Friday December 09 2016
Irish GDP Expands 4% in Q3, Beats Forecast
CSO | Yekaterina Guchshina | yekaterina@tradingeconomics.com

The Irish economy expanded 4 percent on the quarter in the third quarter of 2016, following an upwardly revised 0.7 percent growth in the previous period and well above market expectations of 1.2 percent. The growth was mainly driven by net exports as imports shrank. Also, the government and consumption spending increased while investments contracted. Compared to the same quarter of the previous year, the economy expanded 6.9 percent after growing by a downwardly revised 3.1 percent in the previous period.

On the expenditure side, net trade increased 47 percent, as exports went up 1.7 percent (-0.9 percent in Q2) while imports shrank 8.6 percent (+10.6 percent). Also, the government spending rose 0.8 percent (+0.7 percent in Q2). Meanwhile, personal consumption grew at a slower 0.7 percent (+1.9 percent in Q2) and investments contracted 17.8 percent (+36.9 percent in Q2).

On the output side of the accounts, value added for all sectors increased in the quarter with the exception of public administration and defense which declined by 2.6 percent (+1.5 percent in Q2). There was an increase of 5.3 percent in distribution, transport, software and communications sector (+2.8 percent in Q2). The building and construction sector grew by 4.3 percent (+5.7 percent in Q2) with the manufacturing sector increasing by 4 percent (+1.6 percent in Q1). The other services sector rose 1.5 percent (the same pace as in Q2) and the agriculture went up 0.7 percent (-0.3 percent in Q2). 

Compared to the same quarter of the previous year, the economy expanded 6.9 percent after growing by a downwardly revised 3.1 percent in the previous period.




Thursday December 08 2016
Irish Deflation Eases In November
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish consumer prices fell 0.1 percent in the year to November 2016, slowing from a 0.3 percent drop in the previous month, as prices fell at a slower pace for transport and leisure activities.

Year-on-year, cost declined at a slower pace for transport (-0.2 percent from -2 percent in October), and recreation and culture (-2 percent from -2.4 percent). Additional downward pressure came from: Furnishings, household equipment and routine household maintenance (-4.3 percent); clothing and footwear (-2.8 percent); communications (-2.7 percent); and food and non-alcoholic beverages (-2.4 percent). By contrast, there were increases in miscellaneous goods and services (+2.5 percent), alcoholic beverages and tobacco (+2.1 percent), restaurants and hotels (+1.9 percent) and education (+1.8 percent). 
 
Annual core inflation, which excludes energy and unprocessed food, rose to 0.3 percent from 0.1 percent the previous period.

On a monthly basis, consumer prices edged down 0.1 percent, following a 0.5 percent decrease in October. The most significant monthly price changes were decreases in restaurants and hotels (-0.7 percent) and food and non-alcoholic beverages (-0.4 percent). There were increases in alcoholic beverages and tobacco (+0.9 percent) and clothing and footwear (+0.7 percent). 

The harmonized index decreased by 0.2 percent compared to a year earlier and fell 0.1 percent in the month.




Tuesday November 29 2016
Irish Jobless Rate Falls To Lowest Since September 2008
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted unemployment rate fell to 7.3 percent in November 2016 from 7.5 percent in October and from 9.1 percent the same month a year earlier. It was the lowest figure since September 2008, as the number of unemployed fell further. Youth unemployment rate also declined to 15.5 percent, the lowest since August 2008.

The seasonally adjusted number of persons unemployed was 160,700 in November 2016, down 3,400 when compared to the October 2016 figure and a decrease of 36,200 when compared to November 2015. 

The seasonally adjusted unemployment rate for males was recorded to 8.3 percent, down from 8.6 percent in October and from 10.7 percent a year earlier; while for females it was recorded at 6.1 percent, down from 6.2 percent in the previous month and from 7.1 percent in November 2015. The number of males unemployed dropped by 3,400 to 99,600 from the previous month, while the number of females unemployed increased by 100 to 61,100.

