Irish Economy and Budget Watch

Ard-Taoiseach wrote:Some good news on the jobs front today, almost 100 jobs were created down Audi's way.

99 jobs created by 3 companies

They're all very high-quality jobs which will add to the clustering effect down there.

Apparently there have been 160 redundancies over the past two weeks around Shannon though according to ClareFM. As long as these new ones might be long term then it might not be so bad.

Auditor #9 wrote:

Ard-Taoiseach wrote:Some good news on the jobs front today, almost 100 jobs were created down Audi's way.

99 jobs created by 3 companies

They're all very high-quality jobs which will add to the clustering effect down there.

Apparently there have been 160 redundancies over the past two weeks around Shannon though according to ClareFM. As long as these new ones might be long term then it might not be so bad.

Yes, Audi, these are very welcome announcements and will help slow the advance of unemployment. We need to keep these job announcements flowing to help the economy re-balance.

The Retail Sales Index was released today by the CSO. The downward draught continues into this report with a 1.6% decline in the value of retail sales and a 4.8% drop in volumes.

I envisage a recovery from July onwards as the dead weight of motor sales is lifted and the good weather the past few days should drive volumes.

Full Report Here.

EvotingMachine0197 wrote:Car Sales up dramatically for July

That's great to hear. It'll give a much-needed economic boost over the summer and inject plenty of taxation revenues into the government coffers. I hope this continues well into August and September.

Another day of jobs announcements and another day of good jobs announcements. Siemens is to increase their pay-roll by 60 in Ireland by expanding their IT division. Electronics and engineering giant Siemens says its Irish operations fought off competition from elsewhere because of its competitive cost offering and the availability of qualified people. They're also interested in expanding further here, so it's heartening that a MNC like Siemens still loves us.

Our food groups, a future-proof Irish industry if there ever was one, are to hire 50 people in a new facility researching and developing new and interesting things to do with food.

Overall, a grand day. This should further slow the advance in unemployment.

Full report here.

Do you have an idea of the proportion of European companies as opposed to USA ones coming here to take advantage of our low tax rates? Siemens is a good fine old German one isn't it? Or are the European ones a lot more nationalistic and patriotic?

Not including Statoil or Dutch Shell who are here for other things ...

Auditor #9 wrote:Do you have an idea of the proportion of European companies as opposed to USA ones coming here to take advantage of our low tax rates? Siemens is a good fine old German one isn't it? Or are the European ones a lot more nationalistic and patriotic?

Not including Statoil or Dutch Shell who are here for other things ...

The IDA has a break-down of the nationalities of the firms locating here. How it stands currently is on page 4 of the report I've linked here.

That link is 404 AT.

Ard-Taoiseach wrote:Another day of jobs announcements and another day of good jobs announcements. Siemens is to increase their pay-roll by 60 in Ireland by expanding their IT division. Electronics and engineering giant Siemens says its Irish operations fought off competition from elsewhere because of its competitive cost offering and the availability of qualified people. They're also interested in expanding further here, so it's heartening that a MNC like Siemens still loves us.

Our food groups, a future-proof Irish industry if there ever was one, are to hire 50 people in a new facility researching and developing new and interesting things to do with food.

Overall, a grand day. This should further slow the advance in unemployment.

Full report here.

I would like to here a bit more from Siemens about how they have remained competitive in a high wage high cost economy.

EvotingMachine0197 wrote:That link is 404 AT.

I've just found that out. Try this link;

http://www.idaireland.com/home/index.aspx?id=3141

cactus flower wrote:

Ard-Taoiseach wrote:Another day of jobs announcements and another day of good jobs announcements. Siemens is to increase their pay-roll by 60 in Ireland by expanding their IT division. Electronics and engineering giant Siemens says its Irish operations fought off competition from elsewhere because of its competitive cost offering and the availability of qualified people. They're also interested in expanding further here, so it's heartening that a MNC like Siemens still loves us.

Our food groups, a future-proof Irish industry if there ever was one, are to hire 50 people in a new facility researching and developing new and interesting things to do with food.

