News Archives - Page 3 of 567 - Pat Carroll PCCO - Chartered Accountants & Tax Advisors

Over €25 million stolen in investment fraud last year, say gardaí

Gardaí have said over €25 million was stolen in investment fraud last year, a crime which has increased by over 90%.

Almost 1,000 people have reported an investment fraud incident to gardaí over the past four years.

Gardaí issued a warning to people to be particularly careful when considering potential investments.

More than double the number of victims have reported incidents of fraud in the first two months of this year compared to 2023.

Investment fraud occurs when criminals pose as investment managers to trick someone into investing money in schemes and projects that do not exist.

Gardaí said that criminals are cloning web pages and targeting victims through online and social media adverts promising “once-in-a-lifetime opportunities” to instantly invest with fast and large financial returns.

Last year more than €25,360,000 was reported stolen, almost the same as the combined previous two years’ total.

In the first two months of this year over 55 people reported investment fraud, while there have been 965 reported incidents since January 2020.

Men are increasingly becoming the victim of the type of fraud, with the vast majority aged over 40.

A man in his 60s lost over €300,000 as he thought that he was investing in a British financial institution, another in his 70s lost €191,000.

A woman in her 60s lost €50,000 in a fraudulent cryptocurrency investment.

Gardaí are advising people not to disclose personal or bank data, not to click on links, and to take their time and think before investing.

Detective Superintendent Michael Cryan from the Garda National Economic Crime Bureau said the fraudsters are sophisticated, persistent and “may purport to be working with a reputable firm and may even quote authorisation numbers or give the real address of a legitimate firm but this is all a coy”.

Article Source – Over €25 million stolen in investment fraud last year, say gardaí – RTE

Copyright and Related Rights Act, 2000

Drop in injury claims’ costs but premiums rise by 8% – NCID report

The average cost of settling public and employer liability claims through the Injuries Resolution Board dropped by a third in 2022 compared to 2020, according to a new report.

However, average insurance premiums increased by 8% in 2022.

The data is in the latest National Claims Information Database (NCID), published by the Central Bank.

New personal injuries guidelines were published by the Judicial Council in 2021 to replace the Book of Quantum, which had been used as a guide for settling injury claims.

The guidelines are used by the Personal Injuries Assessment Board (PIAB) and the courts to provide consistency in the level of personal injury awards in successful personal injury claims.

However, the bulk of injury claims – 76% – settled in 2022 were done so with reference to the Book of Quantum, the report shows, with the remaining 24% settled under the new guidelines.

The report shows that the average level of compensation through the PIAB mechanism in 2022 ranged from €21,439 for Public Liability to €26,366 for Employer Liability claims.

Legal costs for the PIAB route varied from €1,804 to €1,459 respectively.

The average compensation awarded for a litigated settlement in 2022 ranged from €37,045 for a Public Liability claim to €70,297 for an Employer Liability.

However, legal costs in the litigation route varied from €28,542 in a Public Liability claim to €40,013 in the case of an Employer Liability claim, accounting for the bulk of the award.

“The work of the Board is important for all of us – in society and in business – and provides annual savings to the economy of tens of millions of euros by avoiding the need for expensive and lengthy litigation in personal injury claims,” Minister Dara Calleary said on the report’s publication.

“Using the Board more means that we can achieve quicker outcomes for anyone with an injury, but with a much lower cost overall,” Minister Jennifer Carroll MacNeill pointed out.

“These costs – in particular higher legal costs arising from litigation – are passed on to all consumers in the form of increased premium prices,” she added.

Insurance Ireland said it was “disappointing” to see a continued high level of claims going the litigated route.

“Because of the scale of this, the impact of Personal Injuries Guidelines has yet to be felt,” Moyagh Murdock, CEO of Insurance Ireland, said.

“However, we can see the positive impact on claims settled through both the Injuries Resolution Board route and direct with insurers,” she added.

The report also highlights an 8% rise in the overall average premium for ‘Package policies’ for Public and Employer Liability insurance in 2022.

While representing an increase, it was largely in line with the rate of inflation in that year.

The vast majority – 86% – of EL, PL and Commercial Property insurance policies were taken out via package policies, the report notes.

“As the rate of inflation has since eased, it is my expectation that we will see the same happen in relation to business insurance premiums,” Minister Carrol MacNeill said.

