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Personal Spending On Goods & Services Down 5.1%.

Stock image: Pexels

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.

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:

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

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