the euro zone. The lowest rate was in Malta at 1.93%, while…

The value of Ireland’s food, drink and horticulture exports declined by 4% last year to reach €16.3 billion, following a record breaking year in 2022 when exports grew by 22%. Bord Bia’s Export Performance and Prospects report shows that exports were impacted by inflation and the cost of living crisis which affected consumer spending. There…

Housing supply is unlikely to improve in the coming months, a new report from estate agent Lisney suggests. However, it states that more rental homes will become available to buy as private landlords exit the market. The report reveals that probate office delays are causing uncertainty for buyers, with a grant of probate now taking…

Mortgage switching activity dropped 75% last November when compared to the same time the previous year, new figures show. The latest report from Banking and Payments Federation Ireland (BPFI) shows that just 355 mortgages were approved for this group during the month, down from 1,419 in November 2022. Overall, there has been a slowdown in…

Enterprise Ireland has announced that net employment at its client firms grew by just over 5,000 last year to a record 225,500 in what was a “very challenging year for businesses”. The government agency supports Irish businesses, from start-ups to multinationals, to grow and scale and compete in global markets. 15,530 new jobs were created…

Euro zone inflation surged in December and could still go higher in the early part of 2024, easing financial markets pressure on the European Central Bank to start cutting interest rates from record highs. Inflation across the 20-nation bloc jumped to 2.9% in December from 2.4% in November, just shy of expectations for a 3%…

Ireland’s buoyant labour market had a significant effect on the housing market, reducing the negative impact of high interest rates on property prices last year. Asking prices for properties nationally rose by over 4% through 2023, in Dublin and outside the capital. The Myhome.ie report, which was done with the Bank of Ireland, said much…

Cyberattacks and data breaches are the top risks for Irish business, according to a new study. Aon’s Global Risk Management Survey gathered insights from 2,842 respondents across 61 countries, including Ireland, to identify their most-pressing business challenges. The study found that 94% of firms in Ireland have a formal plan or are reviewing processes to…

The contraction in euro zone business activity continued at the end of 2023 due to a persistent downturn in the dominant services industry, a survey showed today, indicating the bloc’s economy was in recession. HCOB’s Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, was…