Wednesday November 15 2017
Ireland Trade Surplus Widens in September as Imports Plunge
CSO | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Irish trade surplus increased to EUR 4 billion in September of 2017 from EUR 3.8 billion in the same month of the previous year. Exports fell 8 percent year-on-year to EUR 9.6 billion mainly due to a decline in sales of organic chemicals. Meanwhile, imports decreased at a faster 17 percent to EUR 5.5 billion, dragged down by a 60 percent slump in purchases of other transport equipment.

Year-on-year, exports fell by EUR 885 million, or 8 percent, to EUR 9,601 million, mainly due to lower sales of organic chemicals (-29 percent) and electrical machinery, apparatus and appliances (-19 percent). In contrast, exports rose for medical and pharmaceutical products (13 percent) and food and live animals (5 percent), namely dairy products and birds' eggs.

The EU accounted for EUR 5,036 million, or 52 percent of total goods exports, a decrease of EUR 274 million, or 5 percent, compared with September of 2016. Exports to Belgium were EUR 935 million and to Germany were EUR 728 million. Exports to the UK increased by EU 120 million, or 10 percent, to EUR 1,297 million, boosted by higher sales of chemicals and related products. The US was the main non-EU destination accounting for EUR 2,866 million, or 30 percent, of total exports in September of 2017.

Meantime, imports declined by EUR 1,126 million, or 17 percent, to EUR 5,535 million compared with September 2016, led by reduced purchases of other transport equipment, including aircraft (-60 percent). Conversely, imports rose for medical and pharmaceutical products (32 percent), food and live animals (11 percent) and petroleum (14 percent).

The EU accounted for EUR 3,453 million, or 62 percent of the value of goods imports, a decrease of EUR 516 million, or 13 percent, compared to the previous year. Imports from the UK advanced by EUR 54 million, or 4 percent, to EUR 1,411 million, mostly driven by mineral fuels, lubricants and related materials. The US with EUR 865 million, or 16 percent, and China with EUR 389 million, or 7 percent, were the main non-EU sources of imports. The total value of imports from non-EU countries in September 2017 was EUR 2,083 million, a decrease of  EUR 610 million, or 23 percent, of total imports.

Year-to-date, the trade surplus increased to EUR 35 billion from EUR 33.9 billion in the same period of 2016, as exports advanced 2 percent to EUR 90.1 billion and imports rose at a slower 1 percent to EUR 55.1 billion.




Thursday November 09 2017
Ireland Inflation Rate at 6-Month High in October
CSO |Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Irish consumer prices increased 0.6 percent year-on-year in October of 2017, accelerating from 0.2 percent in the previous month. It was the highest inflation rate since April, as prices advanced for housing and utilities and restaurants and hotels while fell less for food.

Year-on-year, prices rose faster for housing and utilities (3.1 percent vs 2.9 percent in September) and advanced at the same pace for restaurants and hotels (2.7 percent). In addition, cost fell less for food and non-alcoholic beverages (-1.2 percent vs -2 percent); recreation and culture (-1.2 percent vs -1.6 percent) and clothing and footwear (-4.7 percent vs -4.8 percent). Meanwhile, prices slowed for transport (0.6 percent vs 1 percent).

Annual core inflation rate, which excludes energy and unprocessed food, inched up to 0.4 percent from 0.1 percent in September.

On a monthly basis, consumer prices went down 0.1 percent compared to a 0.6 percent drop in September. The most significant monthly price changes were decreases in transport (-1.2 percent); clothing and footwear (-1.2 percent) and restaurants and hotels (-0.8 percent), while there were increases in education (1.4 percent); alcoholic beverages and tobacco (1 percent); housing and utilities (0.8 percent) and communications (0.5 percent).

The harmonized index rose by 0.5 percent compared to a year earlier, but fell by 0.1 percent in the month.




Wednesday November 01 2017
Ireland Jobless Rate Falls Further to 9-Year Low of 6%
CSO | Joana Taborda | joana.taborda@tradingeconomics.com

Irish seasonally adjusted unemployment rate declined to 6 percent in October of 2017 from 6.1 percent in the previous two months, reaching a new low since June of 2008. Unemployment has fallen sharply since it hit near a decade high of 15.2 percent in January of 2012.

The number of persons unemployed was 131,300 in October 2017, down from 133,100 in September 2017 and a decrease of 26,800 when compared to October 2016. 

The unemployment rate was 6.7 percent for males, down from 6.8 percent in September and 8.1 percent in October 2016. There were 80,300 unemployed males, down from 82,000 in September. For females, the unemployment rate was 5.1 percent, unchanged from September and down from 6.1 percent a year earlier. The number of females unemployed was 51,000, a decrease of 100 when compared to September.

The youth unemployment rate was 14 percent in October, a decrease from 14.7 percent in September.




Tuesday October 17 2017
Irish Trade Surplus Narrows in August
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish trade surplus narrowed to EUR 3.8 billion in August 2017 from EUR 4.8 billion in the same month of the previous year.

