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GDP declines. Graphs clearly show a sharp decrease in Ukraine's real GDP after the war's outbreak, with estimates showing a drop of over 30% below its pre war trend.

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COVID-19 pandemic and its aftermath: Knowledge, attitude, behavior, and mental health-care needs of medical undergraduates

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The undeniable impact of the COVID-19 pandemic on the educational sector has left the students perplexed and uncertain. Infection-related fears, inevitable loneliness, disturbed routine making way for adverse lifestyle habits, stressors such as…

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The statistic displays a **** year forecast for house price growth in the United Kingdom (UK) from 2020 to 2024, revised with the coronavirus (covid-19) impact on the market. According to the forecast, 2020 and 2021 will likely see a slower to no increase in house prices followed by a gradual recovery between 2022 and 2024. North West, North East, Yorkshire & the Humber, and Scotland prices are forecast to bounce back quicker than other UK regions with higher **** year price increase.

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House price growth 2020-2024 UK| Statista

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The statistic displays a **** year forecast for house price growth in the United Kingdom (UK) from 2020 to 2024, revised with the coronavirus (covid-19) impact on the market.

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The Residential Property Price Index (RPPI) is created by the CSO using property prices reported as part of stamp duty payments. It provides a range of information including the type of property purchased and can be broken down by area. The statistic used below is the percentage change over 12 months for the RPPI.

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The Residential Property Price Index (RPPI) is created by the CSO using property prices reported as part of stamp duty payments. It provides a range of information including the type of property purchased and can be broken down by area. The statistic used below is the percentage change over 12 months for the RPPI.

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Irish Fiscal Advisory Council calls out the budget

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Irish Fiscal Advisory Council calls out the budget

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Watchdog warns €9.1bn bonanza Budget ‘repeats Ireland’s past mistakes’

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The Irish Fiscal Advisory Council also criticised the government for failing to target spending at those most in need.

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Your browser is out of date. Update your browser to view this site properly.Click here for more information

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The national minimum wage will increase by 80 cents to €13.50 per hour

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Carbon tax on petrol and diesel to increase from Wednesday next week

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The rate per tonne of carbon dioxide emitted by petrol and diesel vehicles will increase from €56 to €63.50.

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€1.5 billion boost for National Training Fund

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Public Expenditure Minister Paschal Donohoe said the National Training Fund is in surplus due to the growth in numbers at work and increased employers' PRSI receipts.

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Minimum wage

“The national minimum wage will increase by €1.40 to €12.70 per hour from 1 January 2024.”

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Budget 2024 was announced on Tuesday 10 October September 2023. This page provides a short summary of budget measures and changes.

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HSE reports average gender pay gap of 12%

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State’s largest employer says difference is due to more men in roles with higher pay such as medical and dental jobs

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https://www.irishtimes.com/news/health/republic-s-dentists-earn-more-but-take-home-less-1.666716

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Economy growth predicted, fiscal council spending warning

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Aimee

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Economy growth predicted, fiscal council spending warning

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Growth in the domestic economy is predicted to pick up next year, according to Minister for Finance Jack Chambers.

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SMEs in Ireland 2023, by size | Statista

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In 2023, there were approximately 309,000 SMEs operating in Ireland, with the vast majority of these (281,805) being micro-sized enterprises that employed between zero and nine people.

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www.rte.ie needs to review the security of your connection before proceeding.

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Minimum wage increase ‘unwise’ and ‘unsustainable’ for SMEs

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ISME retail members estimate that the increase – the largest jump since 2012 – will add between 1% and 2.5% to grocery bills.

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Saoirse

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SMEs expect rise in turnover which may offset wage burdens, report shows

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Enterprise Ireland CEO Leo Clancy said the results of the research are ‘positive’ amid a ‘challenging global economic environment for businesses’

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EU revises Irish economy forecast to reflect a much smaller growth in 2024

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The cut in the Commission’s expectations is as a result of Ireland’s GDP underperforming in 2023.

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Employment levels set a fresh record of 2.64 million people working at the start of the summer and unemployment falling to 4.4% despite the global economic uncertainty caused by surging interest rates, the latest Labour Force Survey has reveal.

The Central Statistics Office figures confirm that most parts of the economy with the exception of agriculture, forestry, fishing, and the industry sector expanded employment from the same period last year.

Employment also rose in every region, although growth in employment numbers was slight in the Midlands region, according to the figures.

The figures mean that the employment rate at over 74% for people up to the age of 64 was the highest since records began in 1998, said CSO statistician Sam Scriven.

The CSO said its survey showed the total level of unemployment in the quarter had fallen to 4.4%, representing 121,200 people. There were 31,900 people in long-term unemployment, little changed from the same period last year.

The strong employment figures are already being reflected in the strength of the income tax revenues collected by the Government in recent months which in turn reflect the resilience of the Irish economy in the face of the global economic slowdown.

Other surveys have shown that Irish manufacturing faces a high level of uncertainty, as some major economies teeter on the brink of recession after global central banks hiked interest rates in their attempt to tame inflation.

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Record high employment levels with 2.64 million people working in Ireland

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This is despite the global economic uncertainty caused by surging interest rates

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Inflation in the Irish economy has fallen to 2.3 per cent, its lowest level in 2½ years and close to the European Central Bank's (ECB) target rate of 2 per cent.

The softening of headline price growth, detailed in the Central Statistics Office's latest harmonised index of consumer prices (HICP), comes amid a significant decline in energy prices internationally and on the back of 10 interest rate hikes from the ECB.

The CSO said the latest HICP is estimated to have risen by 2.3 per cent in the 12 months to November, down from a trend rate of 3.6 per cent in October. Prices were said to have fallen by 1.1 per cent in the month of November.

The Minister for Finance Michael McGrath welcomed the decline, saying lower energy costs, when combined with Government supports to help people meet higher energy prices taking effect, would result in reductions in households' bills.

Energy prices are estimated to have fallen by 5.8 per cent in November alone and decreased by 9.9 per cent over the 12 months to November.

Mr McGrath was speaking ahead of launching a new initiative to improve financial literacy across all generations of the population.

He said that next week, his department would learn how much corporation tax had been received for November, which is the most important month of the year for that heading. The Government is hopeful the return will reverse the downward trend in corporation tax seen in recent months.

"It is a key month for us in terms of collecting taxation. We have had three successive months now with weakness in corporation tax receipts, and November is a vital month.

"Last year we collected €13.5 billion overall in November. Of that corporation tax was about €5 billion. So it is a very important month in terms of exchequer returns."

On Tuesday, the Minister for Public Expenditure Paschal Donohoe said the change in corporation tax receipts seen over the last three months is "a sobering reminder" of why the Government should be running budget surpluses.

A breakdown of the latest CSO data showed food prices are estimated to have grown by 0.3 per cent in the last month and increased by 6.2 per cent in the last 12 months while transport costs, driven by lower air fares, decreased by 1.7 per cent in the month and fell by 0.2 per cent in the 12 months to November.

The HICP excluding energy and unprocessed food prices, which is used to measure core or underlying inflation, was calculated to have increased by 3.9 per cent since November 2022, down from 4.6 per cent previously.

While the HICP is used to allow comparisons across euro zone countries, the official measure of Irish inflation is the Consumer Price Index (CPI). The latest CPI for October put inflation in the Irish economy at 5.1 per cent. The disparity between the two rates reflects the inclusion of mortgage interest in the CPI.

The latest HICP for the State will feed into wider euro zone inflation figures for November, which are due to be published on Thursday.

If the strength of inflation surprised on the way up, it is falling faster than many commentators and policymakers had predicted.

ECB president Christine Lagarde warned earlier this week that while euro zone inflation pressures were easing as expected, wage growth was still strong and the outlook especially uncertain, suggesting the ECB's fight to contain price growth was not yet done.

"This is not the time to start declaring victory," Ms Lagarde told a meeting of MEPs in Brussels. "We need to remain attentive to the different forces affecting inflation and firmly focused on our mandate of price stability."

She said she expected the weakening of inflationary pressures to continue but overall price growth could accelerate in the coming months and the medium-term outlook is surrounded by "considerable uncertainty".

"This is the lowest level inflation we have had since the summer of 2021. We have seen a fall in actual price levels in the month of November, which is particularly welcome," he said.

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Irish inflation drops to lowest level in 2½ years as energy prices decline

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Price growth of 2.3% is the lowest since the middle of 2021 and comes as energy prices on wholesale markets continue to fall

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Inflation will drop to 2.5% this year, down from 6.3% last year, according to a Bank of Ireland (BOI) projection.

The bank published its 2024 Ireland Outlook today, predicting a fall in inflation but a rise in consumer spending.

According to the report, the Consumer Price Index (CPI) is set to average 2.5% this year, down from 6.3% last year.

BOI said this 3.8% average drop was helped by domestic energy providers cutting priced and the ongoing impact on interest rate hikes.

It noted core inflation, such as energy spending, ran higher (5.9%) in December than headline inflation, with the changes in energy prices now helping to keep inflation down rather than up.

The report also projected consumer spending would rise by 2.9% in 2024 as pay growth exceeds CPI inflation.

Economy slow to grow

BOI also reported the Irish economy is set to grow by 1.5% this year, revised down from the last projections.

Chief Economist Conall Mac Coille said the impact of falling GDP in 2023 will "reverberate" in 2024.

"However, with inflation falling back and real incomes growing, consumer spending should continue to expand while continued house building should underpin domestic investment growth," he said.

"We saw a poor GDP performance in 2023 where the economy contracted by 1.9%, driven mainly by specific issues in the multinational export sector, however this does not reflect a long-term trend."

Employment and housing

The BOI outlook report also projected the unemployment rate to remain close to 4.5% but could potentially rise if labour force grows more rapidly due to inward migration.

A skills and labour shortage could also drive wage growth by up to 4.2%, as "labour shortages are now the most pressing issue that could hold back growth in the Irish economy", according to BOI.

Bank of Ireland noted that the "breakneck pace of jobs growth seen in recent quarters is unlikely to continue", as it forecasts employment to grow 1.6 per cent this year, less than half the 3.8 per cent seen in 2023.

House price inflation is likely to remain in low single-digit territory in 2024 due to lack of supply, already evident in MyHome asking price inflation at 4%.

Most Popular

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Bank of Ireland: Average inflation to drop by nearly 4% in 2024

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Inflation will drop to 2.5% this year, down from 6.3% last year, according to a Bank of Ireland (BOI) projection.

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Employment at highest level in 24 years with over 2.5 million working

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Employment at highest level in 24 years with over 2.5 million working

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Aoife

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https://www.ey.com/en_ie/news/2024/02/ey-economic-eye-growth-uplift-for-irish-economy-forecast-for-2024-as-inflation-tracks-lower-and-interest-rate-cycle-turns

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EY forecasts Irish GDP to rise by 2.2% in 2024 and 3.8% in 2025; Modified Domestic Demand to grow by 2.2% in 2024 and 2.5% in 2025

Employment forecast to increase by 1.6% in 2024, labour market to remain tight

Inflation continuing on its downward trend with EY forecasting inflation at 3% for 2024, returning to 2% by 2025

Northern Ireland economy forecast to grow by 0.7% in 2024, accelerating to 1.6% in 2025

Dublin, 8 February 2024: EY Ireland's Winter 2024 Economic Eye is forecasting a growth uplift for the Irish Economy in 2024, with further job gains as inflation tracks lower and interest rate cycle turns.

After a stellar performance in recent years, economic activity continues to normalise with growth projected to be reasonably solid in the coming years. GDP is forecast to rise by 2.2% in 2024 and 3.8% in 2025 with Modified Domestic Demand growing by 2.2% in 2024 and 2.5% in 2025. Ireland will outperform many economies around the world, exceeding forecasts for our neighbours in the Euro area (0.9% in 2024) and the UK (0.9%) and just above projections for the United States (2.1%).

