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The Journal
19-06-2025
- Business
- The Journal
The Central Bank has lowered its forecast for how many houses are likely to be built next year
THE CENTRAL BANK has revised down its forecast for how many new houses it expects to be completed in the coming years. In its new quarterly bulletin on the state of the economy, the Central Bank said it forecasts housing completions will hit approximately 32,500 this year, 37,500 next year, and 41,500 in 2027. It's a decrease on the numbers contained in its last forecast in March, when it said it expected housing completions of 35,000, 40,000 and 44,000 in the three years. The reason for the downward revision is that housing completions came in below expectation for the first three months of 2025, while commencements of new housing also dropped sharply. The bank cautioned that the housing projections are subject to 'considerable downside risk' because of current bottlenecks in housing supply and infrastructure. It added that increasing productivity in the construction sector will be essential to enable it to fulfil the increasing demand for housing, as well as associated water, energy, transport, communications and infrastructure. The bank's report also paints a picture of how the Irish economy is faring. Domestic economic activity was broadly steady for the first three months of the year. Advertisement Economic activity grew by 1% in the first quarter 2025 compared to the same quarter in 2024. Employment grew by 3.3% and unemployment stayed low at 4.3%. There was a sharp rise in pharmaceutical exports to the US that drove an increase in headline GDP. Merchandise exports surged in the first three months of 2025, up 64% year-on-year, which was 'entirely driven' by exports to the US. Trading partners in the US and Ireland may have been trying to squeeze in as much business as possible before the tariffs threatened by US President Donald Trump could hinder their operations. The Central Bank's director of economics and statistics Robert Kelly said that 'with the global economic backdrop continuing to shift, there is heightened uncertainty on the outlook for the Irish economy'. 'As a small, open economy with significant trading and investment relationships with the US and EU, Ireland is experiencing the fallout from changing geoeconomic relationships and priorities,' Kelly said. He said that 'policy uncertainty, in particular related to significant shifts in US trade policy, has directly shaped headline economic activity in Ireland so far in 2025″. 'The exceptionally strong exports and GDP outturn in the first quarter in part reflected the response of multinational enterprises (MNEs) to the prospects for the imposition of tariffs or other measures later in the year,' he said. 'Despite this front-loading of activity, which was most notable in the pharmaceuticals sector, longer-term market expectations for the profitability of MNEs across pharma, med-tech and ICT manufacturing operating in Ireland are more negative than previously in light of the shifting US policy stance.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Barnama
29-05-2025
- Business
- Barnama
Top News Headlines In Indonesia, Myanmar, Singapore, Thailand & Vietnam: May 29, 2025
French mining giant Eramet signed a deal related to the nickel-based battery materials with Indonesia's sovereign wealth funds Danantara and the Indonesia Investment Authority (INA) in Jakarta on Wednesday. This memorandum of understanding was one of the major outcomes from French President Emmanuel Macron's meeting with his Indonesian counterpart Prabowo Subianto. Deputy Trade Minister Dyah Roro Esti met with the Economic Research Institute for ASEAN and East Asia (ERIA) president to discuss strategic research collaboration to strengthen ASEAN's response to US tariff impacts. During a meeting with ERIA President Tetsuya Watanabe in Jakarta, Tuesday, she discussed a research proposal for ERIA to conduct a comprehensive and multidimensional analysis of the US tariff policy issue. 1. CENTRAL BANK ENTERS TO STABLISE CURRENCY -- THE GLOBAL NEW LIGHT OF MYANMAR The Central Bank of Myanmar announced that it would sell RM128 million (US$30 million) to fuel oil imports. The central bank aims to curb instability in the foreign exchange market and currency devaluation. 1. EYE DISEASE PATIENTS ON THE RISE -- THE GLOBAL NEW LIGHT OF MYANMAR Nearly 20,000 people with eye disorder sought treatment during the 12th round of eyesight donation at the Sitagu Cakku Dana Hospital in Yangon. Over 4,000 underwent surgery and about 250 received laser treatment. SINGAPORE 1. FIRST TRANCHE OF GE2025 CANDIDATE EXPENSES PUBLISHED, WITH HIGHEST SPENDING BEING OVER $100,000 -- THE STRAITS TIMES A total of 35 candidates who contested the May 3 General Election have declared their election expenses so far, with their combined spending coming up to $884,978. 2. US TRADE COURT BLOCKS TRUMP'S 'LIBERATION DAY' TARIFFS -- CNA/REUTER A United States trade court on Wednesday (May 28) blocked President Donald Trump's "Liberation Day" tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the US than they buy. THAILAND 1. CENTRAL BANK RECOMMENDS USING STIMULUS FUND TO SUPPORT EXPORTERS AMID TRADE CHALLENGES -- THE NATION The Bank of Thailand (BOT) has urged the government to prioritize the recently approved 157-billion-baht economic stimulus fund toward supporting exporters and domestic manufacturers facing mounting challenges from intensified import flooding and global trade tensions. 2. AIIB KEEN ON LAND BRIDGE INVESTMENT -- BANGKOK POST The Asian Infrastructure Investment Bank (AIIB) has expressed interest in investing in Thailand's Land Bridge project, describing it as beneficial for both Southeast Asia and East Asia, according to Deputy Finance Minister Julapun Amornvivat. VIETNAM 1. SKILLED WORKFORCE SHORTAGE TO PROPEL E-COMMERCE -- VIETNAMPLUS The rising e-commerce sector needs skilled workers to drive further growth. Last year the market was valued at RM106 billion (US$25 billion). According to authorities, the professional workforce for e-commerce was lacking and weak. 2. HUNGARY TO SUPPORT REMOVAL OF IUU 'YELLOW CARD' -- VIETNAMPLUS Hungarian President Sulyok Tamas, during his visit to Vietnam, said he will ask the European Commission to lift its "yellow card" regulation related to illegal, unreported, and unregulated (IUU) fishing against Vietnam's seafood exports. A move to enhance bilateral trade with Vietnam. -- BERNAMA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