Head of Insurance with Brokers Ireland Hazel Rock pointed out that Employers and Public Liability Insurances have been among the most challenged areas of insurance in Ireland for businesses and community enterprises.

“The area has lacked competition for some time now with several providers exiting the market,” she said.

“This has resulted in many enterprises and community and sporting providers finding it difficult to acquire insurance at all in some cases or get cover at what could be considered a reasonable outlay but Insurance Brokers continue to work with such groups to find innovative solutions to address this lack of competition,” Ms Rock added.

She said the outcome a Supreme Court ruling on the challenge to the constitutionality of the Personal Injuries Guidelines was awaited, as well as the full impact of the recently introduced duty of care legislation rebalancing responsibility more fairly between businesses, clubs and community groups and those who use their services.

The chief executive of the Alliance for Insurance Reform, Brian Hanley, said today’s Central Bank figures show that reforms in the insurance sector are not leading to reductions in premiums or greater access to cover.

Speaking on RTÉ’s Morning Ireland, Mr Stanley said many businesses are facing significant challenges and it was a “difficult message” for businesses and community groups to accept.

“The size of the effort to reform the insurance industry is reflective of the size of the problem that it and other areas contribute to the cost of doing business,” he said.

He said one of the things we need to see is greater competition in the insurance market, particularly in the liability sectors key.

“While the Government’s office to promote competition has had some success in attracting new underwriters for motor insurance – and we can see the benefits of that, broadly speaking, in our premiums – in the three to four years it has been in place we haven’t seen any new underwriters for liability,” he stated.

“Many organisations and many sectors are dependent on a single insurer,” he added.

Mr Hanley said that while there was no aversion to some profit being made, it was reasonable to ask that some of the benefits and savings made were passed on to business owners.

Article Source – Drop in injury claims’ costs but premiums rise by 8% – NCID report – RTE

Copyright and Related Rights Act, 2000

Euro zone inflation unexpectedly eases, boosting rate cut case

Euro zone inflation fell unexpectedly last month, solidifying the case for the European Central Bank to start lowering borrowing costs from record highs.

Consumer price growth in the euro zone slowed to 2.4% in March from 2.6% a month earlier, defying expectations for a steady rate as food, energy and industrial goods prices all pulled the headline figure lower.

Underlying inflation, closely watched by the ECB to gauge the durability of price pressures, meanwhile fell to 2.9% from 3.1%, coming below expectations for 3.0%, data from Eurostat, the EU’s statistic’s agency showed today.

The only potential concern for the ECB will be that services inflation has been holding steady at 4% for months now, suggesting that relatively quick wage growth is keeping prices in the sector under constant pressure.

Inflation has been on a steady downward path for more than a year but has fallen more quickly since last autumn than many had predicted, shifting the debate to just how soon and how fast the ECB will unwind record rate hikes.

Meeting next week, the central bank is expected to acknowledge the improved outlook but policymakers are unlikely to cut rates straight away, having repeatedly pointed to June as the next crucial meeting for policy setting.

This is why investors see almost no chance of a cut on April 11 but have fully priced in a move for June, followed by another two or three steps later this year.

The ECB has been cautious in starting to ease policy because it only expects inflation back at its 2% target next year, even as some private forecasters take a more benign view, projecting the headline rate at around 2% by this autumn.

The ECB has said it needs to see essential wage data from the early part of the year before it is comfortable easing policy.

Some policymakers also fear that moving too far before the US Federal Reserve begins reducing rates could be counterproductive, since a cut would weaken the euro and boost imported inflation.

Wages have been growing relatively quickly in recent quarters but the pace of growth is slowing and workers are still only slowly recouping real purchasing power lost to several years of rapid inflation.

Still, unemployment is holding at a record low 6.5%, separate Eurostat data showed today, suggesting that the labour market remains exceptionally tight.

Although oil prices have been steadily increasing since the start of the year, crucial natural gas prices remain low after an unusually mild winter, pointing to mild but still manageable risks from energy costs in the months ahead.

Dovish policymakers, meanwhile, argue that economic growth is now exceptionally weak as the euro zone has been skirting a recession for six quarters now.

This weakens corporate pricing power and thus eases price pressures, so the ECB can afford to ease up on the brakes, especially since lower commodity prices are also helping disinflation.

While the ECB is far from settled on how far rates could fall, most appear to agree that the deposit rate, now at 4%, will restrict growth at least until it hits 3%, so the initial cuts are more about easing restriction than providing stimulus.