The labour market is very strong, with record numbers currently in employment. EY projects further jobs growth ahead, with employment expanding by 1.6% in 2024 and 1.8% in 2025. Inflation continues to moderate after the highs of 2022 and early 2023. EY is forecasting this will stand at 3% in 2024. Encouragingly for businesses, exporters and some mortgage holders, interest rate cuts by the European, US and UK Central Banks appear almost certain at some point in 2024.

In Northern Ireland, EY is forecasting that the economy will expand by 0.7% in 2024 and 1.6% in 2025. Employment is projected to stall in 2024, before returning to a more positive trajectory in 2025, growing by 0.9%. Recent political developments including the restoration of power sharing and the installation of a new Stormont Executive offers the opportunity to unlock further growth potential within the Northern Ireland economy.
Dr Loretta O'Sullivan, EY Ireland Chief Economist, says:
"After stellar economic growth in Ireland in 2021 and 2022 and some normalisation in 2023, we are looking at reasonably solid growth in 2024. For Northern Ireland we are forecasting a modest expansion this year."

"While the international economic environment is still relatively subdued and tighter monetary policy is biting, disinflation is helping to restore households' purchasing power. Economic momentum is expected to build as the European Central Bank and the Bank of England begin to loosen monetary policy and financing conditions for business investment become more favourable and as trading partner demand improves. With all of this in mind the outlook for 2025 is stronger.

"The Irish economy has many strengths but to keep pace with global markets we also need to cultivate the seeds of future economic growth by training and upskilling our workforce, investing in necessary infrastructure, accelerating the green transition and harnessing the transformative potential of new technologies such as Artificial Intelligence."

"While there is much to be positive about, a number of global headwinds remain. Geopolitical tensions are high, particularly with the continuing war in Ukraine, the Middle East conflict and the recent attacks on shipping in the Red Sea, which are disrupting global supply chains. With over half of the world's population eligible to vote in elections in 2024, it is also a year of significant electoral change which brings a level of uncertainty.

Graham Reid, Head of Tax & Law and Clients & Markets at EY Ireland, says:

"The Irish economy continues to demonstrate its resilience and underlying strengths, including access to a skilled and highly productive workforce, world-class universities and a business friendly environment. All of these factors are key in terms of attracting and retaining foreign direct investment as well as enabling and empowering our world-leading indigenous entrepreneurial talent. As we look to the future now is the time to invest in the drivers of tomorrow's economic growth as we know such investment will pay dividends many times over."
Inflation on the retreat
Headline inflation has eased significantly in Ireland as the energy price shock triggered by Russia's invasion of Ukraine and other external pressures has waned. Underlying inflation which excludes food and energy was nonetheless sticky through 2023 and services inflation which reflects domestic price pressures remained elevated as the year ended. The pass through of lower wholesale energy prices to retail prices is continuing and with tighter monetary policy increasingly working its way through the economy, 2024 should see more broad-based disinflation.

Dr O'Sullivan says: "Lower global energy prices and higher interest rates have helped curb inflation and we are projecting that it will retreat further in 2024, easing pressure on hard-pressed households and businesses. We are also getting signals from the European Central Bank that interest rates cuts are on the agenda, although this may occur later in the year than many market watchers have speculated bringing more good news for businesses, households and investors.
Still Warm Labour Market
The two labour markets on the island of Ireland put in a strong performance in 2023. The number of people in employment in Ireland rose to a record high of 2.66 million in Quarter 3, with all regions and most sectors registering gains. Despite layoffs in some high-profile tech companies in recent times, ICT jobs were still up and over 300,000 were employed by IDA client companies for the second year in a row. Jobs are also forecast to have increased in Northern Ireland by 1.5% in 2023.

Dr O'Sullivan says "As developments in the labour market typically lag those in the economy, some cooling is not surprising. But even though jobs growth is forecast to moderate in the Republic of Ireland and stall in Northern Ireland in 2024, unemployment rates are projected to remain low by historical standards. So, recruitment and retention will continue to be an issue for many businesses. For workers, the still tight labour market, along with some compensation for past inflation, as well as the proposed public sector pay agreement, point to further wage increases across the economy.
Northern Irish Economy Picking Up In 2024
After flatlining in 2023, the Northern Irish economy is projected to expand by 0.7% in 2024. Private sector activity has picked up according to the latest Purchasing Managers' Index while decelerating inflation will provide some respite for households over the coming months. Bank of England interest rate cuts are a real prospect this year, albeit past increases are continuing to have a dampening effect on the economy. Encouragingly, the unemployment rate in Northern Ireland is very low at 2.4%, although we expect this to nudge higher in 2024.

"While the immediate growth outlook for the Northern Ireland economy is modest, there are grounds for optimism into the medium term. The labour market is resilient, inflation is declining and the recent restoration of power sharing offers the opportunity to unlock the economic potential of Northern Ireland", Dr O'Sullivan concluded.

Read or download our latest forecast here.

-ends-
About EY
EY is a global leader in assurance, tax & law, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organisation and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com/ie.

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EY Economic Eye: Growth Uplift for Irish Economy Forecast for 2024 as Inflation Tracks Lower and Interest Rate Cycle Turns

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Dublin, 8 February 2024: EY Ireland's Winter 2024 Economic Eye is forecasting a growth uplift for the Irish Economy in 2024, with further job gains as inflation tracks lower and interest rate cycle turns.

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Why has inflation remained steady and what does it mean for interest rates?

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Why has inflation remained steady and what does it mean for interest rates?

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Irish inflation has tumbled once again from record highs in 2022, closing further in on the eurozone average of 2.4%.

Latest figures from EU statistics agency, Eurostat found Irish inflation fell to a more than 2-year low of 2.5% in November, driven by consecutive falls in domestic energy prices.

Down significantly from 3.6% in October, according to Eurostat measurements, Ireland had one of the largest monthly falls in inflation figures, hovering just marginally above the euro area average.

However, latest figures reflect a wide range of price levels across the 20-country eurozone as some Governments move to withdraw subsidies shielding customers from hefty energy price hikes.

On one end of the spectrum, Belgium has entered a second month of deflation with price levels now at -0.8%, while Czechia continues to grapple with inflation of 8%, remaining unchanged from the previous month.

Compared with October, annual inflation across the 27-nation EU fell to 3.1%, compared to a eurozone figure of 2.4%, with price levels falling in twenty-one EU member states, remaining stable in three and rising in three.

Latest figures for Irish inflation, measured by Eurostat's Harmonised Index of Consumer Prices (HICP) reflect a growing gap between figures calculated by the Central Statistics Office's (CSO) Consumer Price Index.

Just last week, the CSO said Irish inflation fell to a more than two-year low of 3.9% in November following a drop in energy prices, down from the annual increase of 5.1% recorded in October.

However, Eurostat's HICP does not take Irish mortgage rates into account when calculating inflation, leading to a growing disparity between the EU agency and the CSO.

Following ten interest rate hikes by the European Central Bank since July 2022, Irish mortgage rates have risen by an average of 37% annually, leading to the significant difference between Irish inflation of 3.9% as measured by the CSO, and 2.5% as measured by Eurostat.

Excluding mortgage rates, the CSO said Irish inflation fell by 0.9% in the month and increased by 2.8% in the year, reflecting a figure much closer to Eurostat's 2.5% for November.

Across the euro area, food, alcohol & tobacco had the highest annual rate in November at 6.9 %, compared with 7.4% in October, followed by services at 4% and non-energy industrial goods at 2.9%.

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ireland markets; irish economy; iseq; stocks; shares

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Irish inflation drops to 2.5% as energy prices fall

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Latest figures from Eurostat show Irish inflation rate falling to lowest rate in over two years

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My own view is that 2023 will mark the second-last year in the rollercoaster economic cycle that was triggered by the covid pandemic and was then characterised by a debilitating energy shock and cost-of-living crisis.

Perhaps surprisingly, the economy is actually in a pretty good place. There is a tight labour market and low unemployment. We have a record 2.66m at work, with participation rates at their highest since 2008. What explains this?

We can understand the strong post-covid bounce-back as primarily an outcome of the sky-high savings rate and pent-up demand that built up in 2020 and 2021 and the subsequent high levels of spending in 2022 and 2023. This dynamic was possible due to the strong measures taken to protect the economy's productive capacity at the beginning and height of the pandemic. The eventual surge in demand, once triggered, added a fillip to the economy and has helped generate record levels of employment and a record employment rate for women.

In addition, Irish net exports benefited strongly during the current economic cycle from the performance of the pharmaceutical and ICT industries, not least because demand patterns arising from the pandemic benefited both sectors. While that particular expansion has now petered out, the longer-term outlook is still very good for both sectors and for the corporation tax receipts that emanate from their activities. The mega-trends of an ageing population and fast technological disruption will further benefit both sectors.

Tom McDonnell: 'Real wage growth across the economy is likely to have already turned positive in November'.

However, rising prices and cost-of-living pressures have gradually slowed down the boom and we are already into a new period of more moderate growth. Muted business sentiment indicators suggest we should temper our growth expectations in the short run. Interest rates will be the biggest constraint on the economy and will slow risk-taking, investment, and overall demand.

High-interest rates could slow down investment in housing. Picture: Andrew Matthews/PA Wire

High-interest rates could also increase the rate of business failures and are a worry to the extent that they may slow down needed investment in housing.

More positively, the strong budgetary position offers scope for a robust countercyclical fiscal response if the economy does start to stagnate or reverse. Our closeness to an election suggests Government will not be shy to pull out all the stops in order to counter any slowdown.

While the recent rates of employment growth are unsustainable, we nevertheless foresee employment growth of between 1% and 1.5% next year. Nevertheless, the cost-of-living crisis has meant increased hardship for many, with enforced deprivation increasing significantly in 2022 and it is likely to do so again in 2023. This is because incomes have not kept pace with price inflation in 2022 or in 2023. Living standards have fallen and consumer confidence is therefore unsurprisingly low.

Yet price inflation is at last finally starting to come down. Consumer price inflation was 3.9% in November and should average around 3% next year. This compares to an expected average of 6.3% in 2023 and an average of 7.8% in 2022. Inflation is also falling across the Euro area. The hope is that this decline will convince the European Central Bank to start loosening monetary policy and cutting interest rates.

Monetary policy may be the biggest determinant of the economy's health next year and a continuation of tight monetary policy is the likeliest potential cause of a recession in Europe. Our view is that interest rates will start falling by the early summer.

Next year will also see better news for workers. The really tight labour market will combine with the falling price inflation to create a window of strong real wage growth in 2024.

This should mean real wages increasing by about 1.5%. The large increase in the national minimum wage to €12.70 is one guaranteed wage increase that we already know about. This is a good step on the path to a genuine living wage and will benefit low-paid workers. It is also very unlikely to have any negative economy-wide employment effect.

We have entered a more modest phase of growth but living standards should improve for most people and households next year.

Dr Tom McDonnell is co-director of the all-island Nevin Economic Research Institute

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organisation: nevin economic research institute

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2024 will see real wage growth across the economy - NERI

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Ireland has entered a more modest phase of growth but living standards should improve for most people in the year ahead

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DUBLIN, Dec 19 (Reuters) - Ireland's central bank cut its economic growth forecasts out to 2025 for the second successive quarter, saying on Tuesday that the economy had shifted to a slower growth path but that inflation would also fall faster than previously forecast.

The central bank reduced its forecast for modified domestic demand (MDD) - it and the government's preferred measure of economic activity - to 1.5% in 2023 from 2.9% previously, while making more minor downward revisions to the 2.5% and 1.9% growth seen in 2024 and 2025.

MDD soared by 9.5% last year but the most recent reading showed it flatlining in the third quarter.

The central bank said the slowdown reflected the exceptional level of physical investment by multinationals in 2022, but also also the impact of higher interest rates and capacity constraints.

"The economy has shifted onto a slower growth path following a strong post pandemic recovery," the bank said in a quarterly update of its forecasts, noting that the economy was now set to grow in line with its medium term potential from 2024 to 2026.

Large foreign multinationals based in Ireland often distort gross domestic product (GDP), notably through the inclusion of exports produced abroad but counted in the Irish statistics. The measure is still used to calculate Ireland's share of activity across the euro zone.

