Irish Economy

Irish employment up 1% in Q1 2020

That Irish employment grew by a healthy 1% in Q1 2020 reflects that the Labour Force Survey struggled to capture the deterioration at end-March. We now know that 473,500 workers...

The return of magical thinking

Yesterday (May 20th), the UK government accepted that customs checks will be required between Britain and Northern Ireland, a step forward in some respects. However, the view that...

UK CPI data raise pressure on the Bank of England to do more

This morning’s UK CPI release shows inflation driven down to 0.8% by falling oil and energy prices with core inflation at 1.4%. Output price inflation is now in negative territory, signalling...

Irish trade holds up in March

March’s Irish trade data were encouraging, showing goods exports up 39% on the year to a fresh record high of €16.2bn. Notably, pharmaceutical exports were up 81% on the year to...

Irish residential property price inflation steady at 1%

Yesterday’s (May 14th) Residential Property Price Index (RPPI) showed inflation steady at 1%, positive in Dublin for the first time in almost a year but falling outside to the capital to...

Irish deficit likely to hit €30bn in 2020

Following a statement by Taoiseach Leo Varadkar yesterday (May 13th), it appears the government now expects a Budget deficit of €30bn (10% of GDP) in 2020, up from the €23bn...

Irish car sales grind to a halt

Yesterday’s (May 11th) data on new vehicles licensed showed new private car sales down 90% in April. Meanwhile, the Federal Reserve Bank of New York (FRBNY) indicated that today it will...

Irish unemployment rate rises to 28% in April

Friday’s (May 8th) Irish unemployment data rose to 28% in April, up from 15% in March. Furthermore, the data do not include a further 425,000 workers paid via the Temporary Wage...

New dwelling completions likely to fall heavily in 2020

The good growth in new dwelling completions in Q1 will be offset by considerable falls in supply through the rest of 2020. At a time when housing supply is vital, sites are shut and new...

Latest economic data highlight economic shock; eurozone GDP expected to fall 7.7% this year

Economic data from around the globe continue to break records but in the wrong direction and for all the wrong reasons. The latest PMI data for the Eurozone region, the lowest on...