Sunday 22 April 2018

Ireland set for strong GDP figures while US faces another shutdown

Stock picture
Stock picture
Colm Kelpie

Colm Kelpie

The main economic event on the domestic calendar is GDP figures due to be released by the Central Statistics Office on Thursday for the third quarter.

Data for the second quarter showed economic growth powered ahead in the first half of the year, and excluding currency effects, GDP rose at close to 7pc in the first six months.

The value of the economy as measured by gross domestic product was €50.14bn in the three months to the end of June, putting it on course to top €210bn this year, Finance Minister Michael Noonan said at the time. Analysts will be expecting another strong set of figures this week.

Elsewhere, Eurozone finance ministers meet in Brussels today to discuss the work of the Single Supervisory Mechanism, the state of play in Greece, economic growth and unemployment.

On the other side of the Atlantic, UK Chancellor of the Exchequer George Osborne, the front-runner to succeed David Cameron as prime minister, answers questions about the British economy and foreign policy at the Council on Foreign Relations in New York.

Tomorrow, all EU finance ministers meet to discuss rules on securitisation, banking union and cooperation on tax and financial transactions.

On Wednesday, the Bank of England Financial Policy Committee publishes the record of its November meeting, when officials, led by Governor Mark Carney, discussed risks to financial stability, though held off imposing new limits on buy-to-let property borrowing or raising a capital buffer on banks.

And then on Thursday, the Monetary Policy Committee will probably leave its key interest rate at a record-low 0.5pc as it gathers. It will publish a statement with the decision and the voting record of the nine committee members.

Volkswagen's supervisory board also plans to meet to discuss the latest developments in investigations over emissions.

Friday is a big day for the US, as Congress must pass a $1.1 trillion federal spending bill by the end of the day, when the current stopgap funding measure expires, to keep the government operating.

The week ahead


Vehicles licensed for first time, from Central Statistics Office.


Central Bank Macro Financial Review


Bank of England holds monetary policy committee meeting


Quarterly National Accounts

Consumer Price Index


Residential Mortgage Arrears and Repossessions

Trade statistics

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business