News

The downturn in euro zone business activity surprisingly deepened in December, according to closely watched surveys which indicated the bloc’s economy is almost certainly in recession. It was a broad-based decline with activity deteriorating in both Germany and France and across services and manufacturing, the surveys showed. Last quarter, the euro zone economy contracted 0.1%,…

The annual rate of inflation fell to 3.9% in November, new figures from the Central Statistics Office show today. This marks the first time since September 2021 that the annual rate has been less than 5%. The inflation rate had stood at 5.1% in October. Energy prices were the biggest contributor to pushing inflation up…

Work began on 3,087 new homes across the State last month, according to commencement notices registered with the authorities. That’s up 18% on the 2,624 that were started in October of this year and a 29% boost on the number recorded in the same month of last year. 43% are homes in housing schemes, 45%…

The number of mortgages on private homes that were in short term arrears of less than 90 days rose 3% between July and September compared to the previous quarter. But new Central Bank data today also shows that the number of mortgages in arrears over 90 days was unchanged compared to the April to June…

The US Federal Reserve held interest rates steady today and signaled in new economic projections that the historic tightening of US monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024. In a new policy statement, Fed officials took explicit account of the fact that…

The Economic and Social Research Institute has further downgraded its forecast for growth in the economy this year. However, in its latest Quarterly Economic Commentary the think-tank says the underlying performance of the economy is stronger than the headline figures suggest. It has also questioned the assumptions underpinning the national spending rule. Meanwhile, later today…

The European Parliament and EU member states have struck a deal on rules to strengthen conditions for those working through apps, such as ride-hailing drivers. Under the new law, many platform workers in Europe could be reclassified as employees and therefore gain access to labour and social protection rights, the parliament said. At least 5.5…

The average cost of a private motor insurance policy fell by 7% last year to €568, new data from the Central Bank has found. That is despite a 20% rise in the cost of an average damage claim during the year, amid the inflationary environment. It means that on average, damage claim costs have risen…

The average interest rate on new mortgages in Ireland eased very slightly in October, new data from the Central Bank shows. But at the same time the average interest rate offered on term deposit accounts rose to its highest level in 14 years. At the end of the month, the average rate on new mortgages…

Residential property price growth picked up on a yearly basis for the second month in a row in October, Central Statistics Office figures showed today. Prices for residential property increased by 2.3% in October compared with a near three-year low of 1.1% two months earlier. Prices had risen by 1.4% in September. Property price growth…