New research from the Central Bank shows that demand for bank loans has fallen sharply. The study, published on the Central Bank’s website, shows that from the middle of March enquiries about loans from both personal customers and businesses fell as containment measures to tackle Covid-19 were introduced. Mortgage enquiries fell by almost 20% from…
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Revenue has announced further measures to help companies with cashflow difficulties through the coronavirus crisis. The tax collector has suspended the charging of interest on late payments for May and June PAYE liabilities due in June and July from small and medium sized firms (SMEs) with turnover of less than €3m. It has also suspended…
New figures from the Central Statistics Office show that a total of 4,986 new homes were completed in the first quarter of this year, an increase of 17.2% on the same time last year. Construction sites were closed in the latter half of March due to Covid-19 restrictions and so the impact on completions will…
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…
China’s exports saw a shock 3.5% rise in April despite the global impact of the coronavirus pandemic, official figures showed today, but analysts warned of weakness ahead as key markets suffer downturns. The brewing threat of a renewed trade war with the US could also pose a problem, observers said. Imports fell 14.2% on-year, a…
The latest retail data shows that 50% of households in Ireland bought baking supplies in recent weeks, with flour sales up 52% and sugar sales rising by 43%. The data from Kantar also shows that home grocery sales grew by 17.2% in the 12 weeks to 19 April. But Kantar said that sales of non-grocery…
There are now 598,000 people dependent on the Covid-19 Pandemic Unemployment Payment, which is up 7,000 in the last week, according to the latest figures from the Department of Employment Affairs and Social Protection. This week’s Pandemic Unemployment Payments will cost €209.3m, with 11,000 recipients receiving the payment for the first time this week. Workers…
New figures from Banking and Payments Federation Ireland show that a total of 8,728 new mortgages worth €1.996 billion were drawn down by borrowers during the first quarter of 2020. BPFI said this represents an increase 1.8% in volume and 6% in value on the corresponding first quarter of 2019. Today’s figures show a fall…
New figures from the Central Statistics Office show that 23.3% of businesses have ceased trading temporarily since the outbreak of Covid-19, while 0.6% have ceased trading permanently and 76% continue to trade. The CSO today published the first results of its Business Impact of Covid-19 Survey, the first of a temporary fortnightly snapshot of how…
European stock markets and oil prices fell this morning as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5% with U.S. stockfutures trading close to 1% in the red. Earlier, MSCI’s broadest index…