News Archives - Page 2 of 636 - Pat Carroll PCCO - Chartered Accountants & Tax Advisors

Property prices rose by 8.1% in the 12 months to January this year, according to the latest figures from the Central Statistics Office.

The cost of buying a home rose by 7.5% in Dublin and prices outside the capital were up by 8.6%.

The median price of a dwelling was €359,999 nationally in January, today’s figures show.

The highest was Dún Laoghaire-Rathdown at €662,349, while the lowest was in Leitrim at €180,000.

Today’s figures mean that while the cost of buying a home continues to rise it is doing so as a slightly slower pace than before. In the 12 months to August last year prices were rising by 10.1%.

However, prices are now 16.9% above their highest level at the peak of the property boom in 2007.

The cost of buying a home is 160.7% up from its low point in early 2013.

The CSO said the most expensive Eircode area over the 12 months to January was A94 “Blackrock” with a median price of €743,500, while H23 “Clones” had the least expensive price of €133,000.

“The region outside of Dublin that saw the largest growth in house prices was the Border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 12.7%, while at the other end of the scale, the Mid-East (Kildare, Louth, Meath, and Wicklow) saw a 5.8% rise,” the CSO said.

Article Source – Residential property prices up 8.1% in 12 months to January – RTE

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The national commercial vacancy rate has reached its highest level on record at 14.5%, according to the latest GeoDirectory Commercial Buildings Report.

The report, prepared by EY, shows the rate rose by 0.2 percentage points to 14.5% in the last quarter of 2024, which is the highest level recorded by GeoDirectory since it began tracking data in 2013.

There were 30,635 vacant commercial units across the country in December last year.

Sligo recorded the highest commercial vacancy rate at 20.6%, followed by Donegal at 20.1% and Galway at 18.8%.

Meath, Wexford and Kerry had the lowest rates at 9.9%, 10.8% and 12.3% respectively.

Dublin’s commercial vacancy rate stood at 13.6%, which is an increase of 0.5 percentage points on Q4 2023 and the highest level recorded in Dublin since Q4 2016.

Seven counties saw a decline in vacancy rates while 15 counties saw an increase.

Even though all four provinces experienced an increase in vacancy rates, four of the top six counties with the highest vacancy rates were in Connacht, which saw its vacancy rate reach 18.5%.

The report examined a sample of 80 towns throughout Ireland, as well as 22 districts in Dublin.

Ballybofey in Co Donegal was the town with the highest commercial vacancy rate at 36.4%, followed by Shannon in Co Clare at 30.8%.

Edgeworthstown in Co Longford, Boyle in Co Roscommon and Sligo town round out the top five at 28.3%, 27.7% and 26.8% respectively.

In contrast, the lowest commercial vacancy rates in the country were recorded in Greystones, Co Wicklow at 5.5% and Carrigaline, Co Cork at 5.1%.

Dublin 2 had the highest vacancy rate of all Dublin districts at 18.7%, which is 4.2 percentage points higher than the national vacancy rate.

Dublin 13 saw the largest increase in vacancy rate, growing by 2.2 percentage points when compared to Q4 2023.

The Dublin postcode with the lowest vacancy rate was Dublin 15, at 6.6%.

Four out of the 22 Dublin districts recorded a decrease in vacancy rates, with the largest falls in Dublin 24 and Dublin 6, both seeing a decrease of 0.3 percentage points. Of the 22 Dublin districts, 18 had vacancy rates below the national vacancy rate of 14.5%.

The Director at EY Economic Advisory, Annette Hughes, said that while residential vacancy continues to decline, commercial vacancy trends are going “in the opposite direction”.

“At 14.5%, the rate now sits 1% higher than before the Covid pandemic, representing an increase of over 2,100 commercial units and comes despite a strong economy, growing population and record employment,” she said.

“There are likely many factors at play here including, changes triggered by the pandemic, evolving shopping preferences and continued cost pressures on businesses and households.”

Article Source – Commercial vacancy rate reaches highest level at 14.5% – RTE

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The Central Bank has reduced its forecast for economic growth for this year due to rising uncertainty caused by the trade war between the US and EU.

It says the domestic economy will grow by 2.7% which is 0.5% lower than its last projection.

The bank also said fewer homes will be built over the next two years than it had forecast earlier, due to a fall in residential construction last year.

