The DETE (Department of Enterprise Trade and Employment , www.entemp.ie) has published some frightening figures on Irish redundancy rates. Year on year the number of reported redundancies in April rose by 47% between 2007 and 2008. The majority of these job losses were in the construction and manufacturing sectors, making up almost half of the reported redundancies. Up to April this year, there was more than 11,000 redundancies reported to the DETE. This figure is 27% larger than the same 4 months (January to April) in 2007. Standardised unemployment rate remains unchanged at 5.5% in April, according to the CSO (Central Statistics Office) and there is now 158,600 people on the live register (seasonally adjusted) , of these 58% were male. These news statistics come also with bad news from the Exchequer . As of the end of April, the tax take figures are around €736 million off their targets. Areas that had lower than expected revenues include the Capital Gains Tax and stamp duty receipts. These make up about €400 million of the loss. Micheál Martin, the minister for Enterprise Trade and Employment was quoted as saying that there currently is a “rebalancing” taking place in the economy.
So with all the doom and gloom in Ireland, and the apparent stagnant housing market in Ireland, it seems like the economy is starting to slow down. Now that unemployment is up, more redundancies are happening than previously and less people are selling their houses, the Celtic tiger is truly asleep.