Business News

Irish agri-food exports were worth €19 billion in 2022, with 165,000 people employed across the sector, according to the latest annual review and outlook report from the Department of Agriculture published today. Last year was another bumper year for Irish agri-food exports, with total sales of €19 billion, up 22% on 2021. The increase was…

New figures from the Central Statistics Office today show that the estimated labour market participation rate in the third quarter of 2023 reached 65.8% – the highest rate recorded since the third quarter of 2008 and up from 64.8% the same time last year. Today’s CSO Labour Force Survey figures show that the employment rate…

The full effect of higher interest rates has yet to feed through the economy, according to the Central Bank’s Financial Stability Review published today. The Review has left mortgage lending rules unchanged. Speaking at a press conference, the Governor of the Central Bank said he was concerned inflation was higher in Ireland than in the…

The number of mortgages approved last month increased by 2.7% compared to a month earlier. But versus the same month in 2022, volumes were down 20%, as switching activity fell off, new data from Banking and Payments Federation Ireland (BPFI) shows. A total of 4,273 mortgages were approved during the month, with first time buyers…

The Exchequer collected €110 billion in 2022 in taxes and PRSI, according to figures from the Central Statistics Office published today. This is an increase of €16.3 billion or 17% on the total tax revenue figure in 2021. Included in this figure was what the CSO described as an “unprecedented” 48% increase in corporation tax…

OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to November 30 from November 26 as producers struggled to agree on production levels and hence possible reductions, OPEC+ sources said, a surprise delay that sent oil prices sliding. Three OPEC+ sources said this was linked to African countries. OPEC+ said after its…

Minister for Further and Higher Education Simon Harris has announced further details on the cost of education measures first outlined in the Budget. A reduction of €1,000 in undergraduate fees has now been applied to all students’ accounts reducing the cost of college for 96,000 students by 33%. Students, or their families, who have paid…

Euro zone fiscal policy will be tighter on aggregate next year but several countries, including France and Italy, plan to spend too much, breaking EU recommendations, the European Commission said today after analysing draft euro zone 2024 budgets. “The aggregate fiscal stance for the euro area is projected to be contractionary in 2024 on the…

It’s that time of year again when Black Friday advertising is inescapable. Offers galore are touted on social media feeds, in broadcasting and newspapers in the run up to 24 November. Buy, buy, buy, is the message, and do it quick in case the bargains do not last. Since Black Friday and Cyber Monday became…

The Government has signed off on a plan to increase PRSI over five years to replenish the Social Insurance Fund. Under the plan there will be incremental increases in all classes of PRSI. This decision will see hikes in PRSI rates for employers, employees and the self-employed. These increases will support the retention of the…