Article Source – Euro zone inflation unexpectedly eases, boosting rate cut case – RTE

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Service sector grows at fastest pace in eight months

The service sector grew at its fastest pace in eight months in March, new figures show.

The latest AIB Purchasing Managers’ Index (PMI) reveals that the index reached 56.6, up from 54.4 in February.

Readings above 50 indicate overall growth in activity.

“The acceleration in activity was broad-based and points to improving business conditions throughout the first quarter of 2024,” said David McNamara, AIB Chief Economist.

All four sub-sectors monitored registered higher activity in March.

Financial Services posted the fastest growth for the fourth month running.

The three remaining sectors all registered similarly strong rates of expansion, led by Business Services, Transport, Tourism & Leisure and Technology, Media & Telecoms.

The March data signalled that the improved momentum in total activity was driven by higher inflows of new work, extending the current growth sequence that began in March 2021.

Service providers continued to invest in their workforces in response to stronger demand for their products and services.

However, the rate of job creation eased from February’s eight-month high, but remained solid overall.

Financial Services posted the sharpest increase in staffing at the end of the first quarter.

The data shows that inflationary pressures subsided last month.

“On the input side, the rate of inflation eased for the first time in four months but was still the second- fastest rate since June 2023,” said Mr McNamara.

“Wages, utilities, and fuel were all cited as being more expensive by respondents in March,” he said.

“Firms continued to raise prices for customers, but output inflation also slowed on the month. At the sectoral level, inflation was strongest in the Technology, Media & Telecoms sector, where input costs accelerated to a 12-month high,” he added.

Business sentiment about the prospects for activity over the coming 12 months also moderated.

Article Source – Service sector grows at fastest pace in eight months – RTE

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ECB’s Holzmann says warming to June rate cut but keeping an eye on Fed

The European Central Bank could start cutting interest rates in June as inflation may fall quicker than expected but should not get too far ahead of its US counterpart, as that diminishes the potency of easing, Austrian policymaker Robert Holzmann said.

Euro area inflation has tumbled over the past year and economic growth stalled, shifting the debate to just how quickly and how far the ECB should move in reversing a record string of rate hikes.

“April is not on my radar,” Holzmann told Reuters in an interview. “In June we will have more information.”

“If the data allows it, a decision will be made,” he said. “I don’t have an in-principle objection to easing in June, but I’d like to see the data first and I want to stay data-dependent.”

Holzmann is considered by some to be the single most conservative member of the ECB’s 26-member Governing Council, often batting back rate-cut talk, so his cautious nod to a June easing suggests a growing consensus for a move already raised by several others.

But he warned that if the US Federal Reserve does not cut rates in June, the market reaction to the policy divergence would negate much of the benefit of an ECB cut, so the central bank should be careful in going it alone.

“If by June the data shows a strongly based environment for a cut, a week before the Fed makes its own decision, then quite likely we’ll do it, hoping that the Fed comes along,” Holzmann said during the interview in his office in Vienna.

“If it doesn’t come along, then it may reduce the economic impact of our move,” he added.

But even after a cut in the deposit rate, which now stands at a record high 4%, interest rates will continue to restrict growth and the ECB would have to go much lower before hitting a neutral level.

Holzmann, who has already said he would not seek a new term when his mandate expires in August 2025, argued that with inflation at 2% and productivity expanding by 1%, a 3% deposit rate could be a “good target”.

However, this greatly depended on whether the 20-nation euro zone can overcome its recent productivity dip.

“If the productivity gap towards the US is as wide as now, then even 3% may be too tight,” Holzmann argued.

Markets see the deposit rate coming down to 2% over the longer term, but policymakers have so far steered clear of discussing the issue of where the easing could end.

Part of Holzmann’s growing acceptance of policy easing lies in an increasingly benign inflation outlook and economic weakness, with the euro zone currently skirting a recession for the sixth straight quarter.

He said inflation could fall quicker than the ECB projected last month because commodity prices are relatively benign and goods inflation is falling, mostly due to cheap imports from China.

Holzmann even seemed to downplay concerns about relatively quick wage growth, a key argument for many in waiting a bit longer before a policy easing.

“Wages are definitely a risk with respect to inflation, but we’ve also seen that enterprises, if their price setting power is decreased, will have to accept lower prices,” Holzmann said.

