Ireland’s key trading partners continue to grow at a steady, if unspectacular pace. The US economy has outperformed the UK and Eurozone of late, but European economies are showing signs of accelerating growth in 2024.

PMI stayed below 50 for a third consecutive month in May. However, the index printed at 49.8, consistent with only a marginal contraction. Output and business orders were weak.

The ECB’s Governing Council meeting for June saw the central bank cut its key interest rates by 25bps. The Deposit rate was lowered to 3.75% (from 4.00%), while the refi rate was reduced to 4.25% (from 4.50%).

World economy continues to exhibit resilience. However, subdued growth expected again in 2024, with US outperformance starting to wane, UK and Eurozone accelerating.

The Bank of England kept its key interest rate unchanged at 5.25% at the conclusion of its June Monetary Policy Committee (MPC) meeting.

As expected, the US Federal Reserve Open Market Committee (FOMC) meeting for June saw the central bank leave its key interest rate policy unchanged.

Renewed momentum in Irish residential property prices...

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