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Irish Examiner
2 hours ago
- Irish Examiner
Ireland helps to boost euro area growth at start of year
The euro area economy expanded twice as much as previously reported at the start of 2025, as countries including Ireland and Germany saw exports surge in anticipation of US trade tariffs later this year. First-quarter output rose 0.6% from the previous three months, above the second estimate of 0.3% from mid-May, Eurostat said Friday. While a majority of economists surveyed by Bloomberg had expected an upward revision, only two anticipated it to be this strong. Surprisingly robust quarterly growth of nearly 10% in Ireland and a faster-than-anticipated expansion in Germany are chiefly responsible for the eurozone's better start to the year. Exports alone added 0.9 percentage points to the first-quarter outcome, while investment also provided a big boost. The figures capture an economy that's proved resilient — despite severe risks of shocks. US president Donald Trump has threatened prohibitive tariffs on European Union exports, and frequent shifts of mind add to uncertainty. Still, the European Central Bank hasn't lost all confidence. A strong labour market, rising real incomes and cuts in borrowing costs including this week's that took the deposit rate to 2% should help consumers and businesses cope, President Christine Lagarde said on Thursday. The ECB is now 'in a good position to navigate the uncertain conditions that will be coming up,' she told reporters in what some economists and investors perceived as a signal of a pause. Officials anticipate taking a break at their July meeting, and some can even envisage being finished, according to people familiar with the matter. In its new projections published on Thursday, the ECB forecast growth of 0.9% this year and 1.1% and 1.3% in 2026 and 2027, respectively. This includes expectations that expansion will moderate in the second quarter and turn slightly negative in the third as frontloading effects reverse. In a sign of the region's robust jobs market, ECB data on Friday showed compensation per employee rose 3.8% from a year ago in the first quarter. That's quicker than the 2.4% advance in negotiated pay during that period. Read More After surging all year US imports of Irish products plunge in April as tariffs come into effect Bloomberg
The Irish Sun
3 hours ago
- The Irish Sun
New €200 maximum childcare fee boost for 190k Irish parents in MONTHS as ‘higher subsidies' details confirmed
CHILDCARE fees for around 190,000 parents across Ireland will be capped at just under €200 each week, it has been confirmed. Minister for Children 2 Childcare fees for thousands of Irish parents will now be capped at just under €200 each week Credit: Getty Images 2 Children's Minister Norma Foley confirmed the change in the maximum childcare fees yesterday Credit: Cillian Sherlock/PA Wire And the A This will lower the maximum fees that can be charged depending on the number of hours provided. Under these new maximum fee caps, the highest possible fees will be no more than €295 per week for a full day place of between 40-50 hours per week. READ MORE IN MONEY This will bring these fees closer to the average weekly fee of €197 for full day care. These fees for parents are then reduced by State subsidies under the National Childcare Scheme and the free, universal two-year Early Childhood Care and Education preschool programme. A parent being charged the maximum permissible fee of €295 per week for a full day place would be entitled to receive the universal National Childcare Scheme subsidy of €96.30. This means a parents co-payment would be no more than €198.70 each week. MOST READ ON THE IRISH SUN However, it has been confirmed that "higher subsidies are available for many parents", depending on their level of income and the age and number of children in their family. I work in a nursery and there are four types of parents we cannot stand one bit - and don't even get me started on kids wearing pull-ups Confirming the new caps, Minister Foley said: "Since 2020, the amount of State funding in this area has increased from around €600 million to €1.37 billion this year. "That has led to a 50 per cent reduction in the cost faced by parents on average and a record number of children – approximately 190,000 have benefitted from the National Childcare Scheme this year. "So there has been progress. But I know that the cost of early learning and childcare is still far too high for many parents." FEE FREEZE In addition to the new fee cap, funds available through Core Funding will ensure the existing fee freeze, introduced in 2022, will remain in place for participating services. Minister Foley said: "The extension of maximum fee caps to all services participating in Core Funding will reduce costs for families facing the highest fees in the country. "It will address some of the extreme fee disparities across the sector in a meaningful way, so that there are more consistent rates in place for families in their local areas. "It is another step along the way to achieving the commitment in the Programme for Government to a maximum payment by parents of €200 per child per month for early learning and childcare during the lifetime of this government. "Core Funding has enjoyed high participation rates to date, with 92 per cent of services taking part." WHAT DO MAX FEE CAPS MEAN FOR ME? MAXIMUM fee caps were introduced for Partner Services joining Core Funding for the first time in September of last year. Today's announcement means that maximum fee caps will apply to all new and existing Partner Services from September. Any fees above these caps will now be lowered. Now, a parent availing of 45 hours of care for their child, and who is also in receipt of the maximum NCS subsidy, will not pay any more than €198.70 out of pocket costs. The She said: "I am confident that the increased funding available from September will allow for the continued partnership with early learning and childcare services." The additional €60 million includes €45 million specifically ring-fenced to support the outcomes of the committee made up of employer and employee representatives from the childcare sector. Foley said: "We want the best of people caring for and educating children in the sector. To do that, and to keep them in the sector, they need to be paid fairly. "This new €45 million in funding will be contingent on increased minimum pay rates for the sector being agreed by the Joint Labour Committee. "Once new Employment Regulation Orders for the sector are agreed, this funding will specifically support employers to meet the costs of these increases to the minimum rates of pay in the sector."
Irish Examiner
4 hours ago
- Irish Examiner
Solar power delivers record 173 Mwh during sunny May
Solar power reached its highest recorded figure on the national electricity grid in May, as Ireland recorded its warmest and sunniest spring in history. Provisional data from the national grid operator EirGrid shows 173,163 MWh of electricity was produced from grid-scale solar in May, representing 6.5% of electricity generated for the month. In comparison, May 2023 saw 2.7% of all electricity come from solar power, accounting for 71,731 MWh of electricity. There were also a number of new peaks for grid-scale solar activity for a one-minute period, reaching 755 MW at one point on May 17, beating the record of 752 MW set two days earlier. Overall, electricity system demand was 2.7 GWh for May, similar to last year. Of the 32.5% of electricity generated from renewables last month, the majority came from wind, which accounted for 22.5%, while 6.5% came from solar, and the remainder of renewable generation came from other sources, including hydro and biomass. Gas generation accounted for 39% of the electricity produced, with 22.8% being imported via interconnection and 4.6% coming from coal. Eirgrid said Ireland's grid can currently accommodate up to 75% of electricity from renewable sources at any one time. 'While onshore wind remains the prominent renewable source of electricity in Ireland, solar power has become a notable feature of the Irish power system over the last two years in particular, and we may see further records being reached over the coming summer months," Diarmaid Gillespie, Director of System Operations at EirGrid said. We also continue to see electricity imports contributing significantly to our fuel mix in meeting electricity demand. Met Éireann this week reported that spring 2025 was Ireland's warmest and sunniest in 126 years of recorded data. Most weather stations recorded the highest total hours of sunshine for the season, making it the sunniest spring ever recorded, according to the national meteorological service. The season's highest temperature was observed in Athenry, Co Galway, on a Wednesday in May, when the mercury hit 25.9C — the highest spring temperature in 15 years of local records. Read More John Gibbons: East Cork solar farm row shows politicians must get off the fence on renewables
