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Irish economy set to grow by 3.4% in 2020, according to EY forecast

Accountancy firm EY has revised upwards its economic forecast for this year. EY’s latest Economic Eye report said it expects to see GDP growth of 3.4% for 2020. That is expected to moderate to 2.8% in 2021 and 2.7% in 2022. Professor Neil Gibson, Chief Economist for EY Ireland, said they revised the forecast following […]

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Moody’s leaves Ireland’s credit-rating unchanged

Ratings agency Moody’s has reaffirmed Ireland’s credit-rating, but has highlighted a range of possible risks to the health of the Irish economy. The organisation said it was keeping the Government of Ireland’s long-term issuer rating at A2. The ratings on the country’s senior unsecured bond, progamme and commercial paper ratings have also been left unchanged. […]

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Oil prices rise 1% and remain on course for weekly gain

Oil prices rose today and were on track for their first weekly gain since early January as investors bet the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.  Brent crude was up 57 cents or 1% at $56.91 a barrel this morning It […]

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Exports reached record levels of €152 billion last year – CSO

The country’s export levels reached record levels last year, according to the latest figures from the Central Statistics Office.  More than €152.5 billion worth of goods were exported last year, an increase of 8.5% on 2018 and the highest total on record.  The CSO noted that the largest category of exports was medical and pharmaceutical […]

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Euro zone GDP slows as expected in fourth quarter

Euro zone economic growth slowed as expected in the last three months of 2019 as gross domestic product shrank in France and Italy compared to the previous quarter. But employment growth picked up more than expected, official estimates showed today.  The European Union’s statistics office Eurostat said GDP in the euro zone expanded 0.1% quarter-on-quarter […]

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EU leaves euro zone growth forecast unchanged for this year and next

The European Commission has today kept its economic forecast for moderate euro zone growth for this year and 2021.  But it raised slightly its projection for inflation, noting the spread of the coronavirus was the key downside risk.  In an interim outlook for gross domestic product (GDP) growth and consumer inflation for the 19 euro […]

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New sources of tax needed to fund pensions – OECD

The Paris-based Organisation for Economic Cooperation and Development has said that Ireland’s population will age more rapidly than most other countries over the next 40 years.   In a survey on the Irish economy published this afternoon, it also warns that future changes to international corporate tax rules could lower the attractiveness of Ireland to […]

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House prices grow at slowest rate in six years – CSO

Residential property prices posted their lowest annual growth in over six years in December, increasing by 0.9% after prices in Dublin fell for a fifth month in a row.  This is according to the latest figures from the Central Statistics Office today.  House prices have stabilised over the last year having increased sharply for five […]

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Euro zone industrial output tumbles more than expected in December

Euro zone manufacturing output plunged more than expected in December ending a weak quarter for the single currency area, official estimates showed today.  Industrial production fell 2.1% month-on-month in the euro zone, the EU statistics agency Eurostat said, in a slump that was worse than the 1.6% fall predicted by economists polled by Reuters.  Year-on-year, […]

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Economy operating close to full capacity – Central Bank

The Central Bank has said the economy is close to operating at full capacity and that any incoming government should follow a prudent fiscal policy and reduce the level of national debt. In its Quarterly Bulletin, the bank also highlights how exports of Irish goods are becoming increasingly concentrated in pharmaceuticals and computer processors. The economy […]

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