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