IRISH ECONOMY

Irish Economy: Central Bank says economy undergoing modest recovery this year; Forecasts growth of GDP and GNP in range of 2.2 to 2.8 % in 2011

National Competitiveness Council publishes 'Costs of Doing Business in Ireland in 2010' report
Cowen announces what he terms 7-year €40bn 'stimulus for growth and job creation'
Irish economy maybe set for high growth or low growth by 2015 says ESRI: Full employment in prospect or maybe not
ESRI forecasts GDP growth of 2.75% in 2011 with GNP at 2.25%; Budget deficit to fall to 10.5% of GDP; Expected Exchequer shortfall is €19.9bn
IMF say after steep slump, Ireland is experiencing a nascent recovery; Return to high growth rates of “Celtic Tiger” unlikely
Irish public sector pay/pensions to rise 16% in period 2005-2010; Pay up 11%: Pensions up 66%; Pensioner numbers rise 43% to 103,400
Irish Economy: Lenihan revises 2010 GDP growth forecast to 1% and GNP is expected to contract by 0.75%
Irish Economy: GNP fell in first quarter while GDP rose 2.7%; Current account deficit was €1.62bn
Irish pension funds lost ground in Q2 2010; Average annual return negative over 5 years - - below inflation over 10 years
Irish Economy Post-Crisis: Significant change? Glacial change? More of the same?
Ireland gets 10th ranking for most attractive destinations for foreign direct investment (FDI) in Europe in 2009; Irish FDI employment back to 1998 levels
Ireland and leaving the Euro: 10 questions for pub-stool economists
Prices of food and non-alcoholic beverages 39% above EU27 average in Denmark in 2009; Ireland was 29% ahead; Netherlands, Spain and UK were up to 10% below
Medium term economic recovery in Ireland will be largely jobless; Average annual unemployment rate of 12.6% will hold until at least 2014
Ireland: A jobs crisis in search of a national strategy
Report says Ireland is not Greece in economics; 2007 Irish peak employment levels will not be seen again until 2022

Ireland, Eamonn Gilmore and free lunch economics

Singapore, Hong Kong and the US top the IMD’s World Competitiveness rankings for 2010; Malaysia in 10th place and Ireland slips two ranks to 21st
Call for government strategy that puts food sector at heart of Irish economy
Irish middle income earners in no guaranteed payout pension schemes need to save 15-20% of their salary
International students generate €430m for Irish economy
O’Keeffe to "lead drive" to create 117,000 net new Irish jobs in innovation over next 10 years
Irish Gross Domestic Product and Gross National Product fell 7.1% and 11.3% in 2009 -- the largest decline in output ever recorded in a single year since at least 1950; Economy back to 2003 level
Irish Live Register rose 8,500 to 452,500 in July; 83% are Irish; Citizens from non-EU countries over 14,000; 3,000 Nigerians and 700 Americans

Irish full-time employment fell by 115,700 in 12 months to Jan/Mar 2010; 112,600 unemployed for longer than 1 year

An estimated 345,000 houses or 17% of the Irish housing stock is vacant

Foreign-owned firms responsible for 89% of Irish tradable goods and services exports in 2008; Jobs in sector down 44,000 since 2000

New Irish housing completions may fall below 10,000 in 2011; Average first time buyer couple paying 13.4% of joint income on mortgage - - compared with 26% in December 2006
OECD’s Economic Survey of Ireland: Lenihan says report should be "compulsory reading"

ESRI paper says 196,000 Irish households may be in negative equity by the end of 2010

ESRI paper confirms Irish public/private pay premium for comparable jobs jumped from 14% to 26% in 2003/2006
Public pensions accrued liability over €108bn; Irish trade union leaders' pay/benefits top €200,000
Sick leave in Irish civil service almost doubled since 1980s; Average employee absent for over 11 days in 2007
Irish Economy: Davy forecasts GNP growth of 4% in 2011; Ireland to exit recession in Q1 2010
Political and economic reform in conservative Ireland and the promise of an "everlasting boom"
Lenihan says total cost of State pension for an Irish public sector worker hired after 2004 is 26.1% of pay

OIL MARKET

BP Statistical Review of World Energy 2010: Recession drove 2009 energy demand lower; Oil giant says global reserves sufficient to meet 2009 production for 45.7 years
International Energy Outlook 2009: World energy consumption projected to rise 44% from 2006 to 2030; Carbon emissions to jump more than 39% without new policies
Calculus of globalization becomes more complicated with high price of oil; Shipping cost is on average the equivalent of a 9% tariff on trade

