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Ireland October 2016

Published: Nov 02, 2016
  • 4th October 2016: Irish exporters have been hit by Sterlings lowest rate against the Euro in 3 years following Theresa May announcing that Britain will trigger Article 50 by March 2017 to leave the EU.
  • The IMF has downgraded Ireland’s growth forecast over concerns following Britain’s vote to exit the EU.  The GDP forecast was cut by 0.1% to 4.9%, and to 3.2% for 2017, down 0.4%.
  • The Department of Finance has decreased its growth projections for Ireland following the Brexit fallout.  Growth expectations are now 4.2% of GDP, vs the 4.9% forecast during the summer.  GDP outlook was expected to be 3.5% for 2017, down from 3.9%.
  • Unemployment was 7.9% for September, the lowest since the economic crash.  August saw the rate at 8.2%.
  • The service sector grew at its slowest level in over 3 years in September.  The PMI fell to 56.2 from 59.7 in August.  Brexit was cited as a factor in the decrease.
  • Tesla Cars are set to open their first Irish store in 2017, along with 4 super-charging stations.  Tesla specialises in electric cars and already have 4,543 super-charger stands in 727 world-wide locations.  One full charge of a Tesla vehicle can travel 613km, and just a 30-minute charge can power a 270km drive.
  • A new report released by OECD called ‘Education at a Glance 2016’ has highlighted that female graduates in Ireland earn just 71% of the male earnings in an equivalent job.  Overall in the OECD, women earn just 73% of the male earnings.  An exception would be women working in science and engineering where they earn 91% of the male earnings.  Just 11% of Irish women study courses in IT, science and maths compared with 22% of men.
  • The KBC / ERSI Consumer Sentiment index dropped slightly in September to 102, from August’s reading of 102.7 as consumers in Ireland remain edgy about the economic outlook.  Ireland is still on track however to remain Europe’s best performing economy (in the EU).
  • Budget 2017:
  • There were cuts of 0.5% to each of three lowest rates of USC. USC changes are from 1 January 2017.
  • Savers will see a 2pc reduction in Dirt, from 41pc to 39pc.  It is planned that DIRT will be reduced to 33pc by 2020.
  • The minimum wage will increase by 10c to €9.25 an hour. 
  • Tax credits for those who are self-employed will rise by €400 which will bring it to €950. This will benefit 147,000 workers.  Self-employed to receive PRSI benefit for the first time.
  • The VRT relief of €5,000 for electric vehicles is to be extended for five years.
  • Irish exports in August grew by 16% compared with the July period, driven mainly by the pharmaceutical industry.  Imports fell by 2% for the same period.  Trade surplus therefore reached a record high of €4.95bn.  Overall, exports rose 17% on an annual basis.  The US accounted for 25% of our exports for August, and the EU for 51% with 15% going to Belgium alone. 
  • The Insolvency Service of Ireland has revealed figures for Q3 highlighting that debt relief applications have soared by over 100% when compared to the same period in 2015.  The third quarter saw 899 new applications.

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