IBEC has said it sees overall economic output or GDP of just 0.8% this year, down from its previous forecast of 1%.

But that is still a slightly better outturn than the one that is factored into the Department of Finance numbers of 0.7%.

The figures were stronger than expected and one economist described them as ”stunning”. The CSO data, which are preliminary figures, show an increase in exports of €1.258 billion (16%) in August compared with July. Seasonally adjusted imports increased by €215m (5%), resulting in an increase of €1.043 billion in the seasonally adjusted trade surplus.

The Credit Review Office warned over the declining number of banks lending to small businesses.

The declining number of banks making loans to small businesses in Ireland is of increasing concern because of the need to ensure competition and protect customer service, the credit reviewer said.

Improved competitiveness is helping to increase Irish exports despite the difficult conditions brought about by the weakening global economy.

A new export analysis report by Investec Bank Ireland showed that the index has risen by 0.7% in the year against the backdrop of a UK economy in recession and a contracting euro zone economy.

The European Commission has cleared the release of €1bn to Ireland as part of the EU/IMF/ECB bailout loan programme following its seventh review.

This brings total bailout loans from the Commission to Ireland to €36.6bn and an additional €700m is also being loaned by Britain, Denmark and Sweden.

Ireland has made “significant progress towards achieving sustainable market re-entry,” the chief executive of the National Treasury Management Agency (NTMA) said today.

On Tuesday, the NTMA announced an auction of Treasury Bills (Bills) on Thursday 13 September 2012. The NTMA will offer €500m of Treasury Bills with a three-month maturity similar to the last Treasury Bills auction in July.

New figures show the economy expanded more than previously thought last year and we are closer to reaching the debt targets set out by the troika. This means that the budget deficit, as a percentage of economic output, is now smaller than once feared. But that won’t deter Finance Minister Michael Noonan from making cuts worth around E3.5bn in the next Budget.

Reacting to the latest Retail Sales figures issued by the CSO today (Tuesday 28th August), showing an annual decrease of 1.5%, ISME, the Irish Small and Medium Enterprises Association, described the retail sector as wretched, outlining that thousands of jobs will continue to be at risk for the foreseeable future unless the Government intervenes to address issues impacting on the sector, particularly the rising costs to business.

The euro zone is on track for its second recession in three years and China’s once booming manufacturing sector is contracting at a faster pace than previously reported. The US is also seen as struggling to keep up its pace of growth. Business surveys released today painted a global picture of economic malaise from Beijing to Berlin.