The Nissan Leaf accounted for nearly all of the 249 electric cars purchased so far this year with just 12 being a different model. Nissan has created an academy and plans to employ 40 new apprentices in the electric car market which is suffering a skill shortage. The apprenticeships will last 4 years.
October’s manufacturing activity saw the PMI increase to 52.1 compared with September’s 1.3.
New car registrations fell in October by 12% when compared with the same month in 2015. Brexit uncertainty was a factor for the drop. Traditionally, car sales slow down in November and December as purchasers wait for the new registration year in January. Hyundai is the best selling car brand this year. Overall, YTD, sales are up 18% vs 2015.
The Department of Finance and the ERSI issued a paper forecasting the likely impacts of the British vote to leave the EU would have on Ireland’s domestic economy. Unemployment, GDP and falls in output are all expected to decrease, the severity of which will be determined by whether there is a ‘hard’ or ‘soft’ Brexit.
Vacancy rates for the retail sector have stablished during 2016 with many towns seeing a reduction in empty buildings. Athlone has the worst vacancy rates with 14.9% in the last quarter. Sligo is 2nd highest with vacancy of 12.8%. Dublin has the lowest rates of vacancy at just 2.58% and Galway has the 2nd lowest levels with 2.8%, Killarney is in 3rd place with vacancy levels of 3.5%.
Consumer spending of October 2016 grew at its slowest rate in 17 months according to Visa’s latest report. They also report that spending via electronic payments, cash and cheques grew by 4.3% YoY. Online shopping grew by 15% which was at the highest level in 4 months. This is believed to be because of the value of Sterling over the last few months.
A Morgan McKinley report reveals that the earnings gap between genders now stands at 20% for 2016. Professional females earn an average of €12,500 less than male counterparts. The financial services sector has the largest pay gap with a staggering 29% difference. However, at the top of the C-suite, the pay gap was just 1% with top executive earning relatively the same regardless of gender.
Service exports from Ireland grew by €6.3bn in 2015. The sector includes computer, financial and legal services. Computer services accounted for 47% of the exports in 2015. Due to the large increase in imports, the service deficit gap increase to €29.4bn from a previous €6.1bn. Exports to China rose by €2bn.
The unemployment rate in Ireland is now half of what it was during the height of the crash in 2012 when it stood at 15%. The rate is now 7.3%. During the same month in 2015, the rate was 9.3%. Male unemployment rates are 8.3% and the female rate is 6.1%.
Ireland has fallen 2 places in the ranking for competitiveness to 18th. The survey covers investment and development, appeal and readiness and surveys 61 countries.
Household debt remained static for the 3 months to the end of June, reflecting the slowest falling level in 8 years. Debt fell by just €200m during that period. The Central Bank said household’s ability to manage debt is improving however. Irish households are currently the 4th most indebted nation in the EU for ratio of debt to disposable income.