The euro area is also at a competitive disadvantage due to higher energy prices and trade restrictions on much of its eastern flank, so it also faces more muted growth prospects than many others.

Article Source – ECB’s Holzmann says warming to June rate cut but keeping an eye on Fed – RTE

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Inflation falls below 2% for first time since June 2021 – flash CSO reading

Annual inflation in Ireland fell below the euro zone-wide target of 2% for the first time in almost three years after slowing to 1.7% in March, a flash estimate of the Harmonised Index of Consumer Prices (HICP) from the Central Statistics Office shows.

Irish inflation peaked at almost 10% year-on-year in the middle of 2022 and has fallen steadily over the last 12 months.

The flash reading from the CSO for February had shown an inflation rate of 2.3%.

The Central Bank forecast last month that it would average 2% for 2024 as a whole before slowing to 1.8% in 2025.

The CSO said the Irish inflation rate of 1.7% compares to a rate of 2.6% in the EU Harmonised Index of Consumer Price inflation for the euro zone over the same time.

Today’s CSO figures show that energy prices are estimated to have fallen by 3.1% in the month and decreased by 8.4% since March last year, reflecting falling domestic energy rates which have come on the back of steep drops in wholesale energy prices.

Food prices are estimated to have decreased by 0.1% in the last month and increased by 2.6% in the last 12 months.

Transport costs have risen by 3.1% in the month and increased by 3.8% in the 12 months to March, the CSO added.

Ireland’s core HICP rate, which excludes energy and unprocessed food, slowed to 2.8% in the year to March from 3.2% a month earlier, the CSO added.

The flash inflation figure for the euro zone will be published tomorrow.

Article Source – Inflation falls below 2% for first time since June 2021 – flash CSO reading

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Unions join forces in call for major reforms of workers’ rights

Several of Ireland’s largest trade union groups have joined forces calling for a major reform of workers’ rights.

The Respect at Work campaign says there should be cross party-political support guaranteeing greater protections for employees in the workplace.

SIPTU, the Financial Services Union, Mandate Trade Union and the Communication Workers’ Union are all backing the new campaign.

The Irish Second-Level Students’ Union (ISSU) is also supporting the initiative.

Studies show that young workers view trade unions as ‘essential’ for navigating tricky workplace situations, guaranteeing people fair treatment and gaining real respect at work.

National Student Voice Organiser for the Irish Second-Level Students’ Union (ISSU), Maeve Richardson, said: “Recent UCD research showed that 67% of people aged between 16 and 24 years are positively disposed to trade unions. This underscores a significant and growing positive shift in attitudes towards trade unions in Ireland. This is a welcome breakthrough that offers real hope for the future.”

The Government is being asked to ensure that workers have a legal right to organise a trade union in their workplace and are protected from discrimination and dismissal while doing so.

The campaign is demanding legal protections that would “ensure that employee representatives and union Shop Stewards have the protections they need while representing the interests of their colleagues”, campaign spokesperson Ethel Buckley said.

EU Directive on minimum wages and collective bargaining

The campaign is timed to coincide with the required transposition of an EU Directive on minimum wages and collective bargaining, which the Irish Government must write into law by November of this year.

The Directive requires countries where less than 80% of workers are covered by collective agreements to introduce new measures to promote collective bargaining between unions and employers.

It is estimated that around 34% of workers in Ireland currently have their wages and conditions bargained collectively.

Speaking at the launch of the Respect at Work campaign, Ethel Buckley said: “We are calling for legislative change and the strongest possible transposition of this Directive in workers’ best interests, not a watered-down version that renders it meaningless.”

According to campaigners, Ireland has the weakest workers’ protections in western Europe.

The right to organise a trade union in the workplace and associated protections against discrimination and dismissal for workers and employee representatives is the ‘norm’ across Europe. This is not the case in Ireland, according to campaigners.

Ireland is also ‘out of step’ with European norms when it comes to a worker’s right to access information in the workplace. In many European countries workers have a right to access a union official in their workplace in order to get advice and support.

”We call on all political parties to support the introduction of legislation this year to ensure greater protections for employees in the workplace,” Ethel Buckley said.

A recent Ireland Thinks poll found that 74% of people believe employers should be legally obliged to negotiate with a trade union if employees wish them to do so.

The same poll found that a majority of voters who support each of the political parties in Dáil Éireann believe that this should be the case.

