Minister Donohoe welcomes Q1 GDP numbers but highlights challenges ahead for the economy

GDP grew by 4.6 per cent year-on-year in the first quarter of 2020 – before the full introduction of Covd-19 restrictions; GDP growth in the first quarter was supported by strong growth in exports and construction investment; Personal consumption fell by 2.5 per cent year on year in the first quarter while new housing output […]

Minister Donohoe & Localise Youth Volunteers take action to help alleviate isolation in nursing and care homes in Dublin’s North Inner City

Minister for Finance & Public Expenditure and Reform, Paschal Donohoe TD, and World Boxing Champion, Kellie Harrington, today (Thursday) attended the post-acute community unit of the Mater Hospital, Dublin 3, for the official hand over of laptops filled with messages to residents from young people. Thirty laptops were donated by Dublin City Council so that […]

Robust corporation and income tax receipts offset impact of Covid-19 crisis on VAT and Excise receipts – Donohoe

Today’s Exchequer returns show that tax revenues in May were up 1.3 per cent, or €78 million on May last year, owing to an increase in corporation tax receipts of €1.2 billion; For now, corporation tax receipts are showing some resilience to the overall economic slowdown; Income tax fell 7.8 per cent year-on-year, or by […]

Minister Donohoe makes changes to Wage Subsidy Scheme to accommodate those returning from maternity or adoptive leave

The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, has today (Thursday) confirmed that a change to the Temporary Wage Subsidy Scheme (TWSS) will be made to accommodate the salaries of those who have returned to work after a period of maternity or adoptive leave and who may not have been on […]

Speech to the IIEA – The Future of the EU post Covid-19: An Economic Perspective

Thank you to the IIEA for inviting me to participate in this webinar. The Institute has done an excellent job in maintaining discussion and debate over recent weeks. Today I will speak to you about three issues: The scale of the economic challenge we now face; What a strong European and Irish economic response looks […]

Minister Donohoe notes CSO figures showing initial impact of COVID-19 on Ireland’s labour market

On a seasonally adjusted basis, the ‘official’ employment level rose in the first quarter by 22,800 to 2.37m, a 1.0 per cent rise relative to the previous quarter. An ‘official’ seasonally adjusted unemployment rate of 5.0 per cent was recorded in the first quarter. COVID-19 layoffs may be officially classified as either unemployed, in employment, […]

Statements to the Dail on the economy – Covid 19

Ceann Comhairle, I would like to begin by offering my condolences to the families who have lost loved ones during this pandemic, and to pay tribute to those on the frontlines during this period; our public servants, healthcare professionals, carers, gardai, transport and shop workers, all of whom are doing essential work under incredibly challenging […]

Government approves details of Restart Grant for Small Businesses

Direct grant aid of between €2,000 minimum and €10,000 based on commercial rates bill from 2019. Scheme applies to small businesses with a turnover of under €5m and employing 50 people or less. Scheme opens for applications on Friday 22 May through the Local Authorities. May 15, 2020 The Government today agreed details of the […]

ESM Board of Governors’ agreement makes Pandemic Crisis Support available with immediate effect

This afternoon (Friday), the Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, met with other euro area Finance Ministers, via videoconference, in their capacity as Members of the European Stability Mechanism (ESM) Board of Governors. They endorsed the ESM Pandemic Crisis Support instrument. Speaking following the meeting, Minister Donohoe said: ‘This funding […]

Covid-19 crisis continues to impact the public finances

Impact of Covid 19, as set out in the Stability Programme Update, reflected in Exchequer figures as tax revenues fall and expenditure increases Today’s Exchequer returns show, as expected, the continued impact of the Covid-19 pandemic on the public finances. Tax revenues in April were down 8 per cent, or €223 million, on April last […]