The central bank reiterated that GDP does not provide a good indicator of economic conditions in Ireland when slashing its forecast for 2023 to a decline of 1.3% from the 2.9% expansion it expected three months ago.

The bank said headline inflation continues to decelerate, with tentative signs of a return to normal seasonal patterns. It cut its 2023 Harmonised Index of Consumer Prices (HICP) forecast to +5.2% from +5.4% and to +2.2% in 2024 from +3.2%.

It expects inflation to fall to 1.4% in 2026, below the European Central Bank (ECB) target of 2%. Core inflation, which excludes unprocessed food and energy prices, is expected to be stickier next year but fall below 2% in 2025.

Reporting by Padraic Halpin; Editing by Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Irish central bank cuts economic growth, inflation forecasts

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Ireland's central bank cut its economic growth forecasts out to 2025 for the second successive quarter, saying on Tuesday that the economy had shifted to a slower growth path but that inflation would also fall faster than previously forecast.

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irish inflation drops to lowest level in two and a half years as energy prices decline

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Inflation in the Irish economy has fallen to 2.3 per cent, its lowest level in 2½ years and close to the European Central Bank's (ECB) target rate of 2 per cent.

The softening of headline price growth, detailed in the Central Statistics Office's latest harmonised index of consumer prices (HICP), comes amid a significant decline in energy prices internationally and on the back of 10 interest rate hikes from the ECB.

The CSO said the latest HICP is estimated to have risen by 2.3 per cent in the 12 months to November, down from a trend rate of 3.6 per cent in October. Prices were said to have fallen by 1.1 per cent in the month of November.

The Minister for Finance Michael McGrath welcomed the decline, saying lower energy costs, when combined with Government supports to help people meet higher energy prices taking effect, would result in reductions in households' bills.

Energy prices are estimated to have fallen by 5.8 per cent in November alone and decreased by 9.9 per cent over the 12 months to November.

Mr McGrath was speaking ahead of launching a new initiative to improve financial literacy across all generations of the population.

He said that next week, his department would learn how much corporation tax had been received for November, which is the most important month of the year for that heading. The Government is hopeful the return will reverse the downward trend in corporation tax seen in recent months.

"It is a key month for us in terms of collecting taxation. We have had three successive months now with weakness in corporation tax receipts, and November is a vital month.

"Last year we collected €13.5 billion overall in November. Of that corporation tax was about €5 billion. So it is a very important month in terms of exchequer returns."

On Tuesday, the Minister for Public Expenditure Paschal Donohoe said the change in corporation tax receipts seen over the last three months is "a sobering reminder" of why the Government should be running budget surpluses.

A breakdown of the latest CSO data showed food prices are estimated to have grown by 0.3 per cent in the last month and increased by 6.2 per cent in the last 12 months while transport costs, driven by lower air fares, decreased by 1.7 per cent in the month and fell by 0.2 per cent in the 12 months to November.

The HICP excluding energy and unprocessed food prices, which is used to measure core or underlying inflation, was calculated to have increased by 3.9 per cent since November 2022, down from 4.6 per cent previously.

While the HICP is used to allow comparisons across euro zone countries, the official measure of Irish inflation is the Consumer Price Index (CPI). The latest CPI for October put inflation in the Irish economy at 5.1 per cent. The disparity between the two rates reflects the inclusion of mortgage interest in the CPI.

The latest HICP for the State will feed into wider euro zone inflation figures for November, which are due to be published on Thursday.

If the strength of inflation surprised on the way up, it is falling faster than many commentators and policymakers had predicted.

ECB president Christine Lagarde warned earlier this week that while euro zone inflation pressures were easing as expected, wage growth was still strong and the outlook especially uncertain, suggesting the ECB's fight to contain price growth was not yet done.

"This is not the time to start declaring victory," Ms Lagarde told a meeting of MEPs in Brussels. "We need to remain attentive to the different forces affecting inflation and firmly focused on our mandate of price stability."

She said she expected the weakening of inflationary pressures to continue but overall price growth could accelerate in the coming months and the medium-term outlook is surrounded by "considerable uncertainty".

"This is the lowest level inflation we have had since the summer of 2021. We have seen a fall in actual price levels in the month of November, which is particularly welcome," he said.

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Irish inflation drops to lowest level in 2½ years as energy prices decline

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Price growth of 2.3% is the lowest since the middle of 2021 and comes as energy prices on wholesale markets continue to fall

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Employment hits record high in the Republic of Ireland

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Republic of Ireland employment figure hits record high

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The percentage of people aged 15-64 who are in work in the Republic of Ireland is at an all-time high.

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Euro Zone's low productivity may slow the fall of inflation 

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Adds detail from Schnabel's speech, context throughout

FRANKFURT, Feb 16 (Reuters) - Europe's sluggish productivity growth may slow the fall in inflation to the European Central Bank's 2% target, ECB policymaker Isabel Schnabel said on Friday.

Schnabel pointed to a number of factors behind the euro zone's long-running economic underperformance versus the United States, including lower investment in technology, more red tape and more expensive energy.

She argued this could delay the ECB's victory against high inflation and the timing of its first interest rate cut.

"Persistently low, and recently even negative, productivity growth exacerbates the effects that the current strong growth in nominal wages has on unit labour costs for firms," she told an event in Florence, Italy. "This increases the risk that firms may pass higher wage costs on to consumers, which could delay inflation returning to our 2% target."

Reaffirming her stance, Schnabel said this meant the ECB had to be "cautious" and not cut rates "prematurely" to avoid a second flare-up in inflation as happened in the 1970s.

She said making it easier to open and scale-up successful businesses and wind-down failing ones were among measures that could be taken to boost euro zone productivity.

Higher productivity would make life easier for the ECB in avoiding both periods of too high and too low inflation, Schnabel said.

"Measures that help firms boost productivity growth directly support monetary policy in achieving its objective of securing price stability over the medium term," Schnabel said.

(Reporting by Francesco Canepa; Editing by Alison Williams and Sharon Singleton)

((@FranCanJourno francesco.canepa@thomsonreuters.com; 004906975651247; Reuters Messaging: francesco.canepa.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Euro zone's low productivity may slow inflation's fall - ECB's Schnabel

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Europe's sluggish productivity growth may slow the fall in inflation to the European Central Bank's 2% target, ECB policymaker Isabel Schnabel said on Friday.

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More than 28,000 work permits were issued in 2023 and a surge in demand is likely in 2024, says Work Permits Ireland director

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Established in 2018, Work Permits Ireland is a specialised immigration company with a team of highly experienced consultants who have over 20 years' experience in Irish immigration working for clients from across the globe wishing to apply for an Irish employment permit.

The company provides fee-based services in addition to the official government charges to advise, assist and represent clients through the often-complex application process. Work Permits Ireland is a working partner of the Restaurants Association of Ireland, the Irish Hotels Federation, the Irish Road Haulage Association, the Construction Industry Federation and the Coach Tourism and Transport Council of Ireland.

"We have seen an increase in services over the past year, mainly in the construction and infrastructure sectors involved in the areas of power, communications and water distribution," explains Colm Hilliard, director of Work Permits Ireland. "While the permits issued this year totalled 28,383, a reduction compared with 39,955 for 2022, we have seen a marked increase in the work we are doing."

Work Permits Ireland represents clients in small to multi-national entities from across the globe in the UK, Europe, Canada, Australia, USA, South America, India, Africa, China, and Japan.

"We work with a variety of clients from all of these countries, and over the course of 2023 would have assisted significant numbers of Filipinos for the construction sector, and South African nationals for truck driving, in keeping with those countries recognised by driving license authority for heavy goods vehicles."

National Car Test recently received work permits to recruit 200 driver testers from the Philippines to deal with the backlog in the service.

"The system of getting the employment permit has improved dramatically in 2022 and into 2023, working more efficiently and with quicker turnaround times."

However, employers still need to get an entry visa for non-EU workers after their work permit was issued.

"If the permit issues today, they have to apply for the entry visa, and that could take another six to eight weeks."

The government has set up an inter-departmental working group to look at a single process for the work permit and the entry visa. Residency permission can be granted from one day up to two years, and the Irish company offering a position must be registered with the companies' registration office and with Revenue in order to make an application for a permit of employment.

Work Permits Ireland represents clients in the financial, Information Technology, manufacturing, processing, consultancy, relocation facilities and the film industries. Ireland's position as the only predominantly English-speaking country within Europe, as well as quicker work permit application turnarounds, is enhancing the country's ability to attract workers from abroad to fill staff vacancies across a wide range of sectors.

"We are the only English-speaking country within Europe, which is added to by a very good employment environment and history. While our overall population has increased in recent years, Ireland is very attractive to outside workers in being seen in their eyes as not at all over populated."

Colm Hilliard, director of Workpermits.ie, says demand is soaring for its services from every sector, from construction, road haulage and restaurants to IT, insurance and finance.

Through social media and word of mouth, many incoming workers arrive here on the recommendation and advice of relatives and friends already employed here: "No more than when it was the other way around in the past and the Irish went abroad to work, that contact with home on where was good to get work and who was good to work for formed much of the contact. Also, quality of life is an important factor for people who are leaving their nationality and culture in coming to another country."

While the task of finding suitable housing is a challenge for both locals and outsiders alike, Work Permits Ireland has witnessed no appreciable difficulty in the clients it works with.

"Obviously we are aware that housing is an issue up there on a daily basis, what we find is that many employers, and certainly the larger entities, have acquired rental properties for their employees, and see it as a duty of care when people come to work for them. Employers want their employees, many of whom would have travelled up to 4,000 miles for jobs, to be properly accommodated and able to perform their occupations properly. Happily, I have yet to hear from any of the people that we have arranged transit into Ireland and received employment permits for, that they have any problems with housing."

While a large portion of their clients are in the hospitality and construction sectors, Work Permits Ireland are branching out operations in a wider arc.

"We have dealt with increasing numbers of high-end company directors coming in for the bigger entities, and we are also looking at greater numbers in the Information Technology space, we are dealing with a lot of that kind of work. Financial and insurance activities are other sectors where we have seen notable increases, and of course healthcare workers are very much a part of the ongoing work we do."

Mr Hilliard added that mining and quarrying are also on the increase, in addition to technical expertise in the areas of electricity, gas and high-powered cabling.

Looking toward the horizon of 2024, Mr Hilliard takes a positive outlook for Work Permits Ireland: "I would have a very positive outlook, judging by the orders that are coming in on a daily basis. January and February are going to see a similar trend to what we have experienced in the last quarter of 2023, so that is certainly a good indicator for the commencement of the new year."

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Demand for work permits set to soar in 2024, says industry leader

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More than 28,000 work permits were issued in 2023 and a surge in demand is likely in 2024, says Work Permits Ireland director

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-riona

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Minister for Public Expenditure Paschal Donohoe has said that Budget 2024 has provided for a total allocation of €22.5 billion for the public health system.

This includes an €808 million increase in core current funding to address demographic and service pressures, Mr Donohoe said.

He said he would also allocate non-core resources of over €1bn for Covid and Ukraine spending in the health sector, which he said will facilitate continued investment in public health measures, including the country's vaccination programme.

The minister said the Government remains committed to reducing waiting lists in hospital and community services and today's Budget will fund a range of measures to reduce waiting times for inpatient care, and to improve access to community diagnostics.

To this end, the minister said the Government will continue the targeted recruitment of additional staff to enhance capacity across a range of acute hospital and community settings as well as surgical hubs.

It will also continue the reform measures to progress the regionalisation of the health service to make it more responsive to each patient's needs.
Budget 2024 a 'missed opportunity' - IMO
The Irish Medical Organisation has described the Budget as a missed opportunity to invest in health services to meet the needs of the population.

It said that 2024 will be another difficult year for patients as there will be little or no improvement in capacity, services or waiting lists.

The Irish Hospital Consultants Association said the Budget had not provided the necessary capital funding to build and open the additional acute hospital beds and theatre capacity in public hospitals.