“The Directive requires Ireland to promote constructive, meaningful and informed negotiations on wage-setting between trade unions and employer bodies,” Ms Buckley said.

Article Source – Unions join forces in call for major reforms of workers’ rights – RTE

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Cost of second hand homes in Dublin rise 1.9% in first quarter

The average price of a used property in Dublin rose 1.9% between January and March compared to the previous three months, new data from DNG shows.

That’s more than twice the level of growth recorded in the city in the same month of last year and leaves the average price of a resale property in the capital at €542,110, up from €519,774 at the end of March 2023.

The estate agents say the increase was driven by a combination of strong demand and ongoing low levels of stock.

As a result, prices in Dublin in the year to the end of March were up 4.3%, stronger than during the year to the end of December when they climbed by 3.3%.

“Strong demand, particularly at the entry level to the Dublin market, combined with the very low stock of available second hand homes for sale, resulted in an uplift in prices during the first quarter of the year, as buyers competed for the limited supply of homes for sale,” said DNG Director of Research, Paul Murgatroyd.

“It is therefore no surprise that the strongest price growth during the first quarter was seen in west Dublin and at the starter home level of the market.”

Prices in the west of the city increased by 3.7% on average, compared to rates of increase of 1.6% on Dublin’s southside and 1.4% on the northside of the city.

In the full year to the end of March 2024, the rate of price growth in west Dublin was more than double the rate recorded in other parts of the city, with prices increasing by 7.8%.

Apartment prices grew by 1.3% during the first quarter, the biggest increase recorded since the second quarter of 2022.

More than half of all properties were bought by first-time buyers.

66% of buyers used a mortgage to complete their purchase, whilst a further 25% used cash or another form of finance.

“We saw the rate of price inflation recorded by the HPG pick up in the final quarter of 2023 and that trend has continued into the start of 2024,” Mr Murgatroyd said.

Article Source – Cost of second hand homes in Dublin rise 1.9% in first quarter – RTE

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Pension auto-enrolment: What is it and what will it cost?

After decades of discussion and debate, the prospect of workers being automatically added into a private pension scheme took a step closer this week.

On Wednesday the Cabinet approved a Bill that is designed to create an auto-enrolment pension system in Ireland.

Following the lead of Britain, New Zealand and Italy, amongst others, the scheme could see pension schemes set up for around 800,000 workers, practically overnight.

But while such a system is, in theory, just months away, public awareness remains low.

Why is this happening?

According to a 2023 survey by the Central Statistics Office, 32% of workers aged between 20 and 69 are not signed up to a private pension.

Unless that changes, that would represent hundreds of thousands of workers who could be solely dependent on their State pension when they retire.

This could be a problem for workers who would have to adjust to a sudden, sharp drop in their incomes.

But it represents a major challenge for the State, which experts have dubbed the ‘pensions timebomb’.

That’s because a significant number of pension-less workers, along with Ireland’s ageing population, and longer life expectancy, is likely to put a significant burden on the Exchequer of the future.

Successive governments have sought to manage this by incentivising people starting pensions, either privately or through their job.

That includes tax relief on pensions contributions, and on the lump sum that may be paid to workers when they retire.

Despite that, private pension coverage in Ireland has continued to lag. In fact, some data suggest that it is going in the wrong direction.

A survey by the Competition and Consumer Protection Commission last year indicated that nearly a quarter of 45-54 year-olds did not have a pension – up ten percentage points in a year.

The Government believes that the best way to reverse that trend is to make pensions payments the default for workers – rather than something they have to actively sign up to themselves.

The international experience is that auto-enrolment schemes do improve pensions up-take, too.

Will it impact everyone?

No.

If you already have a pension, nothing will change.

The Government’s auto-enrolment plan will also cover only workers aged between 23 and 60.

That means those in the early years of their working life – and those close to retirement – will not be affected.

Meanwhile auto-enrolment will only kick in when a worker is earning more than €20,000 a year – so many part time workers may not qualify.

A minimum wage, full-time worker would, though, as their annual earnings would pass the €20,000 threshold.

Ultimately it’s estimated that close to 800,000 people will fall under the remit of the auto-enrolment scheme.

How much will it cost me?

The actual cost to you will depend on how much you earn, but it should be a relatively small amount at first.

Under the scheme, employees will contribute 1.5% of their gross salary during their first three years of paying in.