Year-on-year, exports decreased by EUR 1,527 million, or 15 percent, to EUR 8,938 million, due to lower sales of organic chemicals (-45 percent), electric machinery, apparatus and appliances (-29 percent) and medical and pharmaceutical products (-4 percent). By contrast, exports of food and live animals rose 16 percent, boosted by sales of dairy products and birds' eggs (39 percent) and meat and meat preparations (12 percent).

The EU accounted for EUR 4,683 million, or 52 percent, of total goods exports, a decrease of EUR 593 million, or 11 percent, compared with August 2016. Exports to Belgium were EUR 896 million and to Germany were EUR 719 million. Meanwhile, exports to the UK increased by EUR 4 million, or 0.3 percent, to EUR 1,133 million in August. The US was the main non-EU destination accounting for EUR 2,219 million, or 25 percent, of total exports in August 2017. 

Meanwhile, imports fell by EUR 580 million, or 10 percent, to EUR 5,135 million compared with August 2016. Purchases of organic chemicals fell 55 percent, while those of medical and pharmaceutical products increased 57 percent.

The EU accounted for 57 percent of the value of goods imports. Total EU imports were EUR 2,950 million which is a decrease of EUR 383 million, or 12 percent compared with August 2016. Also, imports from the UK increased by EUR 104 million, or 8 percent, to EUR 1,376 million. The US with EUR 1,035 million, or 20 percent, and China with EUR 390 million, or 8 percent, were the main non-EU sources of imports. The total value of imports from non-EU countries in August 2017 was EUR 2,184 million, a decrease of EUR 197 million, or 8 percent.

In January to August 2017, the trade surplus increased to EUR 31.3 billion from EUR 30.0 billion in the same period of 2016, as exports advanced 3 percent to EUR 80.2 billion and imports rose at a slower 2 percent to EUR 48.9 billion. Exports to the UK for the year-to-date were 11 percent higher than the same period in 2016 and imports from the UK were 8 percent higher.


Thursday October 12 2017
Irish Inflation Rate Slows to 0.2% in September
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish consumer price inflation eased to 0.2 percent in the year to September 2017 from a four-month high of 0.4 percent in the previous month. Prices rose at a softer pace for housing and utilities, and transport, while cost of food and non-alcoholic beverages declined further.

Year-on-year, prices rose at a softer pace for: Housing, water, electricity, gas and other fuels (2.9 percent from 3.2 percent in August); transport (1 percent from 2.2 percent). In contrast, cost fell for: Food and non-alcoholic beverages (-2 percent from -1.7 percent) and miscellaneous goods and services (-1.2 percent from -1.1 percent).

Annual core inflation rate, which excludes energy and unprocessed food, fell to 0.1 percent from 0.4 percent in August.
  
On a monthly basis, consumer prices dropped 0.6 percent after rising 0.4 percent in August. The most significant monthly price changes were decreases in transport (-3.8 percent) and communications (-2.3 percent), while there were increases in clothing and footwear (3.2 percent) and housing, water, electricity, gas and other fuels (0.6 percent).

The harmonized index rose by 0.2 percent compared to a year earlier, but fell by 0.6 percent in the month.


Tuesday October 03 2017
Irish Jobless Rate Holds at 9-Year Low in September
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish seasonally adjusted unemployment rate came in at 6.1 percent in September 2017, unchanged from the previous month's nine-year low and below 7.5 percent in the same month of the previous year.

The seasonally adjusted number of persons unemployed was 133,200 in September 2017, down from 133,400 when compared to the August 2017 figure and a decrease of 31,600 when compared to September 2016.

The seasonally adjusted unemployment rate for males was recorded at 6.8 percent, down from 7 percent in August and from 8.6 percent a year earlier; while for females it was recorded at 5.1 percent, up from 5 percent in the previous month and down from 6.2 percent in September 2016. The number of males unemployed decreased by 1,400 from the previous month to 82,200, while the number of females unemployed went up by 1,300 to 51,100.

The youth unemployment rate declined to 14.8 percent from 15.3 percent in the previous month.

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


Friday September 15 2017
Ireland Trade Surplus Widens in July, as Imports Fall Faster
CSO | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Irish trade surplus increased to EUR 4.0 billion in July of 2017 from EUR 3.7 billion in the same month of the previous year. Exports fell 4 percent year-on-year to EUR 8.9 billion, mainly due to a decrease in sales of organic chemicals as well electrical machinery, apparatus and appliances. Meanwhile, imports declined at a faster 12 percent to EUR 5 billion, dragged down by lower purchases of chemicals and related products.

Year-on-year, exports decreased by EUR 347 million, or 4 percent, to EUR 8,951 million, due to lower sales of organic chemicals (-36 percent) and electrical machinery, apparatus and appliances (-41 percent). In contrast, exports rose for medical and pharmaceutical products (23 percent) and food and live animals (25 percent).

