Archive for February 2020

Sterling was slightly weaker today, though it maintained some gains above $1.30, after having its best week in two months as investors priced in looser financial conditions under Britain’s new finance minister.  Rishi Sunak was appointed on Thursday when incumbent Sajid Javid unexpectedly quit as Prime Minister Boris Johnson reshuffled his cabinet.  Boris Johnson wants…

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…

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…

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…

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…

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…

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…

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…

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,…

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…