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A heatwave hits the economy
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Economy grew more last year than previously thought
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gov ie - Minister Donohoe notes final GDP numbers for 2020 which confirm dual economic impact of pandemic
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By Reuters Staff
2 Min Read
DUBLIN, July 1 (Reuters) - Ireland’s central bank on Thursday raised its growth forecast for 2021 for the second time this year as the progress of the COVID-19 vaccination campaign, improving consumer sentiment and international tailwinds set the scene for a strong recovery.
In its latest quarterly report, the Central Bank revised its forecast for GDP growth for this year to 8.3%, from 5.9% three months ago.
The move comes after exports by large technology and pharmaceutical firms swelled annual GDP growth in the first quarter to 11.8%.
The Central Bank expects GDP growth of 5.4% in 2022 and 4.8% in 2023.
The bank is seeing a “widespread improvement of consumer and business sentiment” as Covid-19 restrictions are relaxed and vaccines are rolled out, said Director of Economics and Statistics Mark Cassidy.
Minister Donohoe notes strong growth in GDP and encouraging indicators for the domestic economy
GDP grew by 11.8 per cent year-on-year in the first quarter of 2021.
This exceptional growth was led by exports which grew by 18 per cent year-on-year primarily due to strong growth in ‘contract manufacturing’.
However, Modified Domestic Demand – a proxy for the domestic economy – fell by 5 per cent year-on-year, in-line with expectations.
Consumer spending fell by around 12 per cent year-on-year in the first quarter while new housing output was down 21 per cent.
While the level of restrictions in the first quarter of the year is in line with that of the first lockdown in the spring last year, the fall in domestic activity was not as severe.