The EU accounted for EUR 4,804 million, or 54 percent of total goods exports, an increase of EUR 244 million, or 5 percent, compared with July 2016. Exports to Belgium were EUR 1,071 million and Germany were EUR 623 million. Exports to the UK increased by EUR 57 million, or 5 percent, to EUR 1,142 million, boosted by higher sales of food and live animals. The US was the main non-EU destination accounting for EUR 2,042 million, or 23 percent, of total exports in July 2017.

Meanwhile, imports fell by EUR 661 million, or 12 percent, to EUR 4,965 million compared with July 2016, led by lower purchases of chemicals and related products (-13 percent). Conversely, imports of petroleum surged 35 percent.

The EU accounted for EUR 3,091 million, or 62 percent of the value of goods imports, in July 2017, a decrease of EUR 282 million, or 8 percent, from the previous year. Imports from the UK increased by EUR 59 million, or 5 percent, to EUR 1,278 million. The US with EUR 710 million, or 14 percent, and China with EUR 351 million, or 7 percent, were the main non-EU sources of imports. The total value of imports from non-EU countries in July of 2017 was EUR 1,874 million, a decrease of EUR 379 million, or 17 percent.

In the January to July period, the trade surplus widened to EUR 27.8 billion from EUR 25.3 billion in the same period of 2016, as exports advanced 7 percent to EUR 71 billion and imports rose at a slower 5 percent to EUR 43.2 billion.


Friday September 15 2017
Irish Economy Grows 1.4% in Q2
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

The Irish economy expanded 1.4 percent on quarter in the three months to June 2017, rebounding from an upwardly revised 3.5 percent contraction in the previous period and in line with market expectations. Fixed investment and government spending were the main drivers of growth, while household consumption shrank for the first time in four years and net exports contributed negatively.

On the expenditure side, capital formation, which accounts for approximately 35 percent of domestic demand, jumped 39.9 percent, after contracting by 38.1 percent in Q1. Also, government spending rose 0.6 percent, recovering from a 0.1 percent fall in the previous period. By contrast, household consumption, which accounts for almost half of domestic demand, shrank 1.1 percent, the first drop since the first quarter of 2013, following a 0.9 percent gain in Q1. Net exports decline by 31.4 percent due to a surge in imports (12 percent from -12.5 percent in Q1) while exports were unchanged (from -0.3 percent in Q1). 

On the output side of the accounts, value added of agriculture rose by 15.9 percent Q2 2017 compared with the previous quarter. Arts and entertainment recorded a 5.4 percent increase in real terms with professional and administration services recording a 5.1 percent advance. Financial services grew by 4.6 percent over the same period. All other sectors exhibited modest growth over the period with the exception of the real estate and construction sectors which recorded modest declines (-0.1 percent and -0.3 percent respectively).

Compared to the same quarter of the previous year, the GDP advanced 5.8 percent after growing by a downwardly revised 5.2 percent in the previous period.




Thursday September 07 2017
Irish Inflation Rate Rises to 4-Month High in August
CSO | Joana Ferreira | joana.ferreira@tradingeconomics.com

Irish consumer prices increased by 0.4 percent in the year to August 2017, recovering from a 0.2 percent fall in the previous month. It was the highest inflation rate since April, mainly boosted by rising prices of housing and utilities, restaurants and hotels, and transport.

Year-on-year, the largest upward contribution to the CPI came from: Housing, water, electricity, gas and other fuels (3.2 percent from 2.1 percent in July); restaurants and hotels (2.6 percent from 2.4 percent); and transport (2.2 percent from 0.1 percent). In contrast, cost fell for: Clothing and footwear (-4.8 percent from -5.9 percent in July); food and non-alcoholic beverages (-1.7 percent from -2 percent) and furnishings, household equipment and routine household maintenance (-3.8 percent from -4.3 percent).

Annual core inflation rate, which excludes energy and unprocessed food, rose to 0.4 percent from -0.1 percent in July.
  
On a monthly basis, consumer prices increased 0.4 percent after showing no change in July. The most significant monthly price changes were increases in clothing and footwear (6.1 percent) and furnishings, household equipment and routine household maintenance (0.7 percent). There were decreases in alcoholic beverages and tobacco (-0.8 percent) and recreation and culture (-0.3 percent).

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


Tuesday September 05 2017
Ireland Jobless Rate Lowest Since 2008
CSO | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Irish seasonally adjusted unemployment rate fell to 6.3 percent in August 2017, from 6.4 percent in July and below 7.9 percent in the same month of the previous year. It matched the June of 2017 figure which was the lowest since June of 2008. The number of unemployed fell by 1,700 to 139,100.

The seasonally adjusted number of persons unemployed fell to 139,100 in August 2017, down from 140,800 when compared to the July figure and a decrease of 33,900 when compared to August 2016.

The seasonally adjusted unemployment rate for males was recorded at 7.1 percent, unchanged from July and down from 9.0 percent a year earlier; while for females it was recorded at 5.2 percent, down from 5.4 percent in the previous month and below 6.5 percent in August 2016. The number of males unemployed was steady at 86,500, while the number of females unemployed decreased by 1,600 to 52,700.

The youth unemployment rate rose to 12.7 percent from 12.3 percent in the previous month.

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