CREDIT CRISIS

Financial Regulation: IMF says society must stand with supervisors in role as naysayers in times of exuberance
This Time It’s Different: Eight centuries of financial folly; conceit and money
Simple explanations and cure for global financial instability
The influence of "Animal Spirits" on Business Climate Surveys; Economists provide Queen with belated answer on credit crunch
IMF says government debt is raising risk for the world financial system; Western banks are due to have further bank writedowns of $800bn

Lessons from Global Credit Crisis: Market discipline, regulation, macro-economy main failures; IMF says: Government Debt of rich economies to rise 15% of GDP - biggest 2-year jump since 1945

Global financial crisis slashed value of financial assets worldwide by massive $50 trillion in 2008 - - the equivalent of annual global GDP

Merrill Lynch 2008 loss: $27bn - - 700 staff paid bonuses of at least $1m each; Top four received a combined $121m
Fixing the Banks - - Glass-Steagall Act was repealed by Congress in November 1999, a measure that has been termed the "Citigroup Authorization Act."
The Credit Crisis: Denial, delusion and the "defunct" American economist who foresaw the dénouement
How Goldman Sachs made money from US subprime mortgages on the way up and down

SPECIAL REPORTS

China celebrates remarkable transition at  XXIX Olympiad; Economy forecast to be world's largest from 2015 - regaining position it lost in 1890
Global MBA Rankings 2010: Financial Times gives London Business School top rank; Dublin's Smurfit School in 99th place
Google, IBM, Apple and Microsoft head world's top 100 brands

China and the new challenges for inward FDI investment - - Prof. Seamus Grimes, Shanghai

Matteo Ricci: an encounter of civilizations; the first Western visitor to the Forbidden City - - Seamus Grimes, Shanghai

IRELAND NON-TECH RANKINGS

Ireland heads European binge drinking ranking; Daily drinking among the 55+ people in Europe suggests chronic disease risk
 
Irish Government Services to Business - Supports, Grants, Training and Procurement

Irish Exchequer deficit at end-August 2010 was €12.1bn
Sep 2, 2010 - 5:02:51 PM

Trichet announces extension of emergency lending measures for banks into 2011; Upward revision in economic forecasts for 2010 and 2011
Sep 2, 2010 - 3:42:00 PM

Contracts for US second-hand houses unexpectedly rose in July; US retailers in August report rise in sales and discounts; New weekly jobless benefit claims dip by 6,000
Sep 2, 2010 - 2:26:00 PM

Eurozone GDP in Q2 2010 confirmed at 1% - - outpacing US and Japan; Q1 growth revised up
Sep 2, 2010 - 11:06:48 AM

Markets News Thursday: ECB expected to keep emergency bank support measures in place into 2011; Total Produce reports 5.5% rise in H1 2010 pre-tax profits
Sep 2, 2010 - 9:26:36 AM

Irish pension funds face a return to funding difficulties; Greece and Ireland posted double-digit market declines in August
Sep 2, 2010 - 5:57:53 AM

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KEY RECENT POSTS:

Global interest rates may remain low for at least 20 more years

Debt and growth revisited; The impact on growth of public debt/GDP ratios above 90%

A View from 2020: The Eurozone break-up of 2013

Irish Innovation: Ireland banking on the faith-based smart economy strategy

Irish Live Register rose 8,500 to 452,500 in July; 83% are Irish; Citizens from non-EU countries over 14,000; 3,000 Nigerians and 700 Americans

Irish economy maybe set for high growth or low growth by 2015 says ESRI: Full employment in prospect or maybe not

America: A country you cannot tell a lie about

€500m Innovation Fund - Ireland; Banking future on university research; US and Irish start-ups depend on bank credit - - not venture capital

Irish public sector pay/pensions to rise 16% in period 2005-2010; Pay up 11%: Pensions up 66%; Pensioner numbers rise 43% to 103,400

IMF say after steep slump, Ireland is experiencing a nascent recovery; Return to high growth rates of “Celtic Tiger” unlikely

OECD countries need to create 17m jobs to get employment back to pre-crisis levels; Ireland needs 318,000 jobs to return to 2007 level

Ireland and leaving the Euro: 10 questions for pub-stool economists

 

Share Prices Property Investment
Key Weekly Statistics Irish House Prices/Market

Bearish sentiment among global fund managers eases; Move out of Japan and US and into Europe

