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Construction output slumps 42.5% in second quarter – CSO

New figures from the Central Statistics Office show that construction production slumped by 42.5% in the second quarter of 2020 compared to the previous three month period as Covid-19 restrictions closed down most buildings sites for some months. The CSO said this marked the largest quarterly decrease since the index began. The biggest quarterly decline […]

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Germany plans to borrow €80bn to see out Covid crisis

German Finance Minister Olaf Scholz is working on a budget for next year that would see Berlin take on net new debt of at least €80bn to fund more measures in the fight against the coronavirus pandemic, a source familiar with the matter said yesterday. The move underlines Mr Scholz’s determination to move Germany further […]

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Resilient taxes can’t match ballooning Government spending as €9.452bn defecit recorded

The amount of tax being collected by the State has continued to defy the scale of the pandemic economic crash but nowhere near enough to fund ballooning spending, new Exchequer data shows. The State recorded a deficit of €9.452bn for the nine months to the end of August as government spending dramatically outstrips income. Tax […]

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Eurozone economy stalls as north-south divide emerges

The euro zone’s recovery ran out of steam midway through the third quarter, with gauges of activity pointing to contractions in Italy and Spain. While manufacturing output rose markedly in August, the larger services sector saw only marginal growth, according to an IHS Markit report. Orders increased at a slower pace, job cuts continued and […]

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Tourism and hospitality sector seeks help as losses reach €27m a day

The loss of international tourists to Ireland is costing the tourism and hospitality sector €27m a day. That’s according to the Irish Tourism Industry Confederation (ITIC) which says 200,000 jobs are at risk if the Government does not take action to support the industry. “Tourism is facing an existential crisis and Government must listen to […]

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Exchequer deficit climbed to €9.5bn by end of August

The public finances recorded a deficit of €9.5bn at the end of August according to the latest Exchequer Returns.  This compares to a deficit of €625m recorded at the same point last year. The €8.8bn deterioration is largely due to increases in government spending.  The increase in spending is concentrated in the departments of Health and Employment Affairs […]

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Service sector recovers at faster pace in August – PMI

ctivity in the services sector grew for the second month in a row in August, and at a slightly faster pace despite repeatedly stalled moves to fully reopen the economy.  Ireland has opted for a more cautious exit from its coronovirus lockdown and has paused the fourth and final stage of its plan since July, […]

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Europe dips into deflation amid Covid hit

Eurozone inflation turned negative last month for the first time since May 2016, raising chances that the European Central Bank will have to inject yet more stimulus to generate price growth which has undershot its target for over seven years. Annual inflation in the 19 countries sharing the euro fell to minus 0.2pc in August […]

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Real-time data indicates recovery slowed in August

The pace of the recovery of the Irish economy from Covid-19 restrictions slowed substantially in August. That’s according to stockbroker Davy which said the situation is indicted by real-time data for the month. In a note to investors, chief economist Conall MacCoille said the Government’s decision to delay the phase four re-opening of the economy […]

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Revenue confirms 22,000 employers registered for Employment Wage Subsidy Scheme

As the new Employment Wage Subsidy Scheme goes live today, the Revenue Commissioners has confirmed that more than 22,100 employers have registered for the scheme.  To qualify for the scheme, employers must have tax clearance showing their taxes are in order. The Revenue Commissioners says there have been more than 16,800 applications for tax clearance since 17 […]

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