It now says there will be 35,000 houses and apartments built this year, rising to 40,000 next year and 44,000 in 2027.

Last year the bank said 70,000 homes need to be built annually over the next ten years to deal with housing shortfall and population growth.

In 2024 just over 30,000 houses and apartments were completed.

In its latest economic bulletin the Central Bank said: “Several factors are restraining housing supply including low productivity in the construction sector, delays in utility connection, delays in planning system and a shortage of zoned and serviced land in high-demand areas.”

The bank said the economy is continuing to perform well.

But it added: “Risks to the growth outlook remain firmly on the downside as the risk of more pronounced global tensions have risen.”

“As a small open economy with extensive trade and foreign direct investment linkages with the US, the Irish economy, public finances and labour market are highly exposed to changes in US economic policy and any broader deterioration in the global trading environment,” it said.

The bank said that potentially €15 billion of corporation tax receipts collected from multinationals were “at risk” due to tariffs threatened by the US.

It added that this could result in a “fiscal shock” which could impact the public finances and result in changes to taxation and spending by the Government.

While the bank trimmed its forecast for economic growth, it noted that the level of uncertainty was less than during the Covid-19 pandemic or Brexit.

The bank has also increased its forecast for inflation for this year by 0.5% to 2.2% due to higher energy prices and more persistent services inflation.

Article Source – Central Bank reduces forecast for economic growth due to rising uncertainty – RTE

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The National Treasury Management Agency will seek to raise €1 billion in nine and 12-year debt in its first bond auction of the year on Thursday, the National Treasury Management Agency said.

Ireland has a relatively limited borrowing requirement this year due to its large cash balances and forecast budget surplus.

It plans to issue €6 billion to €10 billion worth of debt and already raised €3 billion in a January syndicated deal.

Two bonds will be offered in Thursday auction – a 2.6% Treasury Bond which matures in 2034 and a 1.7% Treasury Bond which matures in 2037.

Article Source – NTMA to raise €1 billion in bond auction this week – RTE

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There was an 81% surge in Irish exports to the US in January compared with the same month a year earlier, according to the Central Statistics Office.

Total medical and pharmaceutical products sold abroad grew by 68%, today’s CSO figures show.

There have been anecdotal indications that some companies could be stockpiling goods in the US ahead of tariffs being imposed by the Trump administration.

However, the CSO figures represent one month and are frequently volatile.

CSO statistician Jane Burmanje said that Ireland recorded a surplus in goods trade of €12.2 billion in January this year.

“The increase in the goods trade surplus was driven by a rise in exports, particularly the export of pharmaceuticals,” she said.

“Exports of goods to the United States were €11.7 billion in January 2025, accounting for 48.4% of total good exports, while imports of goods from the US were €2.1 billion, representing 19.7% of total imports, making it the largest market for Ireland in this period,” she added.

The unadjusted value of goods exports rose by €5.3 billion (28.2%) to €24.2 billion compared with January 2024 (€18.9 billion).

When seasonally adjusted, exports of goods grew by €4.8 billion (26.4%) to €23 billion in January 2025 compared with December 2024, today’s CSO figures show.

Carol Lynch, Head of Customs and International Trade Services at BDO, noted that the US was the country’s largest goods export market in January, likely driven by companies seeking to export ahead of potential tariffs on EU products.

Interestingly, imports from the US have also risen, most likely reflecting anticipation of EU tariffs on American products, she added.

Ms Lynch also said the value of exports to Great Britain declined by 22% year-on-year, a drop mainly concentrated in the chemicals and pharmaceuticals sector, which saw a decrease of €384m in January of this year compared to January 2024.

But there was a significant increase in chemical and pharmaceutical exports to the EU to offset this, which rose by more than €500m over the same time.

In the agri-food sector, exports to Great Britain have grown, increasing by €29m year-on-year, a positive sign for the domestic economy, she also noted.

Carol Lynch said that with international trade conditions evolving rapidly, particularly amid potential US tariffs on EU goods, Irish traders must act swiftly to adapt.

“Those exporting to the US market, in particular, should immediately reassess their strategies to mitigate risks and capitalise on opportunities in the changing landscape,” she said.

“We advise that companies now need to act swiftly to ensure their products are exported prior to the imposition of tariffs,” she added.