The Irish Nurses & Midwives Organisation said it was disappointed that specific figures had not been provided detailing exactly how the Safe Staffing Framework will be implemented into 2024.

The union said it was very fearful that it will not see safe staffing across all acute hospitals in the year ahead.

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Govt to target recruitment of additional health staff

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Minister for Public Expenditure Paschal Donohoe has said that Budget 2024 has provided for a total allocation of €22.5 billion for the public health system.

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Rise in cigarettes price by 75cent and domestic tax on e-cigarettes - ellie 

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Rise in cigarettes price by 75cent and domestic tax on e-cigarettes - ellie 

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•campaigners say this will lead to a black market of cigarette sale
•tax and price on tobacco goes up each year

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Budget 2024: Campaigners say tobacco tax hike will push people to into the black market | BreakingNews.ie

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A part of Budget 2024, an increase was announced on the price of a packet of cigarettes by 75 cent

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- kayla

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It's budget day. Minister for Finance Michael McGrath and Minister for Public Expenditure Paschal Donohoe have outlined a multibillion package of spending increases, once-off payments and tax cuts - here's what we know.

Michael McGrath (see full Budget 2024 speech here) has announced a total spending package of €14 billion - core spending and tax increases of €6.4 billion, once-off measures of €2.7 billion and noncore expenditure of €4.75 billion.

Meanwhile, Paschal Donohoe (see his full Budget 2024 speech here) announced measures including that all households will receive energy bill credits over the winter - three of €150 each up to April of next year, a €300 lump sum to recipients of the Fuel Allowance in the last quarter of this year, and an additional €200 this year to recipients of the Living Alone Allowance.

Tax cuts

A personal tax package worth €1.3 billion worth about €800 to individual workers has been announced.

Personal, PAYE and earned income tax credits will increase by €100 to €1,875.

The Standard Rate Band - that's the level at which earners begin to pay the higher rate of income tax - has gone up by €2,000 to €42,000.

The ceiling for the lower 2 per cent rate of Universal Social Charge will go up by €2,840, meaning it will apply on earnings up to €25,760.

The higher rate of USC applied to earnings above that level up to €70,044 will come down 0.5 per cent to 4 per cent.

The value of USC changes is €350 million next year, and €400 million in a full year.

The home carer and single person child carer tax credit is going up by €100.

The incapacitated child tax credit is increasing by €200.

The USC concession for those with a medical card earning less than €60,000 per year has been extended by two years to the end of 2025.

Cliff Taylor, our economics Svengali, notes that: How long the health of the public finances will allow budgets on this scale - meeting perceived political needs while also salting cash away - very much remains to be seen.

Welfare Recipients and Pensioners
There will be an across-the-board permanent increase to weekly welfare and pension payments of €12.
This will be supplemented by the normal Christmas Bonus paid in early December, and also a January Bonus payment to qualifying social protection recipients, as well as a range of lump sum payments, including:

€200 for the Living Alone Allowance.

€400 for the Carers' Support Grant.

€400 for the Disability Support Grant, Blind Pension, Invalidity Pension and Domiciliary Care Allowance.

€400 for the Working Family Payment.

€300 for the Fuel Allowance payment.

€100 Qualified Child Bonus.

Families and Children

The Government is promising a further 25 per cent reduction in the cost of childcare, but this will not kick in until September of 2024. Meanwhile, there will be a double child benefit payment of €280 per child, which will be paid before Christmas, as will a double payment of the Foster Care allowance. Child benefit will be paid to parents of 18-year-olds still in full-time education.

Price of a pint, Cigarettes and Vaping

Mortgage Holders

A once-off measure costing €125 million will be targeted at homeowners who have seen their payments increase sharply amid interest rate hikes designed to stave off inflation.

It will be for principal private residences only - ie, not rental properties - and there must be an outstanding mortgage balance of between €80,000 and €500,000 on December 31st, 2022.

The scheme will give 20 per cent tax relief on the increased amount of interest paid in 2022 compared to the calendar year 2023, capped at €1,250 per property, with approximately 160,000 people standing to benefit.

Paschal Donohoe has also flagged plans to provide a "payment, where necessary" through the Department of Social Protection to mortgage holders, with details to be worked out after the budget

[ Do you have a query about how the budget affects you? Sumbit your question to our experts ]

Housing, Landlords and Renters

The rental tax credit will be increased from €500 to €750.

Parents who pay for their student children in full-time accommodation will be able to claim the credit - this will be backdated to allow for claims in 2022 and 2023.

Landlords will benefit from a tax break worth between €600 and €1,000, rising every year they stay in the market, up to 2027. In the first year, €3,000 of income will be taxed at the standard 20 per cent rate rather than the higher rate (meaning €600 extra to the landlord), increasing to €4,000 in 2025 (a benefit of €800 in their pocket) and €5,000 for the subsequent two years (translating to the full €1,000).

The vacant property tax will be increased from three to five times the rate of Local Property Tax.

The Help-to-Buy scheme has been extended to the end of 2025 and reformed to ensure applicants for local authority affordable purchases can avail of Help-to-Buy.

The Residential Zoned Land Tax liability date has been extended by a year to allow for a review of maps and allow more engagement with the process.

Energy credits

Donohoe has announced three energy credits for households of €150 each to be paid between the end of this year and April of next year.

The lower 9 per cent rate of VAT on energy products will be extended by another 12 months.

Businesses, workers and farmers

There will be a €250 million package for small and medium firms designed to help with the costs of doing business. It is intended to be less cumbersome than previous schemes designed to moderate the impact of high energy costs, and it is expected businesses will receive a once-off grant worth up to 50 per cent of their rates.

A tax break for angel investors has been announced which will allow angel investors to benefit from a reduced rate of Capital Gains Tax when they dispose of a qualifying investment for gains up to twice the value of their investment.

The minimum wage will go up in January to €12.70.

The banking sector will be hit with an increased levy of €200 million - an increase of €113 million on last year.

The R&D tax credit will be increased from 25 per cent to 30 per cent.

The amount an investor can claim relief on for four-year investments under the Employment Investment Incentive Scheme has doubled to €500,000.

The upper age limit for retirement relief has been extended from 65 to 70 and the reduced relief previously available on disposals from age 66 will apply from age 70.

The Key Employee Engagement Programme will be extended to the end of 2025 and expanded.

The cap on projects eligible for Section 481 tax credit for filmmakers has increased from €70 million to €125 million.

Consanguinity relief will be extended for a period of five years, while accelerated capital allowances for farm safety equipment will be extended.

There will be more than €100 million in support for the beef and sheep sectors and €9 million more for tillage farmers, alongside higher rates of grants for new tanks for those importing slurry - designed to offset the impact of the ending of the nitrates derogation.

Health

The most fraught aspect of pre-budget negotiations was tackling the expected €1 billion-plus overspend in the health budget. A terse statement issued on Monday night said the health budget had been agreed, and that the allocation will be focused on dealing with high inflation and patient demand. That suggested there may be limited room for new measures, which was seemingly confirmed in Donohoe's speech, which picked out little new for health's allocation of €22.5 billion.

Public Transport

The 20 per cent cut to public transport fares for adults will be extended for another year.

The qualifying age for half-price fares on public transport will be increased to include 24- and 25-year-olds.

When added to the 20 per cent fare cut for adults, it means a 60 per cent fare cut for all people aged 19-25.

Climate and long-term investment

A new fund, the Future Ireland Fund, will be established with the potential to grow to €100 billion by the middle of the 2030s. It will be funded by contributions of 0.8 per cent of GDP annually from 2024 to 2035 - about €4.3 billion this year, alongside €4 billion in seed funding from the old Rainy Day/National Reserve Fund

Another €14 billion will be put aside in the Infrastructure, Climate and Nature Fund by 2030. It will be funded by €2 billion annually for seven years, beginning with a €2 billion contribution from the National Reserve Fund this year. Also, €3 billion will be put aside for helping to achieve carbon budgets through capital projects.

The personal income tax disregard for households selling residual electricity to the grid will double to €400.

VAT on the supply and installation of solar panels will be zeroed for installation on schools from January 1st, 2024.

Policing, Security and Justice

There will be funding for between 800 and 1,000 new Garda trainees and a 25 per cent increase in the Garda overtime budget to help address criminal justice complaints.

Education

Budget provides for 740 additional teachers and 1,200 Special Needs Assistants.

Motoring

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Tax package worth around €800 per person, a €12 weekly increase to welfare and pension payments, and mortgage interest rate tax relief announced

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Core social welfare rates are to increase by €12 a week, bringing most to €232 in Budget 2024, while every PAYE worker will see their PRSI payments increase by 0.1 per cent - the first of at least five annual increases - from October 2024.

Recipients of core payments will get the double payment, known as the "Christmas bonus" in early December and an additional double payment, a "cost of living payment" in January.

As widely anticipated, in what was heralded by Minister for Social Protection Heather Humphreys as the "largest social protection package in the history of the State", a mix of one-off lump-sums and credits, as well as increases in other payments will make up her €2.3 billion budget.

Aimed at cushioning the most vulnerable households coming into the winter and new year with a range of lump-sum payments, it has however disappointed advocacy groups who wanted to see a greater focus on larger, permanent increases in weekly payments.

Universal payments will include three energy credits per household of €150, to be paid between the end of this year and April 2024, and a double payment of the €140 a month child benefit in respect of every qualifying child before Christmas. There will also be a double payment of foster carers allowance.

The monthly rate of the domiciliary care allowance will increase by €10, and child benefit will be paid in respect of all 18 year-olds still in full-time education. This had been paid in respect of children only up until 18th birthday, even if they were still in school. This comes into effect in September 2024.

A wide range of lump-sums will be paid before and after Christmas.

In November recipients of fuel allowance will get a €300 lump sum, while those in receipt of the living alone allowance will get an additional €200 lump sum. Weekly social welfare payment recipients will receive a once-off double week payment in January and the Christmas bonus will be be paid in early December.

[ Budget 2024 main points: Tax, mortgages, welfare and more ]

There will be a one-off payment of €400 in November to recipients of the carers support grant, disability allowance, blind pension, invalidity pension or the domiciliary care allowance. Also in November a €400 lump sum payment will go to recipients of the working family payment.

There will also be a lump sum of €100 paid to parents or guardians in respect of children who qualify for what is known as the 'qualified child' payment. This is paid in respect of children who are dependent on adults in receipt of core social welfare payments. This will be paid in November.

Child poverty will be targeted with a permanent increase in the qualified child payment by €4, to €46 a week for under 12s and €54 for over 12s.

The hot school meal programme will be extended to a further 900 primary schools from April next year, bringing the number to 2,000 or two-thirds of all primary schools.

The income threshold for the working family payment is to increase by €54 a week, effective from January to ensure families in receipt of the payment do not lose out when the minimum wage increases to €12.70 per hour.

Minister Humphreys further announced workers' PRSI payments would increase by 0.1 per cent in a year's time. This increase would be an annual one over at least the next five years and was to fund the cost of retaining the pensions age at 66. It would cost the average worker on between €45,000 and €50,000 about 90c a week.

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Social welfare rates raised by €12 a week in budget, with one-offs for fuel and 'Christmas bonus'

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Budget 2024: Every PAYE worker to see their PRSI contributions increase from next year

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Budget 2024: Motorists facing fuel price increases

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Company car Benefit-In-Kind reliefs have been extended

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Motorists face rising petrol and diesel prices of up to 3 cent per litre with the increased carbon tax announced in Budget 2024.

However, an increase in fuel excise of 8 cent on petrol and 6 cent on diesel due at the end of October has been delayed. Excise cuts were introduced last year as part of efforts to ease the cost of living crisis. They will now be restored in two installments, on April 1st and August 1st next year.

The carbon tax rises will show at the pumps as filling stations restock supplies, according to Blake Boland, head of communications at AA Ireland.

Other motoring measures introduced in Budget 2024 include the extension of company car Benefit-In-Kind reliefs. In January, the BIK on company cars moved to a new CO2-based system. As part of this, a €10,000 relief on the Original Market Value of a car with emissions below 179g/km was introduced. For electric vehicle owners, this is in addition to the existing €35,000 relief.

