In these turbulent times, understanding current trends and business sentiment is more important than ever before. On this page, you'll find a combination of economic and business data, market insights and thoughts from our subject matter experts to help you better understand and respond to the changing environment.

Budget 2022 summary

The Minister presented his first budget in two years from Leinster House amid a period of post pandemic uncertainty with rising cost of living pressures, a continuing housing crisis and the need for action on climate change.  He outlined his plans of helping the nation recover from the pandemic, by restoring our public services and living standards, and repairing the public finances. 

Jarlath O'Keefe comment on the August 2021 CSO Import/Export figures

The August CSO figures have shown that the value of exports from Ireland increased by €660 million compared to July 2021 and increased by €160 million when compared to August 2020. Imports have grown by a staggering €1.2 billion in August 2021 compared to August 2020.

Great Britain remains an important player in Ireland's export market and this is evidenced by the fact that exports to Great Britain increased by €1.6 billion in the first eight months of 2021 ( 21%). However, the previous over-reliance on the British market is no longer the case, given that exports to Great Britain accounted for 7% of overall exports from Ireland. This demonstrates that the Irish market is continually sourcing new markets for its products. Irish exports to the EU and US represent 37% and 32% respectively of total exports in the year to date.

Andrew Webb comments on the latest CSO unemployment figures

Following the release of the September CSO unemployment figures, chief economist at Grant Thornton Ireland, Andrew Webb said:

'The unemployment figures published today must be some relief to government ahead of next week’s budget as they are tracking the growing belief that the economy is roaring back into action. Certainly, domestic economic activity is back at pre-pandemic levels according to the Central Bank.

While this is a cause for positivity, there are sectors in the economy where the shake out of the economic impact of the pandemic will take some time to work through. Sectors that are reliant on footfall and tourism look set to have a longer recovery path, as hybrid working and restrained international travel continues to impact on those sectors.' 

New Irish 15% corporate tax rate for large companies now looks likely

It now appears likely that a revised OECD tax reform package will be released which removes the reference to a global minimum tax of “at least” 15% and replaces it with a minimum tax rate of 15%. 

If confirmed, it represents a positive development for Ireland and a vindication of the Minister’s decision to refuse to sign the original document, which left open the very real possibility of “rate creep”. 

It would appear very likely that Ireland will sign up to the revised deal, paving the way for a new higher rate of 15% in Ireland, the first change since 2003.

Tax Time Podcast – Budget 2022 Special

David Moran, Tax Manager with Grant Thornton is joined by Peter Vale, Partner and Head of International Tax with Grant Thornton.

In this special episode, David and Peter discuss the upcoming Budget on the 12th of October, including what might be expected and what we would like to see from the government as the pandemic restrictions start to ease.

Register for our Budget 2022 webinar

We invite you to join us via webinar 13 October to hear our Tax team and guests discuss the impact of the budget on you and your business, together with the wider economic impact.

IBR July 2021 - Optimism and outlook

New research from Grant Thornton Ireland has revealed that 76% of Irish businesses are optimistic about the outlook of the economy over the coming 12 months as domestic and international markets recover and the world reopens post-pandemic. The research carried in the first half of 2021 for the Grant Thornton International Business Report put Ireland ahead of countries including the UK, France and Germany for levels of optimism among local businesses. Ireland ranks fourth of 29 economies surveyed on business optimism and is highest of all the European countries surveyed.