Irish Economy

Contraction in Irish GDP should be smaller than European peers

Yesterday’s Irish industrial production data and services output index indicated that activity bounced back in June, and GDP likely contracted at a sharper, but shallower, pace than in...

Irish Services PMI rises to 51.9

This morning’s Irish Services PMI at 51.9 in July is clearly a big improvement on 39.7 in June but lags behind yesterday’s euro area (54.7) and UK (56.5) readings. This indicates a modest...

Fall in Irish unemployment claimants slows sharply

Yesterday’s data from the Department of Social Protection, showing only a 12,300 decline in unemployment claimants last week, are a worrying sign that labour market gains are dissipating...

Irish manufacturing PMI rises to 57.3

This morning’s Irish manufacturing PMI has increased to 57.3 in July, signalling a sharper recovery than in other European countries. The PMI readings mirror the resilience of official...

Record GDP contractions hurt investor sentiment

Equity markets suffered substantial declines on Thursday as European and US GDP data confirmed the enormous economic damage from COVID-19 restrictions in Q2 2020. The mood music is...

Mortgage lending of €1.5bn ahead of expectations

This morning’s Banking & Payments Federation Ireland (BPFI) data on mortgage lending are a mixed bag. Drawdowns were €1.5bn in Q2 2020, down 35% on the year but stronger than our...

Irish retail sales bounce back in June

Retail sales bounced back by 38% in June, recording 3.5% positive annual growth, led by food and beverages (+19%), supermarkets (+18%), DIY (+30%) and furniture (+25%). However, the...

Irish recovery moderates but housing market bucks the trend

Irish economic activity expanded at a sharp pace after the third phase of the government’s re-opening plan began on June 30th, easing restrictions on the retail and services sectors....

Pulse survey shows marked rise in Irish house price expectations

This morning’s Bank of Ireland Pulse survey shows a marked rise in business confidence in July, coinciding with the ease in COVID-19 restrictions. Surprisingly, the consumer confidence...

Irish housing market activity continues to pick up

The latest data on residential property market transactions and new listings for sale on MyHome continue to suggest that activity is returning to normal. Asking prices may have...