Business Irish

Friday 22 November 2019

Economic growth

Drum roll. Cymbals. Dah-daaah! Gross Domestic Product grew by 1.6 per cent, Gross National Product increased by 1.1 per cent and even the elusive domestic demand grew by 0.8 per cent in the second quarter of the year. Other than Sienna Miller announcing that she's back in the dating game, it's the best bit of news in yonks.

Electric toothbrushes

Increased dental DIY is a sign of a weakening economy as the consumers shy away from splashing out big bucks at the dentist. New stats from show sales of electric toothbrushes have fallen off a cliff this year -- down almost 81 per cent compared with the same period last year. Put that in your pipe and smoke it, you naysayers.

Property sales

The number of "sales agreed" in the residential property market rose by 14 per cent in the second quarter, according to a new survey from the Society of Chartered Surveyors Ireland. The survey found a 44 per cent increase in sales agreed in Dublin in the second quarter, with Munster up 10 per cent and a seven per cent jump in the West. The south-east and north-east tanked, though.

10-year Irish bond yield

The world may be wobbling on the edge of a double-dip recession but yields on Irish 10-year bonds continue to drop -- albeit by a tiny, tiny amount -- to 8.61 per cent last week. Despite all the scary stuff going on in the global economy, it shows that investors aren't getting any more worried about Ireland... which is pretty positive.

Latte sales

Sales of lattes, flat whites and americanos at Insomnia dipped by 0.2 per cent last week -- the first fall in about a gazillion weeks. Takeaway coffee purchases are an indicator of the strength of discretionary spending in an economy, so any dip at all is a worry.

Population increase

There was a 7.6 per cent leap in the number of children born in the first quarter of the year... which explains why McDonald's is so noisy on a Saturday afternoon. Babies need nappies, car seats, gooey food and lots of other stuff. This translates into increased retail demand and consumption. And lots of new workers for German-owned salt mines of the future.

Stock of properties on Daft for rent

The number of properties available has continued its downward spiral, which is positive for landlords as well as for the economy. Over the course of the past six weeks, figures show that the number has fallen each and every week, driven primarily by the demand for two-bed and five-bed accommodation. The more properties producing a taxable rental yield, the better.

Ratio of new enterprises/ companies closing down

The strength has come back into this indicator, now that people are in the 'September: Re-evaluate the Year' mode. Throughout the summer, we saw this number unable to break past 2.6, save for one week in July. However, last weekend's figure was super strong and it has slipped to 3.08 this weekend.

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