Youth unemployment rate fell to 15.5 percent, the lowest reading since August 2008, from 16.4 percent in the previous month.




Tuesday November 15 2016
Irish Surplus Narrows 18% MoM in September
CSO | Yekaterina Guchshina | yekaterina@tradingeconomics.com

Irish seasonally adjusted trade surplus declined by 18 percent to €3,770 million in September 2016 compared to a downwardly revised €4,401 million the previous month, as exports fell by 4 percent while imports rose 7 percent, preliminary figures showed. Year-on-year, the non-seasonally adjusted value of exports went up 6 percent and imports increased 3 percent. In the first nine months of the year, the trade surplus increased to €34.7 billion from €31.8 billion in the same period of 2015, as exports advanced 5 percent and imports rose 2.5 percent.

Seasonally adjusted goods exports decreased by €451 million (-4 percent) to €9,876 million compared with August 2016 while imports increased by €380 million (+7 percent) to €6,107 million.

Year-on-year, the non-seasonally adjusted value of exports rose €596 million, or 6 percent, to €10,034 million, due to higher sales of electrical machinery, apparatus and appliances (+128 percent); organic chemicals (+27 percent); medical and pharmaceutical products (+12 percent). 

The EU accounted for €5,180 million, or 52 percent, of total goods exports in September 2016 of which €1,181 million went to Belgium and €1,145 million to Great Britain. The US was the main non-EU destination accounting for €2,639 million, or 26 percent, of total exports. Exports to the EU decreased by €190 million, or 4 percent, compared with September 2015; while non-EU exports increased by €786 million, or 19 percent, over the same period.

Meanwhile, imports rose by €153 million, or 3 percent, to €5,916 million compared with September 2015, mainly due to higher purchases of organic chemicals (+49 percent) and other transport equipment (+34 percent) while imports of machinery specialised for particular industries decreased by 43 percent. 

The EU accounted for 63 percent of the value of goods imports in September 2016, with €1,305 million, or 22 percent, of total imports coming from the UK. The US with €824 million, or 14 percent, and China with €351 million, or 6 percent, were the main non-EU sources of imports. Imports from the EU increased by €332 million, or 10 percent, compared with September 2015. Non-EU imports decreased by €180 million, or 8 percent, over the same period.

In the first nine months of the year, the trade surplus increased to €34.7 billion from €31.8 billion in the same period of 2015, as exports advanced 5 percent and imports rose 2.5 percent.




Thursday November 10 2016
Ireland Falls Back Into Deflation in October
CSO | Yekaterina Guchshina | yekaterina@tradingeconomics.com

Irish consumer prices fell 0.3 percent in the year to October 2016, after being flat in the previous month and worse than market expectations of 0.1 percent drop. Cost declined at a faster pace for food and non-alcoholic beverages; furnishings, household equipment and routine household maintenance and recreation and culture. On a monthly basis, consumer prices dropped 0.5 percent, while markets expected 0.1 percent decline.

Year-on-year,  cost declined at a faster pace for food and non-alcoholic beverages (-2.2 percent from -1.1 percent in September); furnishings, household equipment and routine household maintenance (-3.8 percent from -3.5 percent) and recreation and culture (-2.4 percent from -1.8 percent). In contrast, prices fell less for transport (-2 percent from -3.2 percent) and rose for housing and utilities (+0.2 percent from -0.9 percent). 
  
On a monthly basis, consumer prices fell 0.5 percent, following a 0.4 percent decrease in September. The most significant changes were decreases in miscellaneous goods and services (-1.5 percent); restaurants and hotels (-0.8 percent); recreation and culture (-0.5 percent); transport (-0.8 percent); clothing and footwear (-1.4 percent); food (-0.4 percent) and furnishings (-0.8 percent). In contrast, there were increases in housing and utilities (+0.6 percent) and education (+1.3 percent).