Barclays Equity Gilt Study 2009: Past 10 years "lost decade" for shares; US annualised return since 1998 fourth-worst 10-year return of past 83 years

Pensions’ over-exposure to equity market leaves Ireland vulnerable

Mortgage Rates Savings Rates
First Time Buyers Pensions 2010
Mortgage Costs Life Insurance
Health Insurance Financial Directory
Irish Financial Regulator Consumer Reports  Irish Credit Bureau - credit record held for 5 years
Irish Multi-Trip Travel Insurance Rates 2009
Irish managed pension funds rose 21.8% in 2009 compared with a 27% gain in the ISEQ Index and 2008 loss of 34.8%
Irish Tax 2010/2009 Irish Revenue Online
Average tax burden on workers’ earnings fell in most OECD countries in 2009 Commission on Taxation Report 2009 - - Proposals on Irish tax overhaul
The overall tax-to-GDP ratio in the EU27 was 39.3% in 2008; Tax ratio more than one third above the levels recorded in US and Japan
IFSC - Dublin's Offshore Financial Services Centre The "honest Swiss" and tax secrecy
Jobs Irish Salary Surveys
National Pay Agreement / Minimum Wage Irish employment fell 184,700 in the year to September 2009
Employment Rights Health and Safety
 

 
Irish and Eurozone Competitiveness Indicators 1999 - 2009
Irish Central Bank: Compendium of Economic Statistics 2010 (pdf)
Budget and Economic Statistics Ireland - 2009 Economics & Financial data to Sept 2009; Multi-year data covering a multiplicity of areas.
Irish Public Service Agreement 2010-2014: It could work or may not; "It' déjà vu all over again"
Irish Economy: Davy forecasts GNP growth of 4% in 2011; Ireland to exit recession in Q1 2010
World Economic Outlook Update: IMF raises global 2010 growth forecast to 4.5%
Global Financial Stability Update: IMF says PIIGS countries in Eurozone will have to refinance €300bn in maturing bonds in H2 2010
OECD countries need to create 17m jobs to get employment back to pre-crisis levels; Ireland needs 318,000 jobs to return to 2007 level
Globalization and Asia’s return to economic supremacy

IMF's Finance & Development: Asia is moving into a leadership role in the world economy

Developing and emerging countries are likely to account for nearly 60% of world GDP by 2030

Emerging East Asia's V-shaped recovery firmly on track; Time to unwind policy stimulus

Growth of global economy at 34-month high in April
Impact of crisis on unemployment less severe in EU than in US
Eurozone and EU27 GDP up by 0.2% in Q1 2010
A moderate and uneven recovery is taking shape across Europe -- IMF
Higher taxes on US-based multinationals would hurt US workers and exports; US share of MNC employment at 69%
Irish Economy Reports OECD Factbook 2010
Statistical Yearbook of Ireland 2009 - - Nov 2009 Asia Indicators 2010
Key Economic Statistics Irish Statistics
Global Income per Capita 
 
 

Pharmaceutical Industry: Proportion of sales from newer drugs drops; $65bn spent in US on R&D in 2009; 200,000 jobs to go in 2009-2015

Economy: International migration key to long-term economic growth because of the ageing of developed country populations says OECD

Government support to farmers rises slightly in OECD countries to $252.5bn or 22% of total farm receipts in 2009

OECD says share of public spending on health rose from average of 12% in 1990 to an all-time high of 16% in 2008

OECD says growth in development aid continued in 2009 despite financial crisis; Sweden gets top ranking for ratio of national income spent

IMF economist forecasts more house price falls in both the US and Europe

Lehman ousted whistleblower in 2008 who had raised red flags with Big 4 accounting firm Ernst & Young on $50bn scam; Box-ticking auditors in frame

US report says farmers who grow genetically modified (GM) crops are realising substantial economic and environmental benefits

Inconvenient Truths: ESRI responds to criticism of Irish waste management policy ent” pension to be introduced in 2014

Global office rents fell in 2009 for the first time since 2003; Tokyo most expensive; Biggest fallers in Europe - - Kiev -50%, Dublin -38% but still 17th most expensive city

Men who drink alcohol every day can reduce the risk of a heart attack according to 41,438 person study

Book Review: Ireland, Europe and the World -- Dan O'Brien

Some Irish land will have to be dezoned says planning board head; Ireland has 88 planning authorities for population of 4.4m

NCC says Irish industrial electricity prices are 35.5% above Eurozone average: Don't mention wage costs!