Overall, a grand day. This should further slow the advance in unemployment.

Full report here.

I would like to here a bit more from Siemens about how they have remained competitive in a high wage high cost economy.

By dumping administration and middle management jobs instead of technical ones. Thankfully.

Siemens to cut 16,750 jobs worldwide

More good stuff on the economics front. Citigroup is to invest €35 million in a top-class facility here in the IFSC and create 30 jobs in the process. It's a good boost for the financial sector, create office space demand and increase the clustering effect.

Full Report Here.

The CSO index of employment in the building trade was released today showing a 14.8% drop in employment in firms employing more than 5 people. This is the biggest fall in building employment since the index began in 2000.

link.

The decline appears to be gathering pace.

Exports seem to be on the way up, with the trade surplus widening significantly. This is an encouraging trend and, if continued, will see a significant boost to the Irish economy and help cushion the housing blow we've been experiencing.

Full Report Here.

Ard-Taoiseach wrote:Exports seem to be on the way up, with the trade surplus widening significantly. This is an encouraging trend and, if continued, will see a significant boost to the Irish economy and help cushion the housing blow we've been experiencing.

Full Report Here.

Why wouldn't demand be up when I posted such a great uplifting, resounding vote for positivism here.

The world has 1.7 new million consumers every week and I'm convinced that people are born in batches (do all your friends seem to be sagittarius ? I sympathise deeply but it's nothing to do with astrology and more to do with new years eve) and so there will be swells of demand and business purely from the number of new babies getting born in the world each day - about 200,000.

Auditor #9 wrote:

Ard-Taoiseach wrote:Exports seem to be on the way up, with the trade surplus widening significantly. This is an encouraging trend and, if continued, will see a significant boost to the Irish economy and help cushion the housing blow we've been experiencing.

Full Report Here.

Why wouldn't demand be up when I posted such a great uplifting, resounding vote for positivism here.

Exactly. The long term trend for our economy is positive, regardless of the crapness we have had to deal with up till now.

The world has 1.7 new million consumers every week and I'm convinced that people are born in batches (do all your friends seem to be sagittarius ? I sympathise deeply but it's nothing to do with astrology and more to do with new years eve) and so there will be swells of demand and business purely from the number of new babies getting born in the world each day - about 200,000.

That has to boost the economy, they create so much new demand and will produce so much.

The building sector's fortunes continue to decline with a 21.6% in output in the first quarter. Residential output is responsible for the majority of the decline in the index as it fell by 38%. Non-residential output managed a 9% increase in this period.

Full report here.

Some economic news released today;

New car registrations down 52.4% in June

New goods vehicles also declined by 5.6%, a worrying signal for the health of the business sector. We would be in good stead if these figures showed an increase.

I can't wait to see the figures for July, they have a task cut out to put a shine on this miserable figures.

The Northern Quarter to go ahead

This is very encouraging for the economic, business and employment outlook. A thousand much-needed building jobs will be created by this 3-year project(the economy will have recovered by the time the project is over) and it is encouraging that such a wizened old dog of the Irish retailing firmament, Arnotts, is pressing ahead with such a transformative project at this time.

The car figures presumably have something to do with the tax regime changes.

johnfás wrote:The car figures presumably have something to do with the tax regime changes.

They have everything to do with the car-tax changes. I heard that July registrations were up by more than 90% across the country in some papers. I hope that's true since it would significantly brighten these shocking figures which are the worst for years in the motoring industry.

Yes, for first 9 days of July - up >90%. See link up the page, third post.

Ard-Taoiseach wrote:

http://www.idaireland.com/home/index.aspx?id=3141

Does this link work, btw? My links have been fraught with issues in the past.

Yeh, works fine for me.

EvotingMachine0197 wrote:Yeh, works fine for me.

Great stuff. The IDA produces fascinating reading material and their site never fails to pluck the harpstrings of my love of Dev and country. I hum an, "Olé, olé, olé" when I read just how much we trounce the international competition in matters economical.