The harmonized index decreased by 0.4 percent compared to a year earlier and fell 0.4 percent in the month.


Wednesday November 02 2016
Irish Jobless Rate Down to a New 8-Year Low
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted unemployment rate fell to 7.7 percent in October 2016 from 7.9 percent in September and from 9.2 percent a year earlier. It stood at its lowest level since October 2008, as the number of unemployed continued to fall. Youth unemployment rate also declined to 15.1 percent, the lowest reading since September 2008.

The seasonally adjusted number of persons unemployed was 168,800 in October 2016, down from 173,200 when compared to the September 2016 figure and a decrease of 29,700 when compared to October 2015. 

The seasonally adjusted unemployment rate for males was recorded to 9 percent, down from 9.2 percent in September and from 10.8 percent a year earlier; while for females it was recorded at 6.2 percent, down from 6.4 percent in the previous month and from 7.3 percent in October 2015. The number of males unemployed dropped by 2,300 to 107,300 from the previous month, while the number of females unemployed decreased by 2,100 to 61,500.

Youth unemployment rate fell to 15.1 percent, the lowest reading since September 2008, from 15.9 percent in the previous month.


Monday October 17 2016
Irish Trade Surplus Widens 43% MoM in August
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted trade surplus increased by 43 percent to €4,955 million in August 2016 compared to a downwardly revised €3,461 million the previous month, as exports rose by 16 percent while imports fell 2 percent, preliminary figures showed. In the first eight months of the year, the trade surplus increased to €32.6 billion from €28 billion in the same period of 2015, as exports advanced 5 percent while imports contracted 3 percent.

Seasonally adjusted exports increased by €1,400 million, or 16 percent, to €10,286 million compared with July's reading of €8,886 million; while imports decreased by €94 million, or 2 percent, to €5,331 million from €5,425 million, preliminary figures showed.

Year-on-year, the non-seasonally adjusted value of exports rose €1,435 million, or 17 percent, to €10,061 million, due to higher sales of organic chemicals (+66 percent), medical and pharmaceutical products (+10 percent) and electrical machinery, apparatus and appliances (+192 percent). 

The EU accounted for €5,157 million, or 51 percent, of total goods exports in August 2016 of which €1,584 million went to Belgium and €1,098 million to Great Britain. The US was the main non-EU destination accounting for €2,513 million, or 25 percent, of total exports. Exports to the EU increased by €776 million, or 18 percent, compared with August 2015; while non-EU exports increased by €659 million, or 16 percent, over the same period.

Meanwhile, imports dropped by €113 million, or 2 percent, to €5,096 million compared with August 2015, mainly due to lower purchases of machinery specialised for particular industries (-54 percent); while imports rose for organic chemicals (+161 percent) and medical and pharmaceutical products (+46 percent). 

The EU accounted for 59 percent of the value of goods imports in August 2016, with €1,228 million, or 24 percent, of total imports coming from the UK. The US with €701 million, or 14 percent, and China with €354 million, or 7 percent, were the main non-EU sources of imports. Imports from the EU decreased by €166 million, or 5 percent, compared with August 2015. Non-EU imports increased by €53 million, or 3 percent, over the same period.

In the first eight months of the year, the trade surplus increased to €32.6 billion from €28 billion in the same period of 2015, as exports advanced 5 percent to €76.1 billion while imports contracted 3 percent to €43.5 billion.


Thursday October 13 2016
Irish Consumer Prices Unchanged in September
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish consumer prices remained unchanged in the year to September 2016, following a 0.1 percent drop in the previous month, as prices fell at a slower pace for housing and utilities, and transports. On a monthly basis, consumer prices dropped 0.4 percent after declining by 0.2 percent.

