Ireland’s domestic economy suffered a severe contraction once again during the first three months of the year as a strict lockdown kept consumers from spending. Irish GDP grew by 11.8pc year on year in the first quarter, according to data published by the Central Statistics Office yesterday. However, modified domestic demand – a better gauge of what’s happening on the ground in Ireland – fell 5pc in the first quarter compared with the same period in 2020. Read MoreSo, the divergent economy remains in place, with a gaudy performance in the multinational sector contrasting sharply with a moribund indigenous sector. KBC economist Austin Hughes said yesterday that “pent-up consumer demand will be speedy but may possibly be short-lived".

Source: Irish Independent June 05, 2021 01:34 UTC