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Irish Independent
30-07-2025
- Business
- Irish Independent
Competitiveness Council sees echoes of Celtic Tiger bust in waning economic energy
The warning is contained in a bulletin issued in response to the IMD World Competitiveness Rankings for 2025, in which Ireland slipped from 4th to 7th place globally. As recently as 2023 Ireland ranked as the second most competitive economy. The NCPC says the slide is a sign of a loss of competitiveness in the Irish economy that echoes trends seen at the start of the 2000s. While Ireland retains a highly competitive position globally, the NCPC says the trend is concerning. "It is clear, however, that our ranking is trending downwards. More importantly, there is no reason to expect a significant, near-term improvement in many of the factors that are currently weighing on our competitiveness (ie basic infrastructure, the cost of living, indigenous energy production, listed domestic companies, etc.),' the NCPC warns. It says that headline economic metrics such as tax receipts and the numbers at work remain strong, but there are other signs of a potential softening in the economy. "The current downward trajectory in Ireland's international competitiveness is one such sign, but this is not occurring in isolation. Rather, this is happening in tandem with an ongoing rise in the incidence of insolvencies and a slowdown in the rate of FDI projects being won by Ireland. Indeed, the Celtic Tiger era may prove to be instructive in this regard, albeit we cannot know from this remove,' the bulletin warns. Ireland attained a global competitiveness ranking of 5th in 2000, the NCPC says, but almost immediately a period of extended deterioration set in. By 2004, Ireland had fallen to 10th and by 2011 it was ranked just 24th out of 69 countries surveyed, after a fall was recorded in five out of seven years. The International Institute for Management Development's (IMD) World Competitiveness Centre has been publishing its rankings of the competitiveness of countries for 37 years. It now assesses 69 economies based on their ability to create and maintain a competitive business environment, taking in more than 262 indicators grouped across four pillars: Economic Performance, Government Efficiency, Business Efficiency, and Infrastructure. Its competitive metrics are based on a mixture of quantitative and qualitative data. In this year's rankings, Switzerland reclaimed the top spot, moving up one place to overtake Singapore. Both are high-cost economies with strong quality of life outcomes. Ireland remains one of the most competitive economies in the EU and has been placed in the Top 20 most competitive economies globally since 2012. The NCPC says competitive traits which Ireland has developed – including its skilled workforce, business-friendly environment and strong institutions – continue to be strengths. However major weaknesses now include the quality of infrastructure – where we place just 44 out of 69 countries assessed. The NCPC, chaired by Prof Frances Ruane, says the upcoming Action Plan of Competitiveness and Productivity will seek to address these weakness while continuing to maintain our strengths.
Irish Independent
08-07-2025
- Business
- Irish Independent
Too much focus on retrofitting, and not enough on building, competition council says
In a report published today, the council argues that Government support for retrofitting projects, in both the residential and commercial sectors, is putting further demand on an already limited supply of building workers. Expanding the State supports available for energy is having an influence on the decisions being made by employers in the construction sector. 'The balance of investment between dwellings, improvements, and other building and construction, points to a continued need to emphasise new infrastructure - in housing, energy and water - over retrofit and energy upgrades, at least over the medium term,' says the report, entitled 'Ireland's Competitiveness Challenge 2025'. In a formal recommendation the NCPC, chaired by Dr Frances Ruane, says the Government should provide clear guidance on the prioritisation of infrastructure, and make sure it is reflected in consistent policy signals, including grant schemes. Another notable recommendation is that the Government should consider introducing mandatory timelines in relation to licensing, by bodies such as the Environmental Protection Agency (EPA), in order to speed up the delivery of infrastructure. This follows complaints by bodies such as Uisce Eireann that delays in getting licences are holding up the delivery of important projects. The report notes that there are about 900 EPA licences, regulating installations in everything from waste to cement production. Anybody involved in such activities must have a licence before they begin operations. Furthermore, if there are changes to emissions levels at an existing side, the operator has to apply to amend their licence. 'While a strong licensing procedure is critical to ensure appropriate development, decisions on such licenses should be made in a timely manner. Delays in relation to licensing contributes to uncertainty in relation to investment in infrastructure,' the report says. The NCPC wants an 'urgent review' of the available data on productivity levels in Irish construction, with a focus on residential building, and looking at international comparisons. In its analysis of the productivity challenges facing Irish construction firms, the NCPC points to the fragmented nature of the sector, with subcontractors playing a big role, plus under-investment in innovation and technology, such as off-site production. 'It is important to have a greater understanding of productivity challenges, in particular as they relate to residential construction. A detailed study, considering the fragmented nature of the sector, would be of benefit,' the report says. ADVERTISEMENT The council is the latest independent agency – following the Irish Fiscal Advisory Council and the Central Bank – to recommend that the Government exercise fiscal restraint, and stick to a national spending rule, in order to safeguard the public finances at a time of global economic uncertainty. Priority should be given to investing in reforms that improve competitiveness, particularly in areas that are under domestic control, such as building infrastructure. Overall, the NCPC says there remains a critical need to improve delivery of infrastructure, with significant demand arising from strong population growth. An insufficient supply response has resulted in growing deficits in housing, energy, water and transport.