Article Source – Irish exports to US jump by 81% in January – CSO – RTE

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Gold pierced through the psychological milestone of $3,000 an ounce today for the first time, building on an historic rally as trade tensions and US rate cut bets supercharge its appeal as a safe store of value.

Spot gold was up 0.3% at $2,997.75 an ounce in mid-morning trade after hitting a record high of $3,004.86 earlier.

US gold futures were up 0.6% to $3,009.10.

Gold, traditionally viewed as a safe haven investment during times of inflation or economic volatility, has risen over 14% so far this year, driven in part by concerns over the impact of US President Donald Trump’s tariffs and the recent selloff in stock markets.

The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe.

“Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability – and they are finding it in gold,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

“For now, strong physical demand and safe-haven buying suggest that gold’s upward momentum is not yet exhausted.”

A combination of strong central bank purchases, sound investment demand as well as bets on monetary policy easing by the US Federal Reserve, have also bolstered zero-yield bullion’s performance this year.

The Fed is widely expected to keep its benchmark overnight interest rate unchanged at its meeting on Wednesday.
“Overall we maintain our $3,300 call for the year,” said Ole Hansen, head of commodity strategy at Saxo Bank, adding a close above $3,000 today can signal a continuation of the rally next week.

ANZ in a note forecast gold to hit $3,050 in 2025.

Silver meanwhile added 0.2% to $33.87 an ounce, platinum lost 0.7% to $987.30 and palladium gained 0.6% to $963.78.

Article Source – Safe-haven gold rises above $3,000 for the first time – RTE

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Minister for Agriculture Martin Heydon has said he will lead a “full trade mission to the United States” next month.

It comes after US President Donald Trump increased tariffs on certain EU goods and threatened further action.

Mr Trump threatened to impose a 200% tariff on wine, cognac and other alcohol imports from Europe, after increasing levies on all steel and aluminum imports from the bloc.

Mr Heydon said he will attend “a number of significant political meetings in the first week in April” during the trade mission.

“The story I’m telling is of Irish food companies who are based in America who employ American people,” he said, adding that 200,000 American people are employed by 770 Irish companies.

“That’s why when I travel to a number of different states, I’ll be highlighting that level of investment that Irish companies make there,” he said.

“I will be using my position to articulate the impact that this could have, particularly in relation to Irish products that could get caught up in this.”

The minister said there is “a lot of concern” in the agri-food and whiskey exports sector in the wake of Mr Trump’s actions.

He added that the trade relationship between the two countries is “very much mutually beneficial”.

Speaking on RTÉ’s Saturday with Colm Ó Mongáin, he said there was no justification for the imposition of tariffs.

“Tariffs hurt everybody, they create inflation, they hurt consumers on both sides.”

He said that after the EU announced its own response to tariffs, there would be time before the change is due to be implemented on 1 April.

He said it was important to negotiate and “to keep on going dialogue open”.

Mr Heydon said that Mr Trump’s announcement of tariffs against Canada and Mexico included “delays”.

“There was engagement, there was opportunities to negotiate, and we very much want to do that,” he said.

Article Source – Minister to travel to US for negotiations on tariffs – RTE

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Euro zone banks need to get into the habit of tapping the European Central Banks for cash, preparing for the continued decline in excess liquidity in the banking system, two top ECB officials said in a blog post today.

Banks still sit on almost €3 trillion of excess liquidity, created by the ECB over the past decade, and borrowing has been virtually non existent via the ECB’s regular weekly and daily operations.

But the ECB is now reducing this excess liquidity by shrinking its balance sheet and policymakers fear there is now stigma attached to borrowing from the central bank, requiring attitude changes.

“Banks need to ensure that they are operationally ready for the change in how central bank reserves are provided,” the ECB said in a post by board member Isabel Schnabel and supervisory chief Claudia Buch.

“In the new normal, standard refinancing operations are seen as a routine and integral component of banks’ day-to-day liquidity management,” they said. “It is essential that (banks)adjust their liquidity management practices and are ready to access monetary policy operations.”

The issue still lacks urgency, however, since the ECB has put off the review of its operational framework until 2026, indicating that liquidity is not seen as an issue this year.

The ECB is allowing about €500 billion of bonds to expire this year, meaning that excess liquidity will still be over €2 trillion at the end of 2025.

