‘Phantom exports’ now account for 38% of all Irish goods traded abroad

Irish goods exports that are not actually produced or physically traded from here now account for more than a third of all Irish goods traded abroad, according to the Business Post, basing its analysis on data released by the Central Statistics Office.

“Phantom exports”, which are produced and traded in other countries under contract by Irish-registered firms but recorded as exports here, accounted for 38 per cent – or €134 billion – of all Irish goods exports last year, it said.

This compares to an equivalent figure of just €6 billion – or 5 per cent of goods exports – in 2012. The exports are used in the calculation of gross domestic product (GDP), which economists have long said is a not a true reflection of “real” Irish economic growth.

Cairn’s land option fees

Cairn Homes is examining paying a fee to landowners in return for a first option to buy properties at a future date, reported the Sunday Times.

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The publicly listed company has said its land-buying activity will be “quite limited for the years ahead” as it looks to build out its existing land bank, but in the meantime it is exploring the idea of option purchasing, a practice common in the UK.

The Irish home builder already has a “substantial” land bank of 34 sites capable of holding 16,800 apartments and houses.

State had EU’s lowest level of gas reduction

Ireland was one of the worst performers in the EU for reducing gas demand over the winter following a European Commission plea to member states to cut back on consumption in response to Russia’s invasion of Ukraine.

The Business Post, citing Eurostat figures, reports that EU member states reduced their gas use an average of 19 per cent between August 2022 and January 2023 compared to the same months in the previous five years, but the State only reduced its gas use by 0.3 per cent.

This was the lowest level of reduction in the EU, although both Malta and Slovakia actually increased their gas use.

SSE eyes power station sites

Utility giant SSE is “exploring options” to develop two new low-carbon power stations in Ireland, according to the Sunday Independent.

The Scottish-headquartered energy company said last week that its sites – in Tarbert, Co Kerry and Platin, Co Meath – could provide the location for these new power stations.

The developments could add up to 450MW of new capacity to the grid, generating enough power for up to half a million homes. The power stations are still subject to a final investment decision.

Guinness zero set to account for 10% of stout’s sales

Guinness 0.0, Diageo’s non-alcoholic stout, will account for 10 per cent of all Guinness sales in the next few years, Diageo Ireland boss Barry O’Sullivan has told the Sunday Times.

The drinks giant is investing €25 million into expanding its production line at the St James’s Gate Brewery.

The investment will support the addition of six large brew tanks at the site and also help the company figure out how to step up the roll-out of Guinness 0.0 across Irish pubs.

By this summer, the non-alcoholic version will be sold in 100 Irish pubs, Mr O’Sullivan said.

Monta to expand EV charging business

Electric vehicle charging software firm Monta plans to ramp up its expansion into the Irish market, reported the Sunday Independent.

The Danish company develops software to help operators manage their electric car charging stations in commercial and residential settings, and established an Irish base last year after raising €30 million.

Monta’s Ireland boss, Ricky Hill, told the newspaper that the company is powering about 800 charge points at present and expects that total to be in the thousands by the end of 2023.