General Industry News

Irish manufacturing activity deteriorating

Business Post – 03.06.2020

Irish manufacturing activity deteriorated further last month, according to new figures. The AIB Manufacturing Purchasing Managers' Index (PMI) for May shows that although many indicators recovered some of the ground lost in April's collapse, they still signaled rapid falls. The PMI rose from April’s 11-year low of 36.0 to 39.2 in May. The latest figure was the eighth lowest on record, falling far short of March’s 45.1.

Exchequer returns reveal €6bn deficit in May

RTE Business – 03.06.2020

Exchequer figures for May show an overall deficit in the public finances of €6.143bn. This compares with a deficit of €63m in the same month last year. Tax revenues were up were up 1.3 per cent, or €78 million as an unexpected increase in the amount of corporation tax collected offset sharp declines across all other tax heads. Spending was ahead of where it was planned to be by 19% or €4.175bn. The main areas of extra expenditure were in the Departments of Health as well as Employment Affairs and Social Protection. Corporation tax came in €1.224bn ahead of last year. The Department of Finance puts this down to increased levels of profitability in some companies. The Department also notes that the 35.4% decline in VAT collection, while high, was less than projected. The falloff in income tax was also less than forecast.