The cost of electricity will increase from October by an average of 5% for households and €100 a year for businesses, the Sunday Business Post reports. The move comes on the back of the energy regulator’s need to raise €156m to pay for a levy to subsidise peat and renewable energy producers.
Posts Tagged ‘economics’
Beer, chocolate, bread, butter, cheese and a host of other food and drink staples could rise in price by at least 10% by the end of the year because of volatile commodity markets, the Sunday Independent reports.
The OECD became the latest forecaster to raise its forecast for the Irish economy which it did last month as part of its twice-yearly Economic Outlook.
The latest projection from the Paris-based policy advice body envisages that the Irish economy will contract by 0.7% on average this year in GDP terms, much less than the 2.3% decline projected in its previous forecast round in November. Moreover, its forecast for next year was revised up by even more. The economy is now expected to grow by 3% in 2011, up considerably from the 1% it was pencilling in in November.
It must be the ultimate recession story – the State has lost money by making money.
Ireland’s archaic bankruptcy laws are acting as a disincentive to investment – so says Craig Barrett, the recently retired chairman of technology giant Intel. Speaking to the Sunday Times prior to the Engineers Ireland annual conference this week, he said that one of the key factors in reviving the Irish economy would be the growth of indigenous business.