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Ireland October 2017

Published: Oct 10, 2017
  • The HSE is believed to be facing a €300m financial deficit for 2017 as a whole.  The Department of Health has said that the HSE should try for a break-even position by making detailed plans on how to maximise efficiencies and savings.  The HSE is understood to not have received extra funding to pay the €1,000 pay rise for health staff in the sector which the Government brought forward and is expected to cost €60m.
  • Inflation rose to 0.4% in August.  Rising rental prices have risen 7.3% YoY seeing a 1% increase in August.  Clothing and footwear rose a dramatic 6.1% in August.    
  • Unemployment now stands at 6.3%, a 9-year low.  7,300 less people signed onto the Live Register in August.  This is the second biggest drop on record, topped only by September 2016’s reading of 7,500.  The country is expected to see almost full employment shortly.  Youth unemployment however grew to 12.7%, up from 12.3% recorded in July. 
  • Manufacturing output grew 4.2% during May to July compared with the period before. 
  • Consumer sentiment dropped in August to 102.9 from July’s 105.1 which was a 17-month high.  The current reading means that people are positive about the economic outlook and job stability.
  • Ireland’s household debt is at the lowest level for 13 years, however Ireland remains the fourth most indebted country in the EU.  The debt to disposable-income ratio is 145.2%.  The lowest since September 2004. 
  • Government debt saw an increase of 2.2% in the first 3 months of the year to €235.4bn, a rise of €5.1bn. 
  • Senior Doctors have implored the Government for 4,000 beds at a cost of €4bn saying that even acute hospitals were failing.  Cancer targets are being missed whilst waiting lists grow and grow.  One hospital in Waterford had a 9-year waiting list to see a urologist.  41,000 elective operations were cancelled in 2016.
  • Moody’s have upgraded Ireland’s rating to an A2 from and A3, with a stable outlook.  Investors use ratings companies to decide whether to invest in a country.
  • 900 heart and chest operations have been cancelled since 2016 with bed shortages accounting for 119 cancellations and clerical errors accounting for 43 cancellations.  

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