Davy has revised upwards its forecast for Irish GDP growth to 15.5% in 2021 and 6.7% in 2022 due to a buoyant multinational sector and a strong rebound in domestic activity. The stockbrokers had previously predicted growth of 10% for this year and 5.6% for 2022. It said the revision mainly reflects the “exceptional performance”…
An Environmental Protection Agency study has found 96% of people believe climate change is real, while 90% believe the country has a responsibility to act on climate change. The survey, entitled Climate Change in the Irish Mind, asked 4,000 people about their attitudes and beliefs around climate change and their opinions on government policy. It…
The annual rate of inflation rose to 5.3% in November, its highest level since June 2001. The latest figures from the Central Statistics Office show the biggest increases were in the cost of transport, electricity and gas bills. This period of intense inflation is not over yet, even if the pace of increase has slowed…
The digitisation of the Irish economy could potentially be worth around €300 billion in 2023, accounting for 65% of economic output. That is according to forecasts by Amárach and the International Data Corporation contained in a new report by Microsoft Ireland. The research, which was carried out with over 360 business decision makers and technology…
The interim period of the Companies Act 2020 has been extended to the end of April next year following Government approval this week. The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising as a result of Covid-19. It ensures that 240,000 companies…
The Government is expected to announce new financial supports for companies which have been negatively affected by the latest Covid-19 restrictions. Tánaiste Leo Varadkar has said that the new scheme must be targetted at helping businesses in the hospitality, late night and live entertainment sectors. The latest Covid-19 restrictions came into force on Tuesday and…
The new dedicated rescue process for small companies, that makes restructuring faster, cheaper and more efficient, launches from today. Similar to examinership, the scheme is available to eligible to all small and micro businesses in the country. However, examinership was seen as too slow and cumbersome for many small firms, leading the Government to accede…
Business representative group Ibec has said the economy is going through a period of “exceptional growth” despite Covid and that should allow the worst impacted sectors to be supported through the winter under the Employment Wage Subsidy Scheme. In its latest Quarterly Economic Outlook, Ibec expects the economy to grow this year by 13% and…
The food service sector in Ireland will not return to pre-pandemic levels until 2023 at the earliest, according to a new report by Bord Bia. While the value of the sector increased by 14.6% this year, the Irish food promotion board said it remains 41% lower than pre-pandemic turnover levels. Bord Bia said it expects…
Over 40% of first time buyers used gifts as part of their deposit in the first half of this year, according to new figures from Banking and Payments Federation Ireland (BPFI). The latest housing market monitor shows that the median deposit for first time buyers was over €52,000 during that period. Meanwhile, the median deposit…