GDP grew by 7.8 per cent.
Personal spending on goods and services fell by 5.1 per cent in the first quarter of the year.
The impact of level 5 restrictions can be seen in the Quarterly National Accounts published by the CSO.
Gross Domestic Product (GDP) grew by 7.8% in Q1 2021https://t.co/KnkOB6sAD4#CSOIreland #Ireland #NationalAccounts #BalanceofPayments #Economy #Macroeconomics #EconomicIndicators #CapitalStocks#GovernmentFinances #GovernmentAccounts #GovernmentExpenditure #EconomicActivity pic.twitter.com/f9l1nJw4Rc
— Central Statistics Office Ireland (@CSOIreland) June 4, 2021
While GDP grew by 7.8 per cent, when the profits of multinationals are excluded, economic activity declined by 1 per cent.
Chief Economist with KBC Bank, Austin Hughes, says over the course of the last twelve months, consumer spending has declined:
Quarterly National Accounts and International Accounts Quarter 1 2021 (Provisional) - Briefing - 4 June 2021https://t.co/xe61KYozfE#CSOIreland #NationalAccounts #BalanceOfPayments #InternationalAccounts #Economy
— Central Statistics Office Ireland (@CSOIreland) June 4, 2021
Finance Minister Pascal Donohoe insists the decline in domestic demand in the first quarter of the year, is in line with expectations.
Austin Hughes says it's a tale of two economies
Drivers Told To "Avoid" Leixlip Village As Roadworks And Congestion Frustrate Locals
Naas Mayor Says Government Should Buy Homes In Local Housing Developments For Its Staff
Two-Thirds Of Schools Across The Country Opt In To Use Mobile Phone Pouches
Elderly Man Robbed After Being Asked The Time Outside Naas Bank
Man Arrested In Connection With Fatal Edenderry Arson Attack
Hospitals Nationwide Continue To Face Significant Pressures
Current Medical Card Scheme For Dental Checks No Longer Fit For Purpose
New Online Scam Targets Drivers Booking NCT Tests
