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01/02/2008
Economic Slowdown To Cost 24,000 Construction Jobs
Economic growth is set to slowdown this year with up to 24,000 jobs losses in the construction industry, according to the Central Bank.
In its first quarterly bulletin this year, the bank has reported that although the domestic economy performed strongly in 2007 the economy in 2008 will grow at its slowest rate since 1992.
The most notable adjustment is expected in the construction sector, which will see a significant reduction in house building activity. However, comparatively speaking, the Irish economy will still look reasonably good by international standards and the bank believes that there will be a moderate pick up in growth in 2009.
The bulletin also warns that the impact of a slowdown in the US economy and the continuing turbulence of financial markets represent a significant risk to the economy not least because of uncertainty regarding their duration. Sharp movements in oil prices, which are currently at very high levels and the depreciation of the US dollar against the euro are other factors which contribute to this uncertainty.
Another factor in the deceleration of the economy this year is likely to be a slowdown in the growth of consumer spending to a more sustainable rate compared with the very high rates of increase in recent years.
Credit growth has also moderated significantly over the last year. This deceleration has been driven by a slowing of mortgage growth, reflecting trends in house prices and output, although other forms of credit have also slowed.
In its first quarterly bulletin this year, the bank has reported that although the domestic economy performed strongly in 2007 the economy in 2008 will grow at its slowest rate since 1992.
The most notable adjustment is expected in the construction sector, which will see a significant reduction in house building activity. However, comparatively speaking, the Irish economy will still look reasonably good by international standards and the bank believes that there will be a moderate pick up in growth in 2009.
The bulletin also warns that the impact of a slowdown in the US economy and the continuing turbulence of financial markets represent a significant risk to the economy not least because of uncertainty regarding their duration. Sharp movements in oil prices, which are currently at very high levels and the depreciation of the US dollar against the euro are other factors which contribute to this uncertainty.
Another factor in the deceleration of the economy this year is likely to be a slowdown in the growth of consumer spending to a more sustainable rate compared with the very high rates of increase in recent years.
Credit growth has also moderated significantly over the last year. This deceleration has been driven by a slowing of mortgage growth, reflecting trends in house prices and output, although other forms of credit have also slowed.
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08 August 2014
Fine Gael Welcomes ESRI Report
The latest report from the Economic and Social Research Institute (ESRI) has been welcomed by Fine Gael. They have described it as a "testament to the policies implemented under the current Government.
Fine Gael Welcomes ESRI Report
The latest report from the Economic and Social Research Institute (ESRI) has been welcomed by Fine Gael. They have described it as a "testament to the policies implemented under the current Government.
23 September 2015
Govt To Invest €30m In Rural Towns And Villages
The Government is to invest €30m in rural towns and villages between 2016 – 2021, Ministers Alan Kelly and Ann Phelan announced on Tuesday.
Govt To Invest €30m In Rural Towns And Villages
The Government is to invest €30m in rural towns and villages between 2016 – 2021, Ministers Alan Kelly and Ann Phelan announced on Tuesday.
11 July 2013
Union Urges Govt To Increase Minimum Wage
Both the national minimum wage and social welfare payments should increase in the autumn budget, the Unite trade union has said. The union is calling on the government to make the increase in an effort to encourage spending.
Union Urges Govt To Increase Minimum Wage
Both the national minimum wage and social welfare payments should increase in the autumn budget, the Unite trade union has said. The union is calling on the government to make the increase in an effort to encourage spending.
08 April 2008
Bertie For President
Bertie Ahern has been mooted as one of a number of possible candidates for the new position of EU President. Hans-Gert Pottering, the current president of the European Parliament, was speaking after holding talks at government buildings yesterday on the forthcoming Lisbon Treaty referendum.
Bertie For President
Bertie Ahern has been mooted as one of a number of possible candidates for the new position of EU President. Hans-Gert Pottering, the current president of the European Parliament, was speaking after holding talks at government buildings yesterday on the forthcoming Lisbon Treaty referendum.
05 June 2009
Central Bank Governor Predicts Some Recovery By 2010
Governor of Ireland's Central Bank John Hurley has said that despite a bad 2009 there will be 'extended and gradual' economic recovery next year. He said Ireland's economic recovery would take time and be gradual, but the benefits of the recovery will begin to be seen next year.
Central Bank Governor Predicts Some Recovery By 2010
Governor of Ireland's Central Bank John Hurley has said that despite a bad 2009 there will be 'extended and gradual' economic recovery next year. He said Ireland's economic recovery would take time and be gradual, but the benefits of the recovery will begin to be seen next year.
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Ireland WeatherToday:Storm Bert will move east through the Northern Isles today. Though weakening it will still bring strong to gale winds to many in Northern Ireland and showers to all, these frequent, occasionally heavy across northern districts. Maximum temperature 10 °C.Tonight:Strong west to northwest winds easing overnight. Showers, most frequent during the evening and in north but dwindling overnight to leave most dry and bright come dawn. Minimum temperature 1 °C.
