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Over half of Irish businesses expect to increase turnover in the next 12 months and 38% expect to expand their workforce, according to the latest research from KPMG. The Enterprise Barometer reveals overall optimism among Irish businesses, with 59% of firms reporting plans to grow in the near future. 59% intend to finance their expansion…

The world’s central bank umbrella body, the Bank for International Settlements (BIS), has called for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation. Despite the relentless rise in rates over the last 18 months, inflation in many top economies remains stubbornly high.…

As the holiday season begins, 27% of consumers say they cannot afford a holiday this year, compared with 23% last year and 19% in 2021, according to the last Credit Union Consumer Price Index published today. Based on a survey of 1,000 people, it finds 30% of respondents planning a holiday say cost of living…

Manufacturing activity has been in decline since July Manufacturing activity has been in decline since July Euro zone business growth virtually stalled this month as the downturn in manufacturing deepened while activity in the bloc’s dominant services industry barely expanded, a survey showed today. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled…

Wholesale electricity prices continued to fall last month and are now back to levels not seen in two years. Figures from the Central Statistics Office show that prices fell by 16.2% in May compared to the previous month and fell by 26.6% compared to May last year. Overall, the wholesale price index which measures prices…

The Central Bank has warned that if Government expenditure in next year’s Budget goes beyond its 5% spending rule, it runs the risk of stoking inflation further. In its Summer Quarterly Bulletin, the Bank has also revised upwards both its forecasts for growth in the domestic economy and also for inflation. The economy is described…

Oil futures dipped today amid demand fears after the Federal Reserve chairman hinted at further interest rate hikes, while traders awaited official US inventory data following an industry report that showed an unexpected draw in crude stocks. Brent futures fell 22 cents, or 0.3%, to $76.90 a barrel at 0646 GMT, while US West Texas…

Prices in Ireland were higher than in any other European Union country last year, according to statistics agency Eurostat. Data on household consumption show that Irish prices were 46% above the EU average in 2022, higher than any other country in the bloc. That was followed by Denmark, where prices were 45% above the average,…

Tax cuts in the budget would add fuel to an over-stimulated economy and could contribute to persistent inflation, a new report warns. The study from the economic and social think-tank, TASC, argues that tax levels should remain broadly the same as prior to the budget to prevent a resurgence of inflation, which has recently shown…

European new car registrations increased in May, data from the region’s carmaker association showed today. The number of new vehicles registered that month in the European Union, Britain and the European Free Trade Association (EFTA) grew by 18.2% to 1.12 million units year on year, the European Automobile Manufacturers Association (ACEA) said. In the European…