The €10,000 relief has been extended for a further year while the €35,000 on EVs will run until the end of 2025.

There will also be a one per cent reduction to the Motor Insurers Insolvency Compensation Fund levy. The fund covers the cost of claims in this State where an insurer goes into liquidation.

The Government is predicting a 16 per cent drop in motor tax revenues over the next three years. Tax income is expected to fall from €910 million this year to €765 million for 2026.

This is largely due to the increase in low emissions cars and electric vehicles, according to Boland of AA Ireland. Since July 2008, motor tax revenues have been based on CO2 emissions. "Currently the owner of a small EV pays annual motor tax of €120 per year, but so does the owner of a three-tonne EV SUV. That's something that is likely to need addressing in the coming budgets," he said.

Welcoming the extension of BIK reliefs for EVs, Brian Cooke, director general of the Society of the Irish Motor Industry said: "In addition, the retention of the current VRT regime allied with the EV reliefs provides stability and clarity to the motor industry and motorists at a time of great uncertainty.

"The EV supports underline the Government's commitment towards the electrification of the national fleet, which is of critical important as we strive to meet our emissions' reduction goals. We still await clarification of the ongoing investment in both the charging infrastructure and the SEAI purchase grants, which are also vital to the ongoing success of the EV project."

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Budget 2024: Motorists facing fuel price increases | BreakingNews.ie

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Company car Benefit-In-Kind reliefs have been extended

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Budget 2024- Childcare will decrease by 25% by September 2024

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Budget 2024- Childcare will decrease by 25% by September 2024

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Grace

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Budget 2024 was announced on Tuesday, 10 October 2023. The Budget sets out an overall package of €12.3 billion. This is made up of a package of once-off measures worth €2.3 billion, a core budget package of €5.2 billion (€4.3 billion current and €0.9 billion capital expenditure) and non-core expenditure of €4.5 billion for 2024 (plus €0.3 billion in additional capital funded from windfall receipts).

This document is a short summary of the main changes in taxation, cost of living supports, supports for energy costs, social welfare, health, housing, education, employment and other areas. It is an overview and not a complete statement of all the measures announced in Budget 2024.

Some of the changes announced in the Budget come into effect immediately or before the end of 2023. Others take effect from the beginning of January 2024 or later in 2024. Many others have to be finalised before coming into effect. Some elements of these measures may change when the legislation required to bring them into effect is enacted.

You can access a range of information on gov.ie's Budget 2024 page including:

Cost of living supports

A once-off double week of all weekly social welfare payments (including pensions) will be paid in January 2024.
Once-off payments in winter 2023

Once-off payment of €200 to people getting the Living Alone Allowance

Once-off payment of €300 to people getting Fuel Allowance

Double payment of Child Benefit for each child

Once-off payment of €400 to people getting the Working Family Payment

Once-off payment of €100 to people who get an increase for a qualified child

Double payment of Foster Care Allowance

Once-off payment of €400 to people getting Disability Allowance, Invalidity Pension, Blind Pension, Carer's Support Grant and Domiciliary Care Allowance (you will get one payment only, even if you qualify for more than one of these payments or you are caring for more than one person).

Social welfare weekly payments

The maximum rate of all weekly social welfare payments will increase by €12 with proportional increases for qualified adults and people on reduced rates of payment (January 2024).

The weekly rate for a qualified child will increase by €4, from €42 to €46, for children under 12 years of age. It will increase from €50 to €54 for children aged 12 years and over (January 2024).

Christmas Bonus

A Christmas Bonus of 100% will be paid in early December 2023 to people getting a qualifying social welfare payment.

Child Benefit

A once-off double payment of Child Benefit will be paid in December 2023.

Child Benefit will be extended to children aged 18 who are in full-time education.

Working Family Payment

The Working Family Payment thresholds will increase by €54 across all family sizes.

Domiciliary Care Allowance

Domiciliary Care Allowance will increase by €10.

All domestic electricity customers will get €450 off their electricity bills. The credit will be paid in 3 instalments of €150. These payments will be made between the end of 2023 and April 2024.

A €300 once-off lump sum will be paid to people getting Fuel Allowance in the last quarter of the year.

The reduced 9% VAT rate for gas and electricity has been extended for another 12 months to 31 October 2024.

The temporary excise rate reductions on auto diesel, petrol and marked gas oil which were due to expire on 31 October 2023 are being extended until 31 March 2024.

Income tax rates will stay the same (at 20% and 40%), but there will be increases to tax credits and changes to the income tax bands in 2024.

The standard rate tax band (the amount you can earn before you start to pay the higher rate of tax) will be increased by €2,000 to €42,000 for a single person, with proportionate increases for married couples and civil partners.

The following tax credits will increase by €100 to €1,875:

Personal Tax Credit

Employee Tax Credit

Earned Income Tax Credit

The Home Carer Tax Credit will increase by €100 to €1,800

The Single Person Child Carer Credit will increase by €100 to €1,750.

The Incapacitated Child Tax Credit will increase by €200 to €3,500.

The ceiling for the 2% Universal Social Charge (USC) band will increase by €2,840 from €22,920 to €25,760 from 1 January 2024. The 4.5% USC rate that currently applies to income between €22,900 and €70,044 will be reduced to 4% from 1 January 2024. The 4% rate will apply to income between €25,761 and €70,044.

The USC concession for medical card holders is being extended until 31 December 2025. Reduced rates of USC apply to individuals who have a full medical card and whose income is €60,000 or less per annum.

Mortgage Interest Tax Relief will be introduced in 2024 for home owners with an outstanding mortgage balance of between €80,000 and €500,000 at the end of 2022. Relief will be available on the increased interest in 2023 as compared with the amount paid in 2022, at the standard rate of 20% income tax. The relief will be capped at €1,250.

The Rent Tax Credit introduced in 2023 will increase from €500 to €750 a year for 2024. This tax credit applies to each tenant rather than each tenancy. Parents who pay for tenancies for their student children in Rent-a-Room or digs-type accommodation will be able to claim the Rent Tax Credit. This relief will be backdated for the 2022 and 2023 tax years.

Tobacco Products Tax on a packet of cigarettes will increase by €0.75 from 11 October 2023, with pro-rata increases on other tobacco products.

The 9% VAT rate on ebooks and audio books will be reduced to zero on 1 January 2024.

The national minimum wage will increase by €1.40 to €12.70 per hour from 1 January 2024.

Parent's leave and Parent's Benefit will be extended by 2 weeks to 9 weeks from August 2024.

All PRSI rates will increase by 0.1% on 1 October 2024.

The Research and Development (R&D) Tax Credit will increase from 25% to 30% on qualifying expenditure on R&D from 1 January 2024. The first-year payment threshold will increase from €25,000 to €50,000.

A new reduced rate of CGT entrepreneur relief for angel investors in innovative start-up SMEs when they dispose of a qualifying investment, for gains up to twice the value of their investment.

Hot school meals

The hot school meals programme will be extended to 900 schools.

Free exams and schoolbooks for post primary level

The fee for State examinations will be waived.

Free schoolbooks will be provided to Junior Cycle students from September 2024. Free school books are already provided at primary level.

Classroom places

744 new teachers will be recruited to support children with special needs and 1,216 new Special Needs Assistants (SNAs) will be recruited.

Third level fees and grants
Student contribution
The Student Contribution will be reduced by €1000 for students in the 2023/2024 academic year who qualify for the Free Fees Scheme. From September 2024, the student contribution fee will be abolished for all incomes under €55,924.
Student grant
Maintenance grant rates will increase from January 2024.

The Postgraduate tuition fee grant will increase by €1000 for students in the 2023/2024 academic year. Postgraduate students will also be eligible to apply for a maintenance grant under the Student Grant Scheme from September 2024 - a pro-rata increase will be available from January 2024.

Student accommodation

Parents who pay for tenancies for their student children in Rent-a-Room or digs-type accommodation will be able to claim the Rent Tax Credit. This relief will be backdated for the 2022 and 2023 tax years.

Apprenticeships

The number of craft apprenticeship scheme places will increase.

There will be a once-off reduction of 33% in the contribution fee for apprentices in higher education in the 2023/2024 academic year.

National Training Fund

The purpose of the National Training Fund and possible legislative changes to the fund will be examined.

The National Childcare Scheme will facilitate a 25% reduction in childcare costs from September 2024.

The Rent Tax Credit for people renting will be increased from €500 to €750 per year from 2024.

The Rent Tax Credit will also be extended to parents who pay for rented accommodation for their student children under the Rent-a-room Scheme and for 'digs'. This will be backdated for both the 2022 and 2023 tax years.

Tax supports for landlords

A temporary tax relief is being introduced to support landlords. A certain amount of rental income will be disregarded each year, as long as the landlord keeps their rental property in the rental market for the next four years. The disregards will be:

€3,000 for 2024

€4,000 for 2025

€5,000 for 2026

The standard rate of tax for 2027

The relief will be clawed back if the landlord leaves the rental market during this time.

Mortgage Interest Tax Relief

Mortgage Interest Tax Relief will be introduced for 12 months. Homeowners with an outstanding mortgage balance on their primary dwelling house of between €80,000 and €500,000 on 31 December 2022 will qualify.

Relief will be available on increased interest paid on mortgages this year compared with the amount paid in 2022, at the standard income tax rate of 20%. The relief will be capped at €1,250 per property.

Help to Buy Scheme

The Help to Buy (HTB) Scheme is extended to 2025. People buying homes under the Local Authority Affordable Purchase Scheme will now be able to access HTB.

Vacant Homes Tax

The Vacant Homes Tax rate will be increased to 5 times the basic Local Property Tax (LPT) rate.

The Department of Health budget allocation is €22.5 billion.

€1 billion will be provided for further COVID-19 spending including vaccinations and testing in hospitals.

Continued investment in acute and community health services including the HSE's Child and Adolescent Mental Health Services (CAMHS), new-born screening, health services for older people and for people experiencing addiction and homelessness.

The tax disregard for personal income received by households who sell residual electricity from micro-generation back to the national grid is being doubled from €200 to €400.

From 1 January 2024, an income disregard of up to €400 per year will apply to profits to a qualifying person from the micro-generation of electricity.

Solar panels

From 1 January 2024, the VAT rate for the supply and installation of solar panels in schools is being reduced to zero.

Fuel and electric vehicles

VRT relief for battery electric vehicles (BEVs) is extended to the end of 2025.

The rate per tonne of carbon dioxide emitted for petrol and diesel will go up by €7.50 from €48.50 to €56.00 from 11 October 2023.

Carbon tax

Carbon tax will increase by the same amount in every budget until 2029. The increase will be applied to petrol and auto diesel from midnight on Budget night (from 11 October 2023). This increase will be applied to all other fuels from 1 May 2024.

Public transport fares

Reduced fares of 20% on public transport will continue in 2024.

The Young Adult Leap Card will be extended to people aged 19 - 25.

VRT

The VRT relief for battery electric vehicles (BEVs) with a value of up to €50,000 is extended to 2025.

Motor insurers insolvency compensation fund

A 1% reduction to the Motor Insurers Insolvency Compensation Fund levy will apply from 1 January 2024.

Funding will be made available to recruit 1,000 new Garda, 250 Garda staff in civilian roles, and 400 additional military personnel in 2024. The Garda overtime budget will be increased by €25 million.

Two new funds

The Future Ireland Fund will have 0.8% of GDP paid annually to the fund from 2024 to 2035. This fund could be €100 billion by 2035.

The Infrastructure, Climate and Nature Fund will grow by 2 billion a year annually for the next 7 years (until 2030). The €14 billion fund will allow for investment in infrastructure in the event of economic downturns and to support climate and nature-related projects (€3 billion).

Price of cigarettes

The cost of a packet of cigarettes will increase by €0.75 with proportional increases on other tobacco products. A tax on e-cigarettes and vaping products will be introduced in Budget 2025.

