The latest Dublin Economic Monitor (DEM), published this morning by the four Dublin Local Authorities, shows that although the Dublin economy remains severely impacted by Covid-19, it is prepared for recovery once conditions permit.
Dublin’s IHS Markit Purchasing Managers’ Index (PMI) showed a decline in business activity in Q4 2020 as both new orders and employment levels reduced. The services sector was the main contributor to this decline with its PMI dipping to 48.0 in the quarter, thus critically crossing the 50 mark which separates growth from contraction. The overall PMI for the Capital stood at 49.2, down from 51.2 in Q3 2020.
According to data from MasterCard, retail spending in the Capital fell by 4.8% QoQ in Q4 2020, but remained 1% above the same quarter in 2019. The main driver of this YoY increase was eCommerce (+44%), though both Entertainment (-70.1%) and Discretionary (-47.2%) spending remained at exceptionally low levels compared to a year previous.