Friday's business news review
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What are the main business stories covered today?
Breakfast Business with Enterprise Ireland on Newstalk. Good morning and welcome to Breakfast Business. And thank you, as ever, to Shane Beattie. It is Friday, the 5th of December at 6.30. Coming up on today's show, we'll be talking to John Fingleton, the Irishman who is shaking up infrastructure development in Britain, and see what we can learn here. And we'll be looking at the planned changes to the Companies Act and all the markets as usual. You can email us, business at newstalk.com. But first, let's have a look at the main business stories in the newspapers and websites, which we shall do in the smart and always on company. of Kate English, the Chief Economist with Deloitte. Good morning, Kate.
Good morning, Joe.
You're glammed up. You're heading to, I believe, the Moulin Rouge.
I am heading to the Moulin Rouge. Not the one in Paris. Not the one in Paris. The one in Grand Canal Basin. Equally as good, though.
Have a great evening. Thank you. Shall we start with the economy? The CSO data on the national quarterly accounts were pretty amazing, I would have thought.
Yeah, so we got Q3 2025 data yesterday afternoon from the CSO. What does it show? GDP on an annual basis is up 10.8%. Now, this is what we expected. Why is there such a large surge in it? It's all down to exports. We saw a very large volume of exports at the first half of the year. as we saw companies try and get in ahead of tariffs being introduced. But if we move away from the GDP figure, which is valid, it needs attention, but not the only one, and look instead to personal consumption or modified domestic demand, because these are much more reflective of on the ground domestic economic growth here. Personal consumption was up 2.4% on an annual basis, while modified domestic demand up 2.3%. That strips out some of the kind of IP or aircraft leasing factors that can impact our GDP figures as well.
And for comparative purposes, 2.4% is really, really strong growth in an environment where we've had lots of external volatility this year.
Exogenous shocks.
And if we compare it to other economies, for example, the UK expected to grow only about 1.5% this year as per their forecast only last week. Similarly, low levels of growth within Europe, France, Germany too. So this 2.4% really places us on quite a strong and robust footing as we move towards the end of the year and into 2026. And as I said, it's quite remarkable given the factors at play.
I was also struck, of course, this week with the amount of corporation tax earned in November. I mean, 10 billion in a single month.
That's a staggering 21% increase. If we look at total tax receipts, excluding some of the kind of Apple tax money there that can put it off. Just comparing November this year versus November last year, that's a staggering 21% increase. And overall, it puts our tax heads at a very, so across the board for income tax, VAT, corporation tax, all that really healthy levels of growth, which is good for us fiscally.
Of course, the government won't be long about spending it, but it is good for us to at least have the money to be coming in.
It is a key month, obviously, for big tax heads. You know, many large companies, they pay most of their corporation tax for the year. So that's why November in particular gets such focus and why, again, that 21% increase is quite eye-watering.
Yeah, it is. The EU is transferring some significant new powers to the European financial regulator. Tell us more about this.
Yes. So early days still on this.
How is the current economic data impacting Ireland's GDP?
But yesterday they revealed a unveiled, sorry, a sweeping new plan to transfer some supervisory or enforcement powers more to its market regulator. Yes, who is its market regulator? It's Paris-based. It's the European Securities and Markets Authorities, ESPA. In total, there was about actually 18 law changes. But I suppose what it looks to do is gain new powers to ESPA for clearinghouses, central security deposits and trading venues. But really, what does this mean for us here today? You know, there's going to be a lot of talk around this.
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