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Wages are going up at more than three times their pre-pandemic rate across euro area countries, according to a new study published by the Central Bank. However, the study also finds that wage growth may have levelled off in some countries as employers face “an increasingly uncertain and deteriorating economic outlook”. Central Bank economist Reamonn…

Euro and sterling rose against the safe-haven US dollar today, supported by a risk-on sentiment across markets with European stocks rising on persistent hopes China will ease Covid restrictions. A survey showed today that investor morale in the euro zone improved in November, the first time it rose in three months, reflecting hopes that recent…

Minister for Finance Paschal Donohoe has said eurozone finance ministers have agreed that an election to appoint the president of the Eurogroup will take place on 5 December 5, with a deadline of 24 November for prospective candidates to put their names forward. Mr Donohoe said he was “very privileged” to have received the support…

Irish agri-food exports were worth €15.4 billion in 2021, an increase of 51% since 2012, new figures show today. Irish produce was exported to more than 180 countries with the largest export being dairy, which exceeded €5 billion for the third year in a row. Agri-food exports accounted for 9.5% of total goods exports from…

The downturn in the euro zone economy has deepened as high inflation and fears of an intensifying energy crisis hit demand, adding to evidence the bloc is heading for a winter recession. A closely-watched survey showed euro zone October business activity contracted at the fastest pace since late 2020. German industrial orders also slumped more…

Some economists and bankers are warning that the US economy and the global economy will enter recession by the middle of 2023. The Central Bank and employers body Ibec have also downgraded their growth outlooks for Ireland, but are still predicting economic growth next year. Simon McKeever, the CEO of the Irish Exporters Association, said…

Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency has warned. The IEA said the shortfall would occur if Russia stops pipeline deliveries completely and China steps up its imports of liquefied natural gas, which Europe…

The unemployment rate stood at 4.4% in October, unchanged for the third month in a row after the August and September figures were both revised up from 4.3%, the latest Central Statistics Office figures show today. The jobless rate has inched up since hitting a 21-year low of 4.2% in May and June. The CSO…

New research from Banking & Payments Federation Ireland reveals that 64% of consumers have carried out at least one significant energy efficiency home improvement as energy costs continue to jump. Today’s research, carried out by Amárach, shows that 42% of consumers are planning to do at least one energy efficiency home improvement in the next…

Business group Ibec has downgraded its forecast for domestic demand due to rising costs and a weaker outlook for the global economy. In its latest Quarterly Economic Outlook, Ibec said domestic demand will grow by 3% in 2023, a downgrade from close to 4% in its previous set of forecasts in July 2022. The report…