Business News

Almost €6.57 billion in tax was received by the Exchequer in July, up €303m (4.6%) on the same month of last year. Figures from the Department of Finance show Corporation Tax take continuing to surge, with €333m taken in the month. That is €101m – or 43.3% – more than in July 2022. Income tax…

Service sector growth remained robust in July amid a strengthening in business sentiment and a slight easing in still high input and output cost pressures, a survey showed today. The AIB S&P Global Purchasing Managers’ Index (PMI) for services was almost unchanged at 56.7 compared to 56.8 in June. The index has stayed above the…

Manufacturing activity across the euro zone contracted in July at the fastest pace since Covid-19 was cementing its grip on the world as demand slumped despite factories cutting their prices sharply, a survey showed today. There was considerable weakness seen in Germany, Europe’s largest economy. France and Italy, the second and third-largest euro zone economies,…

Business conditions in the manufacturing sector continued to deteriorate in July, new figures show. The latest Purchasing Managers Index from AIB reveals the sharpest decline in new orders so far this year. The index dropped slightly to 47, from 47.3 in June and 47.5 in May. Readings above 50 indicate overall growth in activity. The…

The Irish economy is nearing the peak of the current economic cycle and is on course to enter a period of more moderate growth, Ibec forecasts in its latest economic outlook. The business group points out that while the pipeline of investment and demand remains strong, the economy is on track to experience a natural…

Today marks the last day of the Temporary Business Energy Support Scheme, which was designed to help businesses with their electricity or natural gas energy costs as they surged over the last year. The scheme had been due to expire at the end of February, but was first extended to May and further extended until…

Consumer prices in the euro zone grew by 5.3% this month from 5.5% in June, extending a downtrend that started in the autumn. Excluding energy and unprocessed food, prices increased by 6.6% after a 6.8% rise a month earlier. While this is still a far cry from the ECB’s 2% target, the reading may help…

Ireland recorded the highest increase in economic growth in the euro zone in the second quarter of this year, new figures from Eurostat show today. The country recorded GDP growth of 3.3% in the three months to the end of June, compared to the previous quarter. It was followed by Lithuania, which grew by 2.8%.…

Inflation in Ireland, as measured by the Harmonised Index of Consumer Prices, is estimated to have moderated to an annual rate of 4.6% in July from 4.8% in June, new figures from the Central Statistics Office show. Today’s CSO flash inflation figures show that energy prices are estimated to have increased by 0.2% in the…

The Irish commercial property market suffered the third sharpest slowdown in investment across 27 countries in Europe over the first half of 2023, according to BNP Paribas Real Estate Ireland, with the market described as being at a ‘near standstill’. The second three months of the year was the weakest quarter for investment property in…