Year-on-year, prices fell at a slower pace for: Housing, water, electricity, gas and other fuels (-0.9 percent from -1.5 percent in August); and transportation (-3.2 percent from -4.6 percent). Additional downward pressure came from: Furnishings, household equipment and routine household maintenance (-3.5 percent), communications (-2.7 percent) and recreation and culture (-1.8 percent).By contrast, there were increases in miscellaneous goods and services (+4.4 percent), education (+3.8 percent), restaurants and hotels (+2.2 percent) and health (+1.6 percent).   
On a monthly basis, consumer prices fell 0.4 percent, following a 0.2 percent decrease in August. The most significant changes were decreases in transport (-2.6 percent) and recreation and culture (-0.9 percent), while there were increases in clothing and footwear (+3.3 percent) and housing and utilities (+0.8 percent).

The harmonized index decreased by 0.3 percent compared to a year earlier and fell 0.4 percent in the month.


Tuesday October 04 2016
Irish Jobless Rate Drops to a Fresh 8-Year Low
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted unemployment rate fell to 7.9 percent in September 2016 from a downwardly revised 8.2 percent in August and from 9.1 percent a year earlier. It remained at its lowest level since October 2008, as the number of unemployed continued to fall.

The seasonally adjusted number of persons unemployed was 172,900 in September 2016, down from 180,200 when compared to the August 2016 figure and a decrease of 24,000 when compared to September 2015. 

The seasonally adjusted unemployment rate for males was recorded to 9.2 percent, down from 9.4 percent in August and from 10.6 percent a year earlier; while for females it was recorded at 6.4 percent, down from 6.8 percent in the previous month and from 7.3 percent in September 2015. The number of males unemployed dropped by 3,500 to 109,400 from the previous month, while the number of females unemployed decreased by 3,800 to 63,500.

Youth unemployment rate fell to 15.9 percent, a decrease from 17 percent in the previous month.


Thursday September 15 2016
Irish Trade Surplus Narrows 13% MoM in July
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted trade surplus decreased by 13 percent to €3,527 million in July 2016 compared to a downwardly revised €4,037 million surplus in the previous month, as both exports and imports fell 11 percent, preliminary figures showed. Year-on-year, the non-seasonally adjusted value of exports went down 3 percent, dragged by lower sales of medical and pharmaceutical products; while imports dropped 13 percent, as imports of petroleum fell sharply.

Seasonally adjusted exports decreased by €1,154 million, or 11 percent, to €8,918 million in July from €10,072 million in June while imports fell by €644 million, or 11 percent, to €5,392 million from €6,036 million, preliminary figures showed.

Year-on-year, the non-seasonally adjusted value of exports went down €292 million, or 3 percent, to €9,121 million, due to lower sales of medical and pharmaceutical products (-23 percent) and essential oils (-12 percent) while exports rose for organic chemicals (+47 percent) and electrical machinery, apparatus and appliances (+202 percent). 

The EU accounted for €4,464 million (49 percent) of total goods exports in July 2016 of which €1,056 million went to Belgium and €1,075 million to Great Britain. The US was the main non-EU destination accounting for €2,144 million (24 percent) of total exports in July 2016. Exports to the EU decreased by 13 percent year-on-year, while non-EU exports increased by 9 percent over the same period.

Meanwhile, imports dropped by €772 million, or 13 percent, to €4,993 million compared with July 2015, mainly due to lower purchases of petroleum (-35 percent); while imports rose for organic chemicals (+70 percent) and medical and pharmaceutical products (+44 percent). 

The EU accounted for 61 percent of the value of goods imports, with €1,206 million (24 percent) of total imports coming from Great Britain. The US with €658 million (13 percent) and China with €338 million (7 percent) were the main non-EU sources of imports. Imports from the EU decreased by 8 percent year-on-year and non-EU imports fell by 20 percent over the same period.

In the first seven months of the year, the trade surplus increased to €27.7 billion from €24.5 billion in the same period of 2015, as exports advanced 3 percent to €65.9 billion while imports contracted 4 percent to €38.2 billion.