Business News

The body representing the tourism industry here has said it is concerned that the recovery of the sector is still some way off the levels reached prior to the Covid-19 pandemic. Publishing its latest monthly tourism dashboard, the Irish Tourism Industry Confederation (ITIC) said soaring cost inflation is damaging business profitability and this combined with…

Sentiment among Irish consumers slipped for the first time in five months this month, amid bad news on the jobs front, global economic difficulties and ongoing inflation pressures. The drop in the Credit Union Consumer Sentiment Index may also reflect poor weather during the summer months, its author has suggested. Economist Austin Hughes said the…

The domestic economy grew by around 3.5% in June when compared to the same month last year, according to a new estimate from the Economic and Social Research Institute (ESRI). That compares to estimated Modified Domestic Demand (MDD) growth of 3.1% in May, the ESRI said. “While June saw a further tightening of financial conditions…

New figures from the Central Statistics Office show that wholesale electricity prices fell by 64% in July compared to the same time last year. The CSO said that electricity costs on the wholesale market are now lower than any time during the past two years, adding that the last time that prices were lower than…

The Government has published a plan to boost employment in the construction sector. The ‘Careers in Construction Action Plan’ highlights the need for the construction industry to recruit and retain a higher number of workers than is currently provided for through education, apprenticeships and current retention levels. It sets out a series of actions aimed…

The Minister for Finance has said he anticipates the rate of interest which is paid on savings accounts will increase in the weeks ahead. Michael McGrath said that while these are “commercial decisions for the banks”, he expects to see an increase. “The banks have not fully passed on increases in interest rates to mortgage…

Grocery inflation rose by 12.8% in the 12 weeks to August 6 – the lowest level of growth since November 2022 and the third drop in a row, new figures from Kantar show. Kantar said that take-home grocery sales in Ireland increased by 6.8% in the four weeks to August 6 as the average price…

Ireland is among the most attractive countries for international jobseekers, according to new research from job website Indeed. Just over 11% of searches for jobs in Ireland in June of this year originated from outside the country placing it in 14th place in a list of countries ranked in terms of the proportion of job…

The euro zone economy will keep growing in the coming years and is unlikely to experience a deep or sustained recession, European Central Bank chief economist Philip Lane said today. The economy of the 20-nation bloc sharing the euro has broadly stagnated for the past three quarters as manufacturing is deep in recession. Economists see…

A new survey shows that six in ten people are unaware they can get tax relief on the cost of special foods if they have to restrict their diet as a result of a medical condition, such as Coeliac disease or diabetes. The latest Taxback Taxpayer Sentiment Survey examined awareness of the relief which allows…