Irish Times
07-07-2025
- Business
- Irish Times
Public policymaking must be sped up and red tape cut, summit will hear
Ireland needs to speed up public policymaking, reduce red tape and delays in planning, boost innovation and invest in AI , the Government's second annual competitiveness summit will be told on Monday morning. The event will be attended by the Taoiseach and the Tánaiste as well as the economic and budget Ministers, and will be addressed by Frances Ruane , chair of the National Competitiveness and Productivity Council , on the key challenges facing the country as the world enters an unpredictable and uncertain age. The IDA and Enterprise Ireland will also brief the political leaders on the needs of their client companies. Minister for Enterprise Peter Burke will tell Cabinet colleagues that major investment in certain areas is needed to ensure Ireland does not lose out on the jobs of the future, identifying a number of key areas to retain and attract foreign direct investment. READ MORE As well as speeding up policymaking, the conference will hear that Ireland needs to reduce the administrative burden on SMEs, boost the use of modern methods of construction to speed up building projects, spend more on research, especially on AI, and simplify the regulatory environment for businesses. Government sources say that a consistent message in a series of meetings held by the Taoiseach with multinationals has been that the EU is falling behind on AI because of over-regulation. The Tánaiste, meanwhile, will tell the summit that the focus is on working constructively to protect Irish jobs and investment.
Irish Times
17-05-2025
- Entertainment
- Irish Times
Prominent Irish art from collection of former postman for sale at deVeres
The late art collector Alan Conroy had a good eye – an innate ability to discern quality. 'It's amazing how few people can distinguish a great painting from a good one, and how many people enthusiastically buy poor ones,' writes Dr Frances Ruane in a catalogue essay about him. The former postman, who lived in a relatively small house filled with art, art books and catalogues, regularly visited art galleries and auction rooms. He collected the work of prominent Irish artists from the 1970s onwards including Nano Reid, Sean McSweeney, Barrie Cooke, Colin Middleton, John Shinnors, Charles Tyrrell and Patrick Scott. 'His acquisitions suggest that he was drawn specifically to the painterly, semi-abstract tendency that dominated Irish art of that period,' writes Dr Ruane in the deVeres catalogue for an upcoming sale of part of his collection. READ MORE Conroy bequeathed several paintings to the National Gallery and the Irish Museum of Modern Art. Now, the remaining 60 paintings in his collection are included in the Irish Art & Sculpture auction at deVeres on Tuesday, May 27th, at 6pm. One painting of note in the auction is Summer Inscape, Callan by Tony O'Malley (€15,000-€20,000). Dr Ruane describes O'Malley as 'a kingpin of the poetic genre that dominated the second half of the 20th century' – more upbeat than Louis le Brocquy and Patrick Collins, and more positively enraptured by his subjects and by certain places such as his birthplace, Callan, Co Kilkenny. O'Malley often drew from memory, capturing the 'inscape' of the place. Interestingly, Head of Tony O'Malley by Brian Bourke (€2,000-€3,000) is one of several pieces of sculpture in the deVeres auction. The sculptures will be exhibited in the garden of the Merrion Hotel, Dublin 2, May 19th-26th, while the art is on view at deVeres showrooms at 35 Kildare Street, Dublin 2. Meanwhile, just around the corner, Whyte's auction rooms on Molesworth Street is also hosting an Irish and international art auction next week, on Monday, May 26th at 6pm in the Freemasons Hall, 17 Molesworth Street. The auction includes many impressive paintings by some of Ireland's best-known 20th-century artists, including Wiliam Percy French, Mildred Anne Butler, Grace Henry and Willian Leech. Anglesea Market, Dublin 1933 by Harry Kernoff (€30,000-€50,000) at Whyte's Irish and International Art auction Anglesea Market, Dublin, 1933 by Harry Kernoff (€30,000-€50,000), a painting purchased directly from the artist and for sale for the first time since then, is one piece of note. Viewing of all works in Whyte's galleries is May 19th-26th. Also at 31 Molesworth Street, Bonhams will hold a showcase of paintings, prints, furniture and sculpture in their forthcoming summer London sales, May 22nd-28th. Jack B Yeats: Crossing the City Roderic O'Conor: A Woman Seated, Holding Two Roses These include highly collectable pieces