The European Commission has said that Ireland’s GDP is projected to contract by 8.5% in 2020. The economy here is then expected to grow by 6.25% in 2021, on the back of the pent-up domestic demand release and the global post-crisis recovery. In its latest economic outlook, the Commission said that economic activity here is expected…
Tag Archives: Inflation
The euro zone economy will drop deeper into recession this year and rebound less strongly in 2021 than previously thought, the European Commission forecast today, with France, Italy and Spain struggling the most due to the Covid-19 pandemic. The EU executive said the 19 nation single currency area would contract by a record 8.7%…
There was a reduction in the number of company insolvencies in the first six months of this year, according to new figures from Deloitte. Today’s figures suggests that the impact of Covid-19 has not fully materialised. Deloittes said there were 273 company insolvencies between January and the end of June, a reduction of 12% on…
The Competition and Consumer Protection Commission has warned businesses that despite economic challenges, they must act independently in their commercial decisions, especially when setting prices and charges. The warning comes on the back of engagement between the CCPC and a number of trade associations after they made public statements about new potential charges and price increases,…
Retailers in Dublin are reporting steady progress in opening up the city centre since Covid-19 restrictions on all shops were lifted on Monday. Today footfall was around 160,000 people, up from 100,000 on Monday. However, although footfall today was up substantially on the almost 95,000 of Wednesday last week, it is still down considerably on the 400,000 on…
The State has been criticised for offering micro finance loans at an interest rate of 4.5% at a time when the country can borrow on international markets at an interest rate of zero. Speaking before the Dáil Special Committee on Covid-19, the secretary general of the Department of Enterprise, Business and Innovation, Dr Orlaigh Quinn…
New car registrations for last month dropped 72.3% when compared to May 2019, according to the latest figures from the Society of the Irish Motor Industry. 1,751 new cars were registered last month, compared to 6,320 in May 2019. The figures reveal that Covid-19 has heavily impacted on sales, with retailer’s showrooms remaining closed until the 18th of…
Ireland’s economy will contract by 8% in 2020 and expand again by 6% in 2021 as the coronavirus pandemic takes its toll, according to the European Commission’s latest economic forecast. The economic uncertainty has been compounded by “specific” Irish factors, such as Brexit and changes in international taxation, the outlook says. Overall, Ireland’s unemployment, deficit and debt levels…
Enterprise Ireland has a Business Response Unit, and in these times, it has been busy. Over 1,000 businesses have engaged with the unit since March, with 60% of those companies saying Covid-19 has had a very negative or critical impact on their business. Financial planning was listed as one of the key priorities identified by…
Consumer sentiment suffered its largest monthly drop on record in April, a survey showed today, demonstrating the scale and speed of the economic collapse unleashed by the coronavirus pandemic. Restaurants, bars and non-essential retail outlets have been closed in stay-at-home restrictions put in place on March 29. These restrictions are due to run until at…