Supports for refugees from Ukraine

€2.5 billion will be provided for humanitarian support to refugees from Ukraine including accommodation, social welfare payments and education.

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Budget 2024 will be announced on Tuesday 10 October September 2023. This page provides a short summary of budget measures and changes.

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•Free school books will be introduced at junior cycle
•budget provides 740 new teachers + 1200 SNAs
•Hot school meals programme to be expanded to 900 primary schools

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Budget 2024 - Minimum Wage Increase - Saoirse

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Budget 2024 - Minimum Wage Increase - Saoirse

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Readers like you keep news free for everyone.

More than 5,000 readers have already pitched in to keep free access to The Journal.

For the price of one cup of coffee each week you can help keep paywalls away.

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Minimum wage to jump to €12.70 an hour from 1 January

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The move was announced as part of Budget 2024.

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Decrease in electricity and gas prices from November-Grace

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Decrease in electricity and gas prices from November-Grace

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Electric Ireland has announced a 10% cut in domestic electricity prices and a 12% reduction in gas charges.

The changes will take place from 1 November and will benefit the utility provider's 1.1 million customers.

The cuts to both unit rate and standing charge will lead to savings of €212.06 a year on the estimated average annual bill for electricity.

The company's gas customers will see an average annual bill fall by €216.67.

It is the first cut in prices by Electric Ireland, which is the largest energy provider in the Irish market, since wholesale energy costs began to soar as a result of the Ukraine war.

Last year, Electric Ireland raised prices three times, the last occasion being October, while in 2021 it raised them twice.

"We know that the last two years have been particularly hard for our customers, given the impact of much higher energy prices following the Russian invasion of Ukraine," said Pat Fenlon, Executive Director of Electric Ireland.

"While unprecedented international wholesale prices have fallen in recent months, Electric Ireland's customers were not exposed to the extremes of these prices as a result of hedging strategies.

"However, wholesale gas prices remain about 300% higher than they were in 2020 which is continuing to impact customer bills."

Electric Ireland added that it has a range of measures in place to help customers who are having difficulty paying their bills, including payment plans and a €5m hardship fund.

The move by Electric Ireland comes after weeks of political and consumer pressure on all the energy suppliers to act on falling wholesale costs by cutting prices.

Speaking on RTÉ's News at One, Taoiseach Leo Varadkar said the reduction in energy prices was welcome, but he does not believe the cuts will be enough.

Mr Varadkar said he plans to meet energy companies soon to tell them there should be further reductions.

Speaking on the same programme, Mr Fenlon said the wholesale energy markets were still at elevated levels compared to before the energy crisis.

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He said that compared to its competitors, Electric Ireland had offered one of the lowest standard rates in the market throughout the crisis.

"After this decrease, we will have the most competitive standing charge in the market," he added.

He conceded that wholesale prices have come down significantly since the peak of last year, but explained that most electricity suppliers, like Electric Ireland, buy electricity wholesale on a forward basis and not from the "on-the-spot market".

Mr Fenlon said he could not comment on whether there would be further reductions, but he hoped there would be continued stability and further reductions in the wholesale energy markets.

He said he looked forward to speaking with the Taoiseach about the energy crisis, and reiterated that Electric Ireland understood the pressures customers were under as energy bills are still "roughly double what they were before the crisis".

He added that the provider would continue to pass on reductions to customers as soon as possible.

Last week, Energia said it was reducing its prices from October by around 20%.

At the end of August, Pinergy said it was cutting its standard electricity prices from October 1 by 9.5%, following a reduction in March.

It is also expected that a recent new entrant to the market, Yuno Energy, will increase competition and therefore help drive prices lower.

Speaking with RTÉ, Minister for Finance Michael McGrath, welcomed the price cuts by Electric Ireland, but added that there were still some energy providers who had not "made a move" to reduce the prices being charged.

"We would call on them now to reflect on the prices that are being charged, to take account of market conditions at a wholesale level, and to pass on the benefits to consumers.

"Because when we are making decisions in the next number of weeks, in the context of the budget, we want to see consumers being charged fair prices that reflect the market conditions.

"We have seen some improvement in the market conditions although there is volatility, and those improvements need to be reflected in the prices charged to consumers," he said.

Mr McGrath called on the suppliers who have yet to respond to do so now and pass on the benefits to consumers without further delay.

"It has been a really hard period for households and for businesses and we want to see consumers charged a fair price, that reflects market conditions and when those conditions improve the benefits should be passed on to consumers, so the companies that have yet to respond, I believe should now do so without further delay."

Meanwhile, Minister for Public Expenditure Paschal Donohoe said the reductions in electricity prices which have been announced in recent days are "only the beginning".

"I want to see the reductions that have been announced recently by a number of companies and implemented by many others," Mr Donohoe said.

"Because this has such a huge effect on living standards within our economy and has such a huge effect on the ability of people to get by. So this should only be the beginning."

He said we are seeing evidence of a fall in wholesale energy prices and "we want to see all of that passed on to Irish consumers."

But despite the start of a downward trend, experts predict any cuts for this winter will be modest, because wholesale prices remain so elevated.

According to recent data, Ireland currently has the highest electricity prices in Europe, 80% above the average, and the fourth highest gas prices.

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Electric Ireland to cut electricity and gas prices

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Electric Ireland has announced a 10% cut in domestic electricity prices and a 12% reduction in gas charges.

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Aoife

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Primary school principals in Dublin city say the chronic shortage of teachers in the capital is having a "devastating" impact on vulnerable children including those with special educational needs.

They have told RTÉ News that it is now almost impossible to source substitute teachers to cover for staff absences, that they cannot fill even permanent teaching positions, and that some have been forced to use Special Needs Assistants to step in to replace absent teachers as an alternative to sending children home.

An autism class that was supposed to open last month is lying empty in one school because a teacher cannot be found for it.

A panel that is supposed to supply substitute teachers to schools across a large part of the south city is empty, because no qualified teachers can be found to fill the positions.

One school has described how it advertised and interviewed for two permanent teaching posts three times in recent months, but each time the people appointed to the positions subsequently contacted the school to say they could not take up the jobs because they could not find accommodation in the capital.

The principals say children are falling through the cracks

"Do they stay in Dublin and make peace with the fact that they will never be able to afford a mortgage, that they will struggle to find rented accommodation. They are going to Dubai, Australia and Canada, and I don't blame them."

Schools across Dublin 8 and 12, as well as elsewhere across the capital have told RTÉ News of a litany of problems arising from the teacher shortage.

At Our Lady of Lourdes primary school in Dublin 8, principal Tonya Hanly took delivery this week of furniture for her new autism class.

There has been a chronic shortage of autism places across the capital and the school had hoped to open its second specialised class last month. But the room is lying empty.

"I have advertised five times now, but I just cannot find a teacher," Tonya says. "I have two SNAs ready to go. We have six children waiting, two of whom are currently without a school place, at home."

This is just one of four teaching posts that this 22-teacher school cannot fill, despite advertising on numerous occasions.

The situation is similar just a few kilometres away at Our Lady of the Wayside school in Dublin 12.

This 13-teacher school also has four unfilled vacancies. "We are currently advertising for the fifth time," principal Róisín O'Shea says. But she does not expect to receive any applications.

When they advertised during the summer they did receive applications, she says, "but they all pulled out at short notice before the interviews".

"They told me on the phone that they had found positions closer to home."

"Do they stay in Dublin and make peace with the fact that they will never be able to afford a mortgage, that they will struggle to find rented accommodation ... They are going to Dubai, Australia and Canada, and I don't blame them."

Victoria McQuaid, principal at Synge St Primary School, describes how this week her teacher shortage became so chronic that she was forced to ask SNAs at the school to step in to replace a teacher.

Ms McQuaid stresses that she herself was in the room at all times doing her own administrative work as principal, and adds:

"The choices are, phone the parents and say 'we're very sorry but we don't have a teacher', or just dig deep and work together and that is what everyone is doing. The SNAs are filling the gap rather than send those children home."

But she is concerned, not least by the fact that she cannot pay those SNAs for the extra burden they are taking on. SNAs are paid considerably less than teachers.

"They're doing it because they love their children, but they are not getting rewarded for this."

As primary schools close for the Halloween break, Ms McQuaid says the situation is "frightening" and she cannot see an end to it.
Supply panel
St James's Primary School, or 'Jamebo' as it's called locally, is what is known as a "base school". A supply panel of substitute teachers is supposed to operate out of the school, serving 24 schools in the wider Dublin 8 and 12 locality. But the panel's seven positions are all empty.

It is one of 151 panels established in very recent years as one of a range of measures introduced to alleviate the substitute shortage in schools. Twenty-nine of the panels, with 183 posts between them, are supposed to serve 487 schools in Dublin.

But they cannot serve schools if they are empty.

Principal Ciarán Cronin described the situation as "dreadful".

"There are seven jobs but I cannot get a single teacher for any of them. I have advertised four times and I have not even held interviews. I received no applications at all apart from one or two from people who were not qualified and are not eligible."

In his own school, Mr Cronin is also short two full-time teachers.

Ciarán Cronin says the situation is 'dreadful'

All of these school leaders, as well as others who have spoken to RTÉ News, say the main causes of the crisis are the acute shortage of accommodation in the capital and its cost, coupled with the prohibitive cost of transport.

They all described losing permanent teachers recently because those teachers found jobs closer to where they live, outside of Dublin. They say newly qualified teachers, especially, can no longer afford the cost of commuting into the capital, nor can they afford to live in Dublin.

Schools say they are being forced to use special needs teachers to teach mainstream classes, but that means that vulnerable children are not getting the supports they need and are entitled to.

"I have advertised five times since July, and I received not one single application. There are just no qualified teachers out there."

Róisín O'Shea says Our Lady of the Wayside school has been left with no option but to deploy special needs teachers and even its home school liaison (HSL) teacher to teach mainstream classes.

HSL teachers are assigned to schools serving significantly disadvantaged communities. They work to help families to support their children through school.

"We have children who have additional behavioural needs, children who are supposed to be getting training in their accessible technology, children who have diagnosed learning needs. They are all slipping through the net and it's so frustrating and heartbreaking and upsetting for everybody, it's just devastating."

Ms O'Shea described the school's decision to redeploy its home school liaison teacher into the classroom as "a very very upsetting, frightening" one, but she says the school had to prioritise health and safety, and teaching and learning in the classroom.

The acute teacher shortage is being felt equally right across the capital and school principals say every parent at every school across Dublin should be concerned.

"....I'm just so worried that we are failing our children, the system at the moment is failing our children."

At another base supply panel school on the northside of the city, St Peter's National School, principal Ray Ryan says four out of seven positions on his panel remain unfilled.

"I have advertised five times since July, and I received not one single application. There are just no qualified teachers out there," he says.

This means that 25 schools across his catchment area have only three substitute teachers to draw on from the panel, instead of seven.

Mr Ryan says this year has been "a disaster". Like many others he is relying on student teachers to fill in the gaps in his own school, but they have to balance subbing with their classes and studies.

"The children have a different teacher every day because I can't get the same person for more than one day at a time," he says.

The disruption to children is huge, as is the damage being wrought, school principals say.

"Our children here are some of the most wonderful children I've ever met," Tonya Hanly - whose school serves a disadvantaged community - says, "but you know a lot of them experienced adverse childhood experiences every day".

"This is their safe space, they need their special education teacher, they need their class teacher, and I'm just so worried that we are failing our children, the system at the moment is failing our children," she says.

Schools have been told in recent years to place a key focus on raising standards in literacy and numeracy but Ms Hanly says her school is now unable to run special programmes aimed at improving standards in reading and maths, because of its teacher shortage.
Solutions
As to causes and solutions, schools describe a kind of "perfect storm". The legacy of Covid means newly qualified teachers are more likely to be living at home, outside of Dublin, now. The Teaching Council is blamed for not making it easier for foreign qualified teachers to become recognised here. Schools want the Department of Education to lift restrictions on the number of days retired teachers, or those on career breaks, can work for.