Zurich employees can buy the most goods after paying taxes/social security - - followed by Sydney, Luxembourg, Dublin and Miami in survey of 73 cities

C&AG says €27.3m written-off on dud Irish public service web portal; €15m in fees for “stabilising...banking sector”; Farm scheme cost rockets from €248m to €1.1bn

International House Price Comparisons 2009: Dublin plummets but remains expensive; US average for management level house is $363,401; Most inexpensive at $112,675

Boom or bust - - Big accounting firms still in the money but should they be trusted?

In praise of manual work and liberation from the "knowledge economy" robotic world!

Cost of commonly used services on average 30% higher in Dublin than in Belfast

Denmark, Ireland and Finland were dearest for consumer goods such as food, clothing and electronics in EU in 2008

Penny drops as National Consumer Agency decides to launch price comparison site; "A long threatening comes at last"

Norman Borlaug - - Father of Green revolution - - saving more lives than any other person who has ever lived

Finfacts is independent of vested interests and is not in search of spoils from any political side. We were the iconoclasts, who were among the few who questioned the Irish casino economy of the boom years, long before the crash.

During the Irish boom, not one political leader in office, senio r civil servant or central banker, who were the best paid in Europe and had the one of the best pension schemes in the world , took a principled stand against public policy or the lack of it.

We have for years advocated reform of Ireland's archaic political system that was inherited from the British - - an essential basis for the development of a modern economy  - - and when the bubble burst, we strongly supported membership of the Eurozone and engagement with the European Union.

When spin has primacy over substance in public announcements, encouraged by a receptive audience, Finfacts is often alone in providing the reality check - -  Michael Hennigan

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"Believe those who search for truth. Doubt those who claim to have found it" - - André Gide (1869 -1951) Nobel Laureate in Literature 1947

"Error repeats itself endlessly in deeds. Therefore, we must repeat the truth tirelessly in words" - - Johann Wolfgang von Goethe (1749 -1832) German writer

"I have observed that the world has suffered far less from ignorance than from pretensions to knowledge. It is not skeptics or explorers but fanatics and ideologues who menace decency and progress. No agnostic ever burned anyone at the stake or tortured a pagan, a heretic, or an unbeliever" - - Daniel Boorstin (1914 - 2004) American social historian

"Five score years ago, a great American, in whose symbolic shadow we stand today, signed the Emancipation Proclamation. This momentous decree came as a great beacon light of hope to millions of Negro slaves who had been seared in the flames of withering injustice. It came as a joyous daybreak to end the long night of their captivity.

But one hundred years later, the Negro still is not free. One hundred years later, the life of the Negro is still sadly crippled by the manacles of segregation and the chains of discrimination. One hundred years later, the Negro lives on a lonely island of poverty in the midst of a vast ocean of material prosperity. One hundred years later, the Negro is still languished in the corners of American society and finds himself an exile in his own land" - - Martin Luther King, Jr. (1929 – 1968), speaking at the Lincoln Memorial, Washington DC 1963

"If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer" - - President-Elect Barack Obama, Election Night Tuesday, November 4th, 2008, Grant Field, Chicago

“The scene was sickening and all the Irish were there, most of them vying with each other in eagerness to plunder the public purse,” William Ewart Gladstone, British Chancellor of the Exchequer, in an 1859 letter to his wife concerning a House of Commons debate, on the cancellation of a subsidy for the mail steam-packet service between Galway, Ireland and America. Gladstone was facing a budget deficit of £5m.

Engaged in felling a tree at his home in Wales, in 1868, Gladstone remarked on receiving a telegram advising of the planned arrival of an emissary from the Queen, "very significant." 

About to become prime minister for the first of four periods, he then remarked to an aide: "My mission is to pacify Ireland."

Of the 51 men and one woman, who have occupied 10 Downing Street, Gladstone ranks with Tony Blair for the extent of attention given to the "Irish Question."

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Lenihan publishes Bord Snip report; Proposes €5.3 billion in spending cuts and public sector staff reductions of 17,300; Says public pension cost at 30% of salary
The Waste Land - - Bord Snip, Irish Public Spending Transparency and the motto "Never do anything for the first time"
Celtic Tiger Aftermath: Guilty Irish politicians remain in denial and clover while ignoring their victims
Report says Irish Financial Regulator’s failure to control property bubble contributed to economic crash and consumer wealth losses
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