DUBLIN — Unemployment among the member countries of the Organisation for Economic Co-operation and Development (OECD) fell to 6.9 per cent in November, the group’s secretariat reported on Wednesday. That is down from 7.1 per cent the month before, but still 1.7 percentage points above pre-pandemic levels. Overall, 45.5 million people were listed as unemployed across the OECD’s 37 member states in November, 10.7 million more than in February, the last month before governments imposed widespread restrictions in response to the novel coronavirus pandemic. The OECD said that unemployment among the eurozone countries decreased slightly from October to November, from 8.4 to 8.3 per cent, after month-on-month joblessness fell in Finland, Italy, the Netherlands and Portugal, but increased in France, Ireland and Spain.
DUBLIN — Unemployment in Ireland stayed above 20 per cent in December, official statistics released on Wednesday show, as the country continues to reel from the economic impact of coronavirus-related restrictions. According to the Central Statistics Office (CSO), the December rate, adjusted to include those receiving pandemic-related unemployment payments, was 20.4 per cent, a slight improvement on November’s 21 per cent. The CSO’s Catalina Gonzalez said “the Covid-19 crisis” is having “a significant impact on the labour market.” Around 7 per cent of “all persons” would be classed as jobless if pandemic-related layoffs, some of which could prove temporary, were omitted, according to the CSO. Irish revenue officials said on Wednesday that some of the hundreds of thousands of pandemic-related recipients will face tax bills for the payments, one day after the Department of Finance projected a 19-billion-euros budget deficit for 2020. In April, during Ireland’s first lockdown, the pandemic-adjusted unemployment rate shot up to a record 28.2 per cent. January unemployment numbers will likely increase after Ireland announced another national lockdown shortly before Christmas, with people told to remain within 5 kilometers of their homes and many businesses forced to close for a third time since the pandemic started. Ireland’s second lockdown ran for six weeks until early December.
DUBLIN — International arrivals have likely dropped by over 70 per cent in 2020 due to pandemic-related restrictions, taking overall tourism and travel numbers back to 1990 levels. The United Nations’ World Tourism Organization (UNWTO) said on Thursday that it “expects international arrivals to decline by 70% to 75% for the whole of 2020,” after the January-October period showed “900 million fewer international tourists when compared with the same period of 2019.” Such an outcome would mean that “global tourism will have returned to levels of 30 years ago,” according to the UNWTO, when the world’s population was over 2 billion less than it is now. The travel collapse could mean “a loss of some 1.1 trillion dollars in international tourism receipts,” according to the UNWTO.
DUBLIN — Ireland’s gross domestic product (GDP) grew 11.1 per cent during the third quarter, according to official estimates published Friday, suggesting the country’s economy saw some temporary respite between two separate lockdown periods. Jennifer Banim of the Central Statistics Office (CSO) said the “easing of Covid-19 related restrictions led to growth across almost all sectors of the economy in quarter 3.” The CSO data show Ireland’s economy rebounding after GDP contracted by around 6 per cent during the second quarter, which coincided with the country’s first coronavirus lockdown. Restaurants and pubs that serve meals reopened on Friday, after the end of a six-week second lockdown. Non-essential retail reopened earlier this week. Ireland’s daily coronavirus case numbers, which topped the 1,200-mark in October, had dropped to below 200 by Thursday. The second pandemic wave was far less deadly than the first, according to official data released Friday. The average mortality rate in November was eight people per 1,000 confirmed cases, down from a peak of 74 per 1,000 in April, the CSO reported. Hospitalisations were 58 per 1000 cases in November, down from 192 in March.
DUBLIN — US health information and clinical research company IQVIA plans to appoint 170 people in Ireland to work on “ensuring vaccines administrated post authorization are safe for the public,” according to state investment agency IDA Ireland. Barry Mulchrone, IQVIA Ireland’s head of pharmacovigilance oversight and analytics, said the company is “proud to play a role in the humanitarian effort to ensure the safety profile of vaccines used for Covid-19 are monitored to the highest international standards.” Ireland’s Deputy Prime Minister (Tánaiste) Leo Varadkar welcomed the IQVIA recruitment announcement, citing “positive indications recently regarding the potential for a Covid-19 vaccine.”