But at the heart of the crisis is the very big problem of the cost and shortage of accommodation in the capital, as well as the cost of commuting. Newly-qualified teachers especially can no longer afford to live in the capital, or to travel into it, it seems.

Róisín O'Shea says young teachers especially have a dilemma: "Do they stay in Dublin and make peace with the fact that they will never be able to afford a mortgage, that they will struggle to find rented accommodation, and struggle to pay huge prices if they find it? Or do they say 'okay we are off' - they are going to Dubai, Australia, and Canada, and I don't blame them."

Measures have been introduced in recent years to tackle the teacher shortage. The establishment of the substitute supply panels was one of them. Last week, Minister for Education Norma Foley said her department was working on additional measures, including reducing restrictions which limit the hours that retired teachers can work in schools.

But when teachers turn down jobs in the capital because they can't afford to live there, it's clear the problem is a much deeper one, whose solutions lie far beyond the scope of the Department of Education.

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'Failing our children' - warning over teacher shortage

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Primary school principals in Dublin city say the chronic shortage of teachers in the capital is having a "devastating" impact on vulnerable children including those with special educational needs.

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Scarcity of child physiologists in Ireland ellie

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Noel Baker, Social Affairs Correspondent

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‘Crisis’ of youth psychologist shortage met with ‘deafening silence’

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The president of the Psychological Society of Ireland said the body has been telling Government ‘for years’ that there is not enough funding for the area.

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Land scarcity, planning issues and spiralling costs delay delivery of new homes

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Government must engage with construction sector to meet target of 35,000 new homes per annum

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Latest figures from the Health Products Regulatory Authority (HPRA) show there are almost 250 medicines affected by shortages in Ireland.

The HPRA said that medicine shortages can be challenging for those who rely on medicines for their health and well-being.

It added that for many medicines supplied in Ireland, there is more than one strength, form, pack size or brand available from different suppliers.

It said that a doctor or pharmacist will often be able to supply an alternative strength, form or product to ensure continuity of treatment if the medicine a person has been taking is unavailable.

In a statement, Azure Pharmaceuticals, one of the drug firms tracking medicine shortages, said there has been a 48% year-on-year increase in affected products.

It said that the latest shortages analysis indicates a major scarcity of commonly used tablets to treat anxiety and insomnia, including generic versions of the medicines.

It added that other medicines in short supply across multiple suppliers, include several high blood pressure medicines and that many antibiotics and over the counter cough and cold medicines are still under pressure.
'Critical medicines'
Azure said that of the 248 medicines currently unavailable, 13 are listed on the World Medical Organization's "critical medicines" list.

Its statement added: "There is growing consensus that commercial reasons are one of the primary drivers of the crisis.

"This month the OECD's health division told the Lancet medical journal that unsustainably low pricing for many off-patent medications is one of the main factors creating vulnerability in the supply of medicines."

Azure said that medicine shortages "will continue to persist unless political will is shown in Ireland to take measures, like those carried out by other EU nations, to meaningfully tackle the issue".

It said that over a third of the 248 out-of-stock medicines in Ireland are "single source suppliers" and said there is "immense price pressures on medicines in the lowest price segment".

The firm said that one of the ways it has to protect domestic supplies is through pricing and while "very low prices might appear to be an advantage", it is "actually a false positive because the lower the prices, the less attractive the market is for manufacturers."

This can result, Azure said, in leaving only a few suppliers for some critical medicines.

"Failure to act increases the likelihood of manufacturers and medicines leaving the market altogether," it added.

The HPRA said that the increase in medicine shortage notifications from the pharmaceutical industry in recent months is directly related to the increased demand due to the winter surge.

It said there has been a 36% reduction in notifications during February, coinciding with a stabilisation in the supply, for example, with paediatric antibiotics.

"This is not to say that shortages have disappeared, but there are factors, such as the winter surge, that can put additional pressure on a health system and medicine supply," it added.

The Authority added that based on an analysis of data reported by the pharmaceutical industry over several years, the reasons for shortages vary and are primarily due to manufacturing issues.

Shortages of medicines are also not unique to Ireland, and there is no evidence that shortages disproportionately impact patients in Ireland compared to other countries, it said.

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Almost 250 medicines hit by shortages in Ireland

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Latest figures from the Health Products Regulatory Authority show there are almost 250 medicines affected by shortages in Ireland.

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‘Significant shortage’ of medical and nursing staff at University Hospital Kerry

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The INMO has said the HSE and Department of Health must “heed warnings” on insufficient nurse and midwife staffing

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Michael Fitzmaurice- Independent TD for Roscommon/Galway.

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Students scramble for beds amid accommodation shortage

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The race to secure a bed in third-level student accommodation ahead of the academic year has led to some landlords "raffling" off rooms such is the demand across the country.

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At any other time in history, the current state of the global diesel market would have sent some countries into a panic.

All over the world, prices for the fuel are sky-high relative to the crude oil from which it is made, pointing to a scarcity that should alarm inflation-obsessed governments everywhere. And within just a few months, the Northern Hemisphere will enter winter, pushing up demand for heating.

The good news is that the market looked even worse this time last year following Russia's invasion of Ukraine - and prices ultimately came down, helped by a relatively mild winter. However, today's shrivelled stockpiles mean the world can ill afford any bullish market surprises. Supply curbs can arise at any time, or demand shocks can come from cold weather or surprisingly strong economies.

"We should be building stocks now as they usually begin drawing seasonally from September," said Eugene Lindell, head of refined products at industry consultant FGE.

"There is a worry that stocks will not build sufficiently before October, and we will then start seeing draws from what threatens to be a low base."

The crux of the diesel supply concerns now lies in Europe and the US Atlantic Coast, he added.

Oil markets have been rocked by soaring fuel-making margins in recent weeks, with refinery curbs shrinking global supplies at a time when crude producers including Saudi Arabia are keeping barrels off the market.

Stockpiles of diesel-type fuel in northwest Europe are set to fall in coming months, according to consultancy Wood Mackenzie. While that's typical for the time of year, inventories are currently lower than historical norms - though still up year-on-year.

"The outlook for Europe diesel/gasoil supply is tight in our current forecast, driven by the lower diesel/gasoil yields expected from lighter crude slates, the shift to jet yields, and unplanned refinery outages," said Emma Howsham, a research analyst for refining and oil product markets at Wood Mackenzie. "Demand is expected to increase month-on-month to November."

A switch to less dense crude - a function of cuts by Saudi Arabia, Russia and others - has led to OECD Europe's yields of diesel-type fuel being more than 1.6% lower in July compared with the historic average, she said.

In the midst of the existing supply crunch, markets are closely watching China as its refiners await a fresh round of fuel export quotas from the government, which will allow them to keep shipping fuels. While ample Chinese flows could help to ease the current tightness, there's a possibility they could offer thin relief this time.

The diesel market's performance is important beyond the universe of a few specialist traders.

In its broadest definition, this type of fuel - which has varying specifications and is used in everything from cars and ships to heating and heavy machinery - is the single biggest chunk of petroleum product demand.

Hedge funds are lifting their bullish bets, with net-long positions on Nymex diesel jumping to an 18-month high in August.

Beyond that, it's a vital fuel for the world's supply chains, and major shortages and price shocks can have implications for governments and industries.

Last year, high diesel prices spurred trucker strikes across Asia, pressuring governments trying to stave off inflation from rising energy costs. In the US, farmers and trucking companies that purchase in bulk stand to hurt even more from the rising costs.

The current crunch highlights a dilemma that nations have in phasing out oil refineries as they try to transition away from fossil fuels.

Recent heatwaves have capped refinery output and impacted a global system that's still coping with the halting of several plants in recent years, said FGE's Lindell.

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Diesel supplies may become scarce as winter looms

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The current crunch highlights a dilemma that nations have in phasing out oil refineries as they try to transition away from fossil fuels

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Shortage of mechanics for garages- Maeve

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Shortage of mechanics for garages- Maeve

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Spanner in the works: Shortage of mechanics for garages

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Businesses in a number of service industries are calling for urgent measures to deal with a shortage of qualified staff.

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willingess to buy sustainable goods- Riona 

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willingess to buy sustainable goods- Riona 

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Two thirds of Irish consumers buy sustainable products sometimes or often, a new survey has found.

The research by Deloitte found the level of sustainable purchasing was higher among those who considered themselves middle-income earners, at 65%.

While among those who categorised themselves as lower income earners, 59% said they purchase sustainable products sometimes or often.

But the Global Sustainability Survey, which includes responses from 1,000 consumers in Ireland, found the cost of sustainable goods has an impact on people's willingness to buy them.

41% of those surveyed said they had not bought sustainable goods in the last four weeks due to the high cost.

That level rises to 53% of those on lower incomes, compared to 37% of those who are higher incomes earners.

"We can see from the research that cost continues to be a barrier for consumers, and the ability to produce sustainable products in an affordable manner is a key challenge for businesses, given the research, development and production changes required," said Glenn Gillard, Head of Sustainability at Deloitte.

"Support at policy level through green incentives will also be crucial to enable that transition. With more regulation in this area expected, companies who adopt these practices early and before they are compelled to, can be leaders in the market."

Nearly half of consumers said they have changed their personal behaviour to take positive action for the climate.

But just 16% claimed that they always, or whenever possible, use lower emission transportation and avoid optional or leisure flights.

"Sustainable travel is a crucial element for Ireland to meet its goals under the Climate Action Plan by 2030, but we can see from this research that we still have a long way to go," said Glenn Gillard.

"There are encouraging signs that individuals are thinking about alternatives, but the majority of people still continue to make decisions based on other factors, such as cost."

Nearly a third of those who took part in the survey said they do think their employer is doing enough to address climate change.

One in four of lower self-assessed income earners agreed they were, while this rose to 30% with middle income earners and 49% of higher income earners.

Just over a third of higher-assessed income earners said they had thought about switching to jobs to work for a more sustainable company or a company with less significant environmental impact.

That compared to 12% of self-assessed low and middle-income earners.

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64% of consumers buy sustainable goods, cost an issue

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Two thirds of Irish consumers buy sustainable products sometimes or often, a new survey has found.

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https://www.rte.ie/brainstorm/2023/0710/1393697-medicine-shortages-ireland-supply-chain-issues/

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Ongoing geopolitical volatility, increased energy costs, and an array of post- pandemic issues are impacting negatively on global pharmaceutical industry supply chains, resulting in medicine shortages across the world. US hospitals are reporting supply problems with liquid ibuprofen, while a sudden increase in ADHD diagnoses has led to an unexpected shortage in the drugs used to treat it there. In Mexico, there have been chronic medicine shortages, while sudden supply drops across Asia were linked to disruptions in China and in Australia.

In Ireland, the Health Products Regulatory Authority (HPRA) publish and maintain an up-to-date list of a medicine shortages impacting the Irish market. According to HPRA, there are currently over 300 medicine shortages impacting the Irish market.

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From RTÉ Radio 1's Today With Claire Byrne, pharmacist Kathy Maher on the current shortage of insulin
Medicine shortages are not a new phenomenon and are recognised as a global problem by the World Health Organization. In June 2013, the International Pharmaceutical Federation held the first ever International Summit on Medicine Shortages. They concluded that the nature of medicine shortages is complex and multi-layered, with overlapping and interconnected threads of causes.

Within a highly complex global chain of supply, manufacturers are generally reliant on a single authorised supplier for key ingredients including active substances. Several manufacturers are supplied by one source and these sources are very often situated in only a few countries, such as India or China. Such reliance on very few sources is a risk factor, which can cause instability in the global supply chain. Many countries in the world are consumers of only a small percent of overall global consumption of medicines and hence do not have a viable domestic manufacturing industry for medicines.

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From RTÉ Radio 1's Morning Ireland, Thyra de Jongh from the Technopolis Group in the Netherlands on medicines shortages across the EU
In a comprehensive policy statement on medicine shortages issued in September 2020, the International Pharmaceutical Federation proposed six major recommendations, as well as specific recommendations for governments and supply chain stakeholders in the global pharmaceutical industry.

(i) Each country should establish a publicly accessible means of providing information on medicine shortages.

