The manufacturing industry reported an increase of 51.7 for August vs July’s 50.2. This is good news following the Brexit impact which still remains to be fully seen. New order returned to growth in August after 3 years of contraction. However, on the other side of things, new export orders contracted for the 3rd month out of 4.
Corporation Tax receipts were €500m ahead of target in August. Income tax receipts were 3.4 per cent below the same period last year, coming in at €1.408 billion.
Ireland’s services sector expanded in August to 59.7 from July’s 59.5 result. There was substantial expansion in the services sector which was the fastest since December 2014 according to Investec.
The CSO released figures for July showing Irish manufacturing output rising by 4% despite the Brexit vote still being fresh. On an annual basis, productivity rose by 7.4%.
A new EU study has revealed the way Irish people are living these days. 42.7% of jobs in Ireland are located in Dublin and they account for 49% of total national GDP. Urban landmass is only 1.3% compared with a whopping 44% in Holland. However, 1 in 3 workers lives within an Irish urban area. Dublin is the 5th most expensive European city to live in, ahead of Paris.
In the latest survey released by Visa, consumer spending grew 4.6% YoY, but was at its lowest rate in 15 months. Online sales remained strong.
SIMI data shows that new car registrations for August compared with the same month in 2015. So far for 2016, new car sales are up 19% vs the same period in 2015. The commercial vehicle sector enjoyed a sales increase of 11% in August with registration of HGV’s rising a whopping 41% YTD.
In the year to April, 21,100 Irish emigrants have returned home which an increase of 74% vs the same period in 2015.
Employment: according to the Nevin Economic Research Institute, Ireland is nearly back a pre-crash employment with the total number of jobs in the State at 94% of what it had been pre-crash in 2008. Dublin is at 96.8% of its total employment, whilst the West of Ireland was at just 89.2% of what employment was pre-crash. Ireland’s unemployment rate is now 7.9%.
Wholesale gas prices were down 35% for August 2016 when compared with the same period in 2015. The drop was attributed to the drop in the price of oil, larger wholesale supply, and lower demand.