by Paul Henry (The Milk Cart £120,000-£180,000/€140,000-€210,000), Jack B Yeats (Crossing the City, £100,000-£150,000/€120,000-€170,000) and Roderic O'Conor (A Woman Seated, Holding Two Roses, £50,000-£70,000/€58,000-€81,000) all of which will be for sale in Bonhams' Modern British and Irish Art auction on New Bond Street, London, on June 18th. Prints by Andy Warhol, Lucian Freud, Francis Bacon, David Hockney, Roy Lichtenstein and others to be sold at Bonhams Print sale on New Bond Street, London, on June 25th, will also be on show. Finally, Adam's online auction of architectural salvage and garden statuary on Tuesday, May 20th, is on view at their auction partner The Store Yard in Portlaoise, Co Laois, today, tomorrow and Monday. The Store Yard – which was recently featured in this column – is a treasure trove of antiques and collectables. This auction has a wide selection of stone statues and busts from the 18th, 19th and 20th centuries, as well as garden urns, cast iron gates, seats and fountains. In a catalogue essay, garden designer Diarmuid Gavin writes poetically that 'statues softened by time, urns that have held the weight of trailing roses, sundials once surrounded by lavender and bees' bring a 'quiet grandeur' to gardens. As Ireland has basked in early summer sun this year, garden owners will no doubt be seeking out striking pieces to enrich their verdant surroundings. Gavin continues, 'as a garden designer, I believe that beauty in a garden lies as much in its ornamentation and craft as in its growth – and these pieces offer that rare stillness, anchoring a space in both history and imagination.' The top lot in the Adam's Home to Garden auction is a pair of mid-18th-century limestone Medici Lions (€50,000-€70,000) The top lot in the Adam's House to Garden auction is a pair of mid 18th century limestone Medici lions (€50,000-€70,000). Inspired by a second-century Roman marble statue and a later work carved by Roman sculptor Flaminio Vacca for Villa Medici in Rome (later moved to Loggia dei Lanzi in Florence), carved stone versions of the Medici lions became widely adopted ornaments in 18th-century gardens in Britain and Ireland. Another standout piece is a cast-iron fountain of the Three Graces (daughters of Zeus) (€8,000-€12,000), made in 19th-century Paris, inspired by one commissioned by Catherine de Medici to house the ashes of her husband, King Henri II of France. , , , What did it sell for? Ring with Kashmir sapphire and diamonds Kashmir sapphire Estimate €150,000-€200,000 Hammer price €550,000 Auction house Adam's A rare cultured pearl clip pendant brooch circa 1940 Pearl clip pendant brooch, circa 1940 Estimate €5,000-€7,000 Hammer price Not sold Auction house Adam's An early-20th-century pearl necklace with diamond clasp, circa 1920 Early-20th-century pearl necklace Estimate €8,000-€12,000 Hammer price €48,000 Auction house Adam's René Boivin Bombé ring René Boivin Bombé ring Estimate €15,000 – €20,000 Hammer price €17,000 Auction house Adam's
RTÉ News
15-05-2025
- Business
- RTÉ News
New economic indicator shows improvement in Ireland's competitiveness ranking
New research has shown that Ireland's international competitiveness ranking would improve if Modified Gross National Income (GNI*) is used as an economic indicator instead of Gross Domestic Product (GDP). GNI* is seen as a more accurate measure of the domestic economy as it excludes much of the impact of the multinational sector. The National Competitiveness and Productivity Council (NCPC) has published research re-estimating Ireland's performance in the IMD World Competitiveness Ranking 2024. The study shows that the country rises by one position in the ranking, with improvements in three of the four pillars, when key metrics are recalibrated to better reflect the scale of the domestic economy. The IMD World Competitiveness Ranking is a widely used international benchmark, assessing over 60 economies across four key pillars and 20 sub-pillars, and based on 250 individual measures. The estimate shows notable gains in economic performance and infrastructure, business efficiency is unchanged, while Government efficiency declines slightly. "This reassessment of Ireland's competitiveness provides a more accurate and meaningful picture of our economic strengths and vulnerabilities, and how these impact on our international competitiveness performance," said Dr Frances Ruane, the Chair of the NCPC. "This research highlights the importance of interpreting international indices critically, and ensuring that benchmarking exercises reflect the realities of our domestic economy," Dr Ruane added.