DUBLIN — Ireland’s banks have been flooded with record savings in 2020 after government restrictions forced many pubs, retailers and restaurants to close for months due to the coronavirus pandemic. The Central Bank of Ireland announced on Monday that household bank deposits in October hit “the highest on record,” reaching 123 billion euros (147 billion dollars). Some of those savings are unlikely to last, with Retail Ireland, an industry body, on Monday predicting an extra 1.2 billion euros would be spent over Christmas. Many retailers will reopen on Tuesday as Ireland’s second coronavirus lockdown ends after six weeks. Retail Ireland said earlier this month that “footfall in Irish retail has fallen more than anywhere else in Europe.”
DUBLIN — US computer and software maker Microsoft is hiring 200 engineers in Ireland and will build a new “engineering hub” to bolster its operations in the country, where it employs 2,500 people. Microsoft Ireland announced on Monday that “recruits will be involved in the development of new cloud services and technology solutions for customers around the globe.” Meeting Microsoft Ireland managing director Cathriona Hallahan at government headquarters in Dublin, Deputy Prime Minister (Tánaiste) Leo Varadkar labelled the announcement as “really good news” that could set Ireland up “to be a leader in engineering.” Hallahan said the expansion the country “at the centre of innovation,” while Martin Shanahan, chief executive of government investment agency IDA Ireland, said it shows Ireland’s attractiveness to investors “despite the unprecedented challenges posed by the Covid-19 pandemic.” In contrast to the rest of the economy, Ireland’s large electronics/technology and pharmaceutical/medical sectors have prospered due to the pandemic and related restrictions.
DUBLIN — Ireland’s small businesses were hit hard by the coronavirus pandemic while sectors dominated by foreign investors grew, according to official estimates. The Central Statistics Office reported on Thursday that gross value added in “non-MNE [multinational enterprise] dominated sectors” decreased by 19.8 per cent in the second quarter. The CSO estimated that the “foreign-owned MNE dominated sector increased by 1.1 per cent over the same period.” The state-funded Economic and Social Research Institute (ESRI) described Ireland’s experience in lockdown as “a tale of two economies.” This “duality in performance” is down to “a concentration of Irish exports in lockdown-resistant sectors” such as computer services and pharmaceuticals.
DUBLIN — Ryanair has endorsed a Friday ruling by Ireland’s High Court that the government’s pandemic-related travel measures are advisory rather than mandatory. Despite losing the case, the said airline it “welcomes” the decision as it “confirms there is no legal requirement for the current travel restrictions.” Backed by Aer Lingus, formerly Ireland’s state carrier, Ryanair sued the government in July over the guidelines, which it claimed were presented as “mandatory” and were imposed without parliamentary oversight. Opining that the measures are neither compulsory nor an abuse of power, Justice Garrett Simons said on Friday that “advice to avoid non-essential travel and to restrict movement on entry to the state is just that: advice.”
DUBLIN — International travel has plummeted during the novel coronavirus pandemic, with nowhere worse affected than the Asia-Pacific region, according to United Nations tourism body data.International arrivals across the region have dropped 72 per cent so far in 2020, according to the data, which was compiled for the Madrid-based World Tourism Organization’s (UNWTO) new Tourism Recovery Tracker.International arrivals in the Asia-Pacific were down 99 per cent year-on-year, a standstill that came after countries imposed strict lockdowns and holiday bans aimed at slowing the spread of the virus. China, Japan and South Korea were among the worst affected, with the UNWTO tracker showing an 83-per-cent drop in tourist arrivals across northeast Asia as most countries prohibited all but essential travel.