That will rise to 3% from the third year on, 4.5% from year six on, topping out at 6% from the tenth year onwards.

That means a person earning €45,000 – roughly the national average wage –would contribute €675 in the first year (or around €13 a week).

By the time they’re in the 10th year, they would be contributing €2,700 a year (or around €52 a week).

But while the scheme does represent a cost, there are incentives built-in to make it attractive to workers.

Like what?

Under the auto enrolment plan, employers will be obliged to pay the same amount into the pension pots as workers.

Employer contributions will follow the same levels as workers – starting at 1.5% of gross salary and rising to 6% from year ten onwards.

That effectively means that every euro a worker contributes will be matched by their employer – doubling the size of the pot.

On top of that the State, rather than offer tax relief, will contribute €1 for every €3 put in by the employee.

That means that the €675 contributed by an average-waged worker in year one will end up as €1,575, due to the matching €675 contribution from the employer and the further €225 from the State.

The €2,700 paid in year 10 would end up as €6,300, thanks to the employer’s contribution and a €900 top-up from the State.

The hope would then be that that money is then shrewdly invested in order to grow the pot even more.

When will the scheme start?

The Government has targeted 1st January 2025 as the start date for auto-enrolment – but some pensions experts have cast doubt on that timeframe.

While Cabinet signing off on the Bill is an important step in making auto-enrolment a reality, it still has to be made law.

It is hoped the Bill will progress through the Oireachtas after Easter, with the Dáil set to resume on the 9th April.

But even if the Bill is initiated at that stage, it could takes weeks before the resulting legislation is enacted.

And it’s only at that point that the actual workings of the scheme can begin to be set-up.

Central to that will be a tender process to find investment companies that will handle the money on behalf of workers – while a National Automatic Enrolment Retirement Savings Authority will also need to be established to oversee the running of the scheme.

And before money is taken from workers’ wages, it is clear that the Government has a job of work to do in informing the public on the scheme.

Research from the Central Statistics Office last year showed that, of workers with no occupational pension, just one in five was aware of the planned auto-enrolment system.

Meanwhile employers will have to make changes to their payroll, finance and HR systems to facilitate the change – not to mention the additional cost burden they will face due to the contributions they will be obliged to make.

Will I be able to decide where my money goes?

To an extent, yes.

The bill currently proposes that – after a tender process – four investment companies will be designated ‘registered providers’, meaning they will be able to offer different pensions options to members.

There will be a default pension scheme that contributions are paid into, but workers will be able to opt for different schemes if they wish to take a different approach.

This will likely mean that someone will be able to move their money into a riskier investment portfolio if they so wish – or a more conservative one if they want to limit their exposure.

Will I be able to opt out altogether?

Yes – though not immediately.

Affected workers will have to participate in the new pension scheme for six months before being given the option of opting-out, or suspending their contributions.

But, even if they do so, they will be automatically re-enrolled after two years.

They will then have to participate for another six months, at which point they will have the option of opting out once more.

However, the hope of the Government is that very few people will take up that option.

International experience suggests that the vast majority of people decide to continue pensions contributions once they are signed up to a scheme.

The big roadblock that auto-enrolment seeks to get around is people’s tendency to simply not bother in the first place.

According to the CSO study last year, of those with no pension, just over a third had simply never gotten around to organising one.

A further 9% said they would set one up at some point in the future.

Article Source – Pension auto-enrolment: What is it and what will it cost? – RTE

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Manufacturing contracts again in March – PMI

The manufacturing sector contracted in March after briefly returning to growth a month earlier, a survey showed today, with confidence among firms also slumping to the lowest level in more than three years.

The AIB S&P Global manufacturing Purchasing Managers’ Index (PMI) fell back below the 50 mark denoting growth to 49.6, compared with 52.2 in February – the fastest pace of growth since mid-2022.

The index has sat below 50 for most of the last 17 months.

Both output and new orders contracted in March. The survey’s authors said producers mostly cited subdued demand from clients in the UK, alongside challenging global economic conditions.

The rate of input price inflation also accelerated for the second successive month after firms passed on higher transport costs, wages and rising commodity prices.

The Irish domestic economy expanded by just 0.5% last year, far below expectations and the rapid post-pandemic growth of the previous 12 months.

The Central Bank forecast last month that the domestic economy would grow by 2.2% this year.

Article Source – Manufacturing contracts again in March – PMI – RTE

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