CONSUMER PRICES remained unchanged in July and are now down by only 0.1% since July of last year according to the CSO. Clothing prices are down almost 9% over the year while food and non-alcoholic beverage prices are down almost 4%. Education and utilities are up by 9.2% and 5.5% respectively.
# economic-indicators - Yesterday’s News
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# economic-indicators - Thursday 12 August, 2010
# economic-indicators - Friday 30 July, 2010
THE CENTRAL BANK today announced good economic news. Amid the doom and gloom and bad weather the bank has raised its forecast for Ireland in its latest economic outlook. While April showed a 0.5% decline in GDP, the bank now believes there will be a 0.8% rise in GDP over 2010. The boost comes as a result of rising exports.
GDP, which is said to be a better indicator for Ireland, given the large number of foreign multinationals who repatriate their profits abroad, is predicted to decline by 1% in 2010, but the figure is lower than the 1.5% decline previously predicted by the bank.
However, it’s not all good news, as the bank said it believed employment growth was unlikely until the end of the year.
Predictions for 2011 remain bright, with growth of 2.8% in GDP predicted and 2.2% in GNP. The bank said said the figures were contingent on the government cutting the budget deficit, the implementation of the Croke Park agreement and the recovery of the banking sector.
The good news comes a day after a report was released suggesting an increase in consumer confidence.
THE RESULTS of the latest Consumer Confidence Monitor show that 22% of people surveyed this month believe the country will be better off.
The figure compares favourably to March when only 9% of people felt positive and November when the figure was just 8%.
Positivity has also reached people’s personal finances with over half of people saying they expected their income this year to be higher or the same as last years income. The survey also highlighted
11% of people expected their income to be higher in the coming year.
46% expected their pay to remain the same.
A small increase in the numbers who expected to buy more goods and services
58% of people feel the economy will be better off in the year ahead.
The survey of over 1,000 people by Behaviour and Attitudes shows that people in Dublin remain the most optimistic.
However the latest review from Retail Excellence Ireland says sales have declined by over 5% in June, up from 4.94 in May and 2.02 in April.
# economic-indicators - Thursday 29 July, 2010
ECONOMIC SENTIMENT in the EU improved more than expected in July. Sentiment rose to 101.3 in July, from an upwardly revised 99.0 in June. The index improved due to an increase in industrial exports and services. Consumer demand also rose.
# economic-indicators - Wednesday 14 July, 2010
IRISH INSURERS believe the recession is over but there’s no willingness to spend. New research from Friends First and Millward Brown shows that insurers are finding it difficult to secure new business.
The survey finds that half of insurance businesses in the state believe the recession is over, while 94% say its difficult for businesses to get finance from the banks. 87% also said the public did not have confidence to spend in the current climate.
The survey sampled 100 insurance brokers on their attitude to the sector and the economy as a whole.
Brokers said that over half of their clients were reducing their contributions to investments and pensions.
Eamonn Twomey of Friends First said: “While there are some signs that a recovery is underway, it is clear that consumers are finding it very difficult to save for their futures.
Meanwhile there has been more bad news on the economic front from the ESRI.