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Eurozone finance ministers are expected to agree to use Europe’s bailout fund to help support economies stricken by the coronavirus pandemic. However, during a video conference this afternoon they are expected to stop short of agreeing to pool European debt through so-called coronabonds, an approach favoured by a number of countries, including Ireland. During a…

The number of people dependent on income supports has soared to over 700,000, according to the latest figures from the Department of Employment Affairs and Social Protection.  Last Friday, payments were issued to 507,000 recipients of the €350 per week Covid-19 Pandemic Unemployment Support payment, which is up from 283,000 a week ago.  These payments are…

Business output in Dublin stagnated in the first quarter of the year as business activity grind to a halt in March, new figures show today. The latest IHS Markit Dublin Purchasing Managers index fell to 49.9 from 53.7, ending more than seven years of continuous output growth in Dublin.  A figure under 50 signals contraction,…

Construction activity fell to its lowest level in 11 years as Covid-19 restrictions halted building across the country last month. Ulster Bank’s construction purchasing managers’ index, which follows the sector’s performance every month, fell to 28.9 in March from 50.6 in February, indicating that the industry virtually collapsed. The outbreak of the virus hit all…

The Government is expected to announce details of a new €200 million scheme of enterprise supports for businesses suffering as a result of the Covid-19 pandemic next week. The measures will be aimed at the manufacturing and internationally traded sectors and were approved by the EU under a temporary framework governing state aid rules earlier this…

Insurers and reinsurers in the European Union should temporarily suspend dividends and share buybacks, the bloc’s insurance regulator has said.  They should also consider postponing bonuses as well to ensure continuity in services during the coronavirus pandemic, the watchdog said. The virus has led to lockdowns of economies and a rising number of insurance claims…

The services sector here suffered a significant setback due to the Covid-19 outbreak last month, with both activity and new work falling at the fastest rate since April 2009. That is according to the AIB Ireland Services Business Activity Index, which fell from 59.9 in February to 32.5 in March. It found that new business…

Euro zone business activity collapsed last month as attempts to contain the coronavirus pandemic pushed governments to shut down vast swathes of their economies, from shops to factories to restaurants, a survey showed today.  The pandemic has infected more than a million people worldwide, paralysing economies as consumers worried about their health and job security…

The availability of property for sale on the market has taken a nosedive as a result of the Covid-19 emergency, with the number of houses for sale dropping significantly. Between 15 and 28 March there were just 1,300 properties posted for sale across the country, according to property website daft.ie. That represents half the total of the…

Factory activity here posted its sharpest ever monthly drop in March as the coronavirus pandemic disrupted supply chains and caused a collapse in demand, a survey showed today.  The AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) fell to 45.1 from February’s 51.2, its worst reading since May 2009. The figure was also well below…