Still, the ECB wants banks to start changing their behaviour now, prepare their IT infrastructure and make sure there are qualified staff trained to identify and mobilise collateral.

“They need to be prepared to operate in an environment of less ample excess liquidity and be ready to source central bank reserves in a swift and scalable manner from a broad range of sources, both from the central bank as well as in money markets,” Buch and Schnabel said.

Article Source – Euro zone banks must get into habit of tapping ECB for cash, ECB argues – RTE

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New figures from the Central Statistics Office shows that inflation eased to an annual rate of 1.8% in February from a rate of 1.9% in January.

Today’s figures show that prices in restaurants and hotels rose by 3.1% mainly due to higher prices for alcoholic drinks and food consumed in licensed premises, restaurants and cafes, while tobacco products were also more expensive.

Transport costs rose mainly due to higher prices for airfares, petrol, diesel and the maintenance and the repair of personal transport equipment, with the increase partially offset by a reduction in the cost of cars.

February also saw higher health and motor insurance premiums as well as an increase in prices in hairdressing salons.

Meanwhile, several food items were more expensive last month with the CEO reporting increases in the price of chocolate and confectionery, milk, cheese and eggs, mineral waters, soft drinks and bread and cereals.

But clothing and footwear prices fell in February compared to the same time last year

Excluding energy and unprocessed food, the consumer price index grew by 2.2% in the 12 months to February, the CSO said.

The CSO also today published National Average Prices for selected goods and services for February.

They show price increases for a pound of butter, which rose by 70 cent, while Irish cheddar per kg was up 50 cent, two litres of full fat milk rose by 26 cent and spaghetti per 500g inched three cent higher.

But February saw slight reductions in the price of a 2.5kg bag of potatoes, which dipped by a cent, while an 800g loaf of brown sliced pan was also a cent lower. The price of an 800g loaf of white sliced pan was unchanged compared to the same time last year.

Article Source – Annual inflation eases to 1.8% in February – CSO – RTE

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A new report by Microsoft and Trinity College Dublin is projecting that the adoption of artificial intelligence (AI) could add €250 billion to Ireland’s economy, as measured by GDP, within 10 years.

The AI Economy in Ireland 2025 report found that AI adoption is expected to increase Ireland’s Gross National Income (GNI) by at least €130 billion by 2035.

According to the study, AI adoption in Ireland has surged to 91%, nearly doubling from 49% in 2024, a significant leap that now puts Ireland ahead of many of its EU counterparts after previously trailing behind.

The report highlights the persistence of a “shadow AI culture,” where employees independently adopt AI tools without the organisation’s oversight.

80% of organisations report employees using free AI tools without built-in enterprise security controls and 61% of managers acknowledge AI usage in workplaces where it is officially restricted.

The study found that SMEs adopt AI at 30% lower rates than multinational organisations, with just 10% of SMEs having an AI strategy, compared to 50% of multinationals.

Regulatory barriers to AI adoption were more pronounced in Northern Ireland, with 80% of organisations citing challenges compared to 50% in Ireland.

Just 15% of public sector organisations use AI in most decision-making roles.

“A key issue appears to be the lack of formal strategy and governance frameworks, creating gaps in secure and responsible AI implementation,” the report found.

Despite these hurdles, 63% of organisations feel that the government is supportive of AI adoption.

“With a collaborative approach across government, academia, and industry, Ireland can play a leading role in the era of AI, driving sustainable economic growth across sectors and setting the stage for global competitiveness as AI adoption continues to surge,” said Catherine Doyle, General Manager, Microsoft Ireland.

Dr Ashish Kumar Jha, Associate Professor of Business Analytics at Trinity Business School and co-author of the report said Ireland is at a pivotal moment in its AI adoption journey.

“This year’s research underscores both the progress made and the work still to be done,” he said.

“AI adoption in Ireland has nearly doubled in the past year, but the challenge now is moving beyond experimentation to full-scale, strategic implementation,” he added.

The research was conducted by the Trinity Centre for Digital Business and Analytics (CDBA) at Trinity Business School, Trinity College Dublin.

This report is based on a comprehensive study of AI adoption trends in Ireland, conducted by Trinity CDBA in collaboration with market research firm 3GEM.

The research surveyed 300 senior leaders across diverse industries.

Article Source – AI expected to add €250 billion to Ireland’s economy by 2035 – report – RTE

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