Thursday January 19 2017
Irish Consumer Prices Unchanged In December
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish consumer prices remained unchanged in the year to December 2016, following a 0.1 percent drop in the previous month, as a decline in prices of food, furnishings and clothing was enough to offset a rise in cost of restaurants and hotels, miscellaneous goods and services, and housing.

Year-on-year, the biggest downward pressure came from: Food and non-alcoholic beverages (-2.8 percent from -2.4 percent in November); furnishings, household equipment and routine household maintenance (-4.8 percent from -4.3 percent); and clothing and footwear (-3.8 percent from -2.8 percent).By contrast, cost increased for: Restaurants and hotels (+1.9 percent, the same as in November); miscellaneous goods and services (+2.2 percent from +2.5 percent); and housing and utilities (+0.8 percent from +0.2 percent).
  
On a monthly basis, consumer prices were also unchanged, following five consecutive months of falls. The most significant 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). 

In the full year 2016, the average CPI showed no growth, following a 0.3 percent drop in 2015.

In December, the harmonized index decreased by 0.2 percent compared to a year earlier and by 0.1 percent in the month.




Tuesday January 17 2017
Irish Trade Surplus Falls From Record High As Imports Jump
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted trade surplus decreased by 20 percent to €4,045 million in November 2016 from a downwardly revised record high of €5,040 million in the previous month, as imports jumped by 18 percent while exports fell by 1 percent, preliminary figures showed.

Seasonally adjusted goods imports increased by €938 million, or 18 percent, to €6,153 million from the previous month; while exports decreased by €57 million, or 1 percent, to €10,197 million, preliminary figures showed.

Year-on-year, the non-seasonally adjusted value of exports increased by €783 million, or 8 percent, to €10,961 million, due to higher sales of medical and pharmaceutical products (+28 percent), electrical machinery, apparatus and appliances (+152 percent) and food and live animals (+6 percent). 

The EU accounted for €5,471 million, or 50 percent, of total goods exports, of which €1,592 million went to the UK and €1,272 million to Belgium. Exports to the EU increased by 2 percent year-on-year, while non-EU exports increased by 14 percent over the same period. The USA was the main non-EU destination accounting for €2,893 million, or 26 percent, of total exports. 

Meanwhile, imports rose by €305 million, or 5 percent, to €6,501 million compared with November 2015, mainly due to higher purchases of medical and pharmaceutical products (+82 percent) and petroleum (+41 percent). By contrast, imports of road vehicles dropped 15 percent.

The EU accounted for €3,580 million, or 55 percent, of the value of goods imports, with €1,404 million, or 22 percent, of total imports coming from the UK. Imports from the EU decreased by 6 percent year-on-year, while non-EU imports increased by 23 percent over the same period. The USA with €1,336 million, or 21 percent, and China with €441 million, or 7 percent, were the main non-EU sources of imports.

In the first eleven months of the year, the trade surplus increased to €44.0 billion from €40.0 billion in the same period of 2015, as exports advanced 5 percent to €107.9 billion while imports rose 1 percent to €63.9 billion.




Wednesday January 04 2017
Irish Jobless Rate Drops To 7.2% In December
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted unemployment rate fell to 7.2 percent in December 2016 from 7.3 percent in November and from 8.9 percent in the same month of the previous year. It was the lowest figure since August 2008, as the number of unemployed continued to fall.

The seasonally adjusted number of persons unemployed was 157,700 in December 2016, down 2,800 when compared to the November 2016 figure and a decrease of 35,500 when compared to December 2015. 

The seasonally adjusted unemployment rate for males was recorded at 8.1 percent, down from 8.4 percent in November and down from 10.6 percent a year earlier; while for females it was recorded at 6.1 percent, unchanged from the previous month and down from 6.9 percent in December 2015. The number of males unemployed dropped by 2,700 to 97,100 from the previous month, while the number of females unemployed decreased by 100 to 60,600.

Youth unemployment rate fell to 14.5 percent, the lowest reading since July 2008, from 15.4 percent in the previous month.

Unemployment has fallen sharply since the jobless rate hit a high of 15.2 percent in the first two months of 2012.




Thursday December 15 2016
Irish Trade Surplus Widens To Record High In October
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted trade surplus increased by 34 percent to €5,091 million in October 2016 compared to an upwardly revised €3,803 million the previous month. It was the biggest surplus recorded so far, as exports rose by 2 percent while imports fell by 18 percent, preliminary figures showed.

Seasonally adjusted exports increased €192 million, or 2 percent, to €10,267 million compared with September's reading of €10,075 million; while imports decreased by €1,096 million, or 18 percent, to €5,176 million from €6,272 million, preliminary figures showed.

Year-on-year, the non-seasonally adjusted value of exports decreased €644 million, or 6 percent, to €10,111 million, due to lower sales of organic chemicals (-15 percent), and professional, scientific and controlling apparatus (-12 percent). By contrast, exports of electrical machinery, apparatus and appliances increased by 159 percent. 

The EU accounted for €4,796 million (48 percent) of total goods exports, of which €1,332 million went to Belgium and €1,019 million to the UK. Exports to the EU decreased by 9 percent in October 2016 compared with October 2015, while non-EU exports decreased by 3 percent over the same period. The US was the main non-EU destination accounting for €2,759 million (27 percent) of total exports.

Meanwhile, imports dropped by €1,241 million, or 20 percent, to €5,095 million compared with October 2015, mainly due to lower purchases of medical and pharmaceutical products (-19 percent), machinery specialised for particular industries (-51 percent) and petroleum (-20 percent). 

The EU accounted for €3,303 (65 percent) of the value of goods imports, with €1,314 million (26 percent) of total imports coming from the UK. Imports from the EU decreased by €573 million (-15 percent) in October 2016 compared with October 2015.  Non-EU imports decreased by €669 million (-27 percent) over the same period. The US with €658 million (13 percent) and China with €394 million (8 percent) were the main non-EU sources of imports.

In the first ten months of the year, the trade surplus increased to €39.6 billion from €36.1 billion in the same period of 2015, as exports advanced 4 percent to €96.9 billion while imports rose 1 percent to €57.3 billion.


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.