Personal Spending On Goods & Services Down 5.1%.

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Friday, June 4th, 2021 3:37pm

By Ciara Plunkett @plunkettciara

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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.

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

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