(ii) All global process to determine the list of critical/vulnerable products should be developed.

(iii) All procurers of medicines are urged to move towards active procurement processes that assure the continuity of supply of quality medicines.

(iv) All countries are encouraged to remove unnecessary variability of regulatory practices within and between countries.

(v) All countries should investigate the potential to establish a national body charged with gathering and sharing information about demand for, and supply of, medicines within their jurisdiction.

(vi) All countries are encouraged to develop evidence-based risk mitigation strategies which might include strategic buffer stockpiles, contingency plans, pandemic planning and capacity redundancy, appropriate to their national needs.

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From RTÉ Radio 1's Drivetime, Fianna Fail MEP Billy Kelleher and Azure Pharmaceuticals' Sandra Gannon on solving the medicine shortage
HPRA are aware that a medicine shortage represents an individual set of circumstances. The HPRA has established from industry information that over 60% of shortages relate to delays or breakdowns during manufacturing or a product quality issue. Manufacturing can also be delayed when an active substance or other ingredient is in short supply. Shortages in packaging materials can also lead to delays.

Unexpected demand can also cause certain shortages. This could be due, for example, to an unanticipated increase in prescribing of a particular medicine. Greater than anticipated levels of seasonal illness can also result in shortages of medicines needed to treat those illnesses.

The HPRA oversees a multi-stakeholder framework intended to address the issue of human medicine shortages in Ireland. The aim of the framework is to help avoid potential shortages from occurring in the first place and reduce the impact on patients when shortages do occur. Participants in the framework include marketing authorisation holders (companies that have an authorisation to market a medicine in Ireland), manufacturers, wholesale distributors, healthcare professionals, the HSE and patient representative groups.

Like the complex pharmaceutical supply chain, there is no quick fix or magic solution to providing access to medicines for all

We are all guilty to a greater of less extent of food waste by buying too much and over stocking our fridges with food. In recent years, there has been a similar tendency to over-prescribe medication. It is estimated, for example, that the UK's National Health Service loses as much as £300 million a year due to unused or partially used medication that cannot be recycled or re-used.

Ireland is the world's third largest exporter of pharmaceuticals and will continue to have a role to play in ensuring a consistent supply of medicine to the world. The sector continues to evolve, expanding its capabilities to include innovation, digitalisation supply chain excellence and next-generation technologies. Leading industry names including Novartis, AbbVie, Janssen, Pfizer, Sanofi, Lilly, AstraZeneca, MSD, Bristol Myers, Stryker, Takeda and have significant operations here.

Like the complex pharmaceutical supply chain, there is no quick fix or magic solution to providing access to medicines for all. To achieve this goal the pharmaceutical stakeholders need to continue improving pharmaceutical supply chains through greater visibility and collaboration between pharmaceutical consumers, distributors, suppliers and manufacturers; improved resilience and embracing AI. They also need to encourage the increased production of generics and continue to invest in pharmaceutical research and development.
The views expressed here are those of the author and do not represent or reflect the views of RTÉ

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Why are over 300 medicines currently in short supply in Ireland?

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Medicine shortages are a complex and multi-layered problem, with overlapping and interconnected threads of causes

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Minister tells schools to teacher-share amid shortage

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Minister for Education Norma Foley has encouraged schools to get involved in teacher-share schemes and extend the hours teachers can work amid an ongoing shortage at primary and secondary level.

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https://www.irishtimes.com/business/2024/02/15/eu-cuts-2024-growth-forecast-for-irish-economy/

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The European Commission has sharply cut its growth forecast for the Irish economy this year, estimating that output contracted by 1.9 per cent in 2023 as a technical recession - defined by two consecutive quarters of negative growth - extended into the second half of the year.

The commission also cut its growth forecast for the Republic's economy "substantially" from a previous projection of 3 per cent to just 1.2 per cent in 2024.

In its latest economic forecast for the European Union, it said overall EU gross domestic product (GDP) increased by an estimated 0.5 per cent in 2023, down from a previous estimate of 0.6 per cent.

GDP is estimated to have declined in 11 of the 27 member-state economies as they grappled with declining output and investment amid a sharp rise in European Central Bank interest rates over the past 18 months.

The commission said the bloc's economy entered 2024 "on a weaker footing than expected" also due to weaker household purchasing power, a consequence of still-elevated consumer prices.

However, headline consumer price inflation is now expected to fall sharply in 2024, the commission said, from 6.3 per cent in 2023 to 3 per cent in 2024 and 2.5 per cent in 2025. "Lower energy commodity prices, weaker economic momentum and recent inflation out-turns set inflation on a lower path, lower than was anticipated last autumn," EU economy commissioner Paolo Gentiloni told reporters in Brussels.

In Ireland, the commission said: "Inflation decelerated notably in the final months of 2023, largely driven by the pass-through of falling wholesale energy prices to consumers. Annual inflation in 2023 averaged 5.2 per cent and is projected to ease further over the forecast horizon as energy prices and commodity prices recede."

Electricity, gas and other fuel prices in the Republic declined 12.9 per cent over the 12 months to the end of January, according to separate figures published by the Central Statistics Office (CSO) on Thursday.

"Overall inflation is projected at 2.2 per cent in 2024 and 1.9 per cent in 2025, lower than forecast in autumn," the commission said, although it added that domestic price pressures are expected to remain a feature this year due to "tightness" in the labour market.

Last year's downturn, which saw the economy enter a technical recession in the second quarter of the year, was largely due to a contraction in exports from the pharmaceutical sector and in contract manufacturing within the Republic, it said.

Consumer spending, meanwhile, remained "resilient", according to the commission's estimates, as did the labour market, giving the Republic's economy a strong foundation into 2024 when exports are expected to rebound.

CSO figures published on Thursday showed the value of Irish exports fell 6 per cent last year to some €197 billion amid a steep decline in foreign sales of organic chemicals, thought to be due to a fall-off in international vaccine sales post-pandemic.

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European Commission sharply cuts 2024 growth forecast for Irish economy

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Headline consumer price inflation expected to fall from 6.3 per cent in 2023 to 2.5 per cent in 2025

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Ireland’s GDP dropped by 1.9% between July and September

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This year has been a difficult period for many in Ireland with inflation remaining quite high through most of the year leading to further interest rate hikes, hurting borrowers and the economy, slowing pushing the country into recession - at least on paper.

Economic indicators towards the end of 2023 have been pointing towards an overall economic slowdown following an initial increase during the post-pandemic recovery with many expecting those trends to continue into 2024.

According to the latest available data, Ireland's gross domestic product (GDP) dropped by 1.9% between July and September marking the fourth quarter in a row where a contraction was recorded.

As a result of all of this, the Irish economy is technically in recession.

GDP is heavily influenced by the actions of the numerous multinational companies based here with sectors dominated by these companies - particularly pharmaceutical companies - seeing a decline of 3.8% during this period with exports dropping by 2.1%.

However, GDP is not the preferred metric for measuring the Irish economy but other indicators are not as positive either. Modified domestic demand (MDD) - which strips out the activity of multinationals to get a better picture of the domestic economy - was flat during the third quarter.

ECB president Christine Lagarde has pushed back at suggestions of a rate cut early next year. Picture: Michael Probst/AP

On the other hand, inflation is slowing - with the annual rate standing at 3.9% in November - driven largely by a drop in energy prices.

So these are among the headwinds that various economic institutions and research bodies will have to contend with as they make their economic forecasts into next year.

The Central Bank of Ireland is expecting GDP to contract for the entire year in 2024 as the transmission of higher interest rates from the European Central Bank "weigh on growth" which is already limited by capacity constraints chiefly because of a really tight labour market.

However, it expects a rebound in the pharmaceutical and information and communication technology (ICT) manufacturing sectors in 2024 along with a recovery in exports.

While the outlook for GDP is negative, MDD will likely grow, albeit at a slow pace. It is forecast to grow by 1.5% this year, 2.5% next year, by 1.9% in 2025, and by 2% in 2026.

The Economic and Social Research Institute (ESRI) said while there has been a contraction in GDP this year, the performance of the economy is still strong. It anticipates the economy to grow again next year.

However, the ESRI warned that the economy is still at risk due to dropping levels of investment including in the commercial property sector.

The Government's economic projections into 2024 are similar to the Central Bank. According to forecasts contained in Budget 2024, MDD is expected to grow 2.2% with consumer spending - the largest component of MDD - expected to grow by 3.2%.

However, the Government is more optimistic than the Central Bank that GDP will recover, forecasting growth of 4.5%.

The Government, the ESRI, and the Central Bank are all forecasting that inflation will continue to drop next year.

The Government and the ESRI are projecting it to fall to 2.9% with the Central Bank being more optimistic at 2.3%. The ECB's target is to get inflation down to 2% over the medium-term.

Since the budget, the Government has been receiving criticism by both the Irish Fiscal Advisory Council as well as the ESRI for breaching its own expenditure rules for next year. Both groups warned that the expansionary nature of the budget will add to inflationary pressures.

The government's spending rule limits net expenditure growth to 5% per year.

The Ifac said poor budgeting could overheat the economy which is already performing above capacity.

The budget package in total was about €12bn, in line with other post-covid packages. However, it is about three times larger than pre-covid budget packages, which typically amounted to €3bn to 4bn.

Ifac said the various measures announced in October's budget could add between 0.5% and 1.8% to inflation over the coming years.

All these forecasts and projections are predicated on there being no economic shocks to contend with next year. However, there are still numerous risks that could present themselves over the course of 2024 which could impact the economy.

One of the foremost in people's minds would be the risks associated with geopolitical tensions and conflicts, and the uncertainty they bring.

The horrible toll of the Israel-Gaza war has not been felt by people in Ireland nearly as much as the war in Ukraine was. Energy prices have continued to fall since October and inflation continues on its downward trend.

While the war could have some impact in the weeks and months ahead, it is still unclear. However, this just serves to highlight how fast these conflicts can spring up and the uncertainty that can follow in their wake.

In Ireland specifically, issues arising that could impact the pharmaceutical and tech sectors in particular could pose a problem. These are sectors which contribute a significant amount of corporation tax to the Exchequer and any downturn could have significant ramifications for Ireland's finances going forward.

The Government is also projecting a surplus of €8.4bn in 2024 based largely on high levels of corporation tax expected to come in over the next few years.

In recent months, concerns were raised as corporation tax receipts declined for the three months up until October.

This was mitigated by a record haul in November of €6.3bn. November is an important month as it is when the Government collects an outsized share of all its annual revenues from three major tax sources.

Another risk identified by the Central Bank was changing monetary policy to something that was not anticipated, however, it is widely expected that the ECB will cut rates at some point during 2024.

Inflation has been declining through most of this year with the ECB deciding in the last few months to pause interest rate hikes as a result.

Last week, Christine Lagarde warned that inflation across the eurozone could likely edge higher this month for a number of reasons.

One of the reasons include the fact that some European governments are set to remove cost-of-living subsidies such as energy utility bills which could increase inflation.

The ECB has also repeatedly pushed back against suggestions it would cut interest rates as early as March next year.

However, the Central Bank has warned that in light of the "larger than anticipated monetary policy effects" through higher interest rates, the Irish economy could see more "slack in the labour market" than currently projected and a "somewhat slower" catch-up in real wages.

It said this would "negatively affect domestic demand and reduce inflation more than anticipated".

While all these forecasts are based on the best available data at this moment - predicting exactly where the economy will go next year is not possible.

In Budget 2022, the Government predicted GDP to grow by 4.7% and not the four quarters of contractions that we got. MDD was projected to be around 1.2% - which is close as it has been mostly flat this year.

The Central Bank made similar projections towards the end of 2022 - GDP was supposed to be up 5.3% and MDD up 2.3%.

However, if next year's forecasts do prove to be reasonably accurate, then it is looking like the economy is set for a sluggish 2024 at least.

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Ireland's economy will be sluggish in 2024 if forecasts prove true

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Ireland's GDP dropped by 1.9% between July and September, the fourth quarter in a row where a contraction was recorded