Ireland Economic Outlook
May 5, 2020The backdrop has further darkened at the outset of the second quarter, after the Covid-19 pandemic hit the economy in the first quarter. Both the services and manufacturing PMI fell to over one-decade lows in March and April, respectively, as international demand collapsed due to the virus. Moreover, the unemployment rate rose to a 15-month high in March and the number of people claiming jobless benefits soared as lockdown measures forced many industries and businesses to suspend activity. Meanwhile, consumer sentiment logged its worst reading since October 2008 in April as households grew increasingly pessimistic over their personal finances and the general outlook for the economy. After announcing a comprehensive stimulus package at the end of March amounting to around 2% of GDP to mitigate the economic fallout, the government has extended lockdown measures until at least 5 May and is currently reviewing an exit strategy.
Ireland Economic GrowthGDP is seen contracting this year as the coronavirus pandemic will deal a heavy blow to the economy. Lockdown measures will depress domestic demand and increase unemployment, while bruised global demand will supress the external sector. Although fiscal and monetary policy stimulus should provide some support, prolonged social-distancing measures pose a downside risk. FocusEconomics panelists project GDP to contract 6.1% in 2020, which is down 3.3 percentage points from last monthâ€™s forecast. For 2021, the panel sees GDP growth at 5.5%.
Ireland Economy Data
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Ireland Economic News
May 20, 2020
The KBC Bank Ireland/ESRI consumer sentiment jumped to 52.3 in May from 42.6 in April, which had marked the worst reading in over a decade.
May 7, 2020
According to preliminary data, manufacturing output expanded 16.4% month-on-month in seasonally-adjusted terms in March (February: -0.1% mom; previously reported: -1.1% mom).
May 6, 2020
The AIB services sector Purchasing Managers’ Index (PMI) plunged to 13.9 in April from 32.5 in March, marking the lowest reading in the survey’s two-decade history.
May 1, 2020
The AIB manufacturing Purchasing Managers’ Index (PMI) plunged to 36.0 in April from 45.1 in the previous month, marking the worst print since March 2009 and the sharpest monthly fall on record.
Ireland: Consumer confidence hits over decade low in April on worries over the fallout from Covid-19
April 16, 2020
The KBC Bank Ireland/ESRI consumer sentiment nosedived to 42.6 in April from 77.3 in March, marking the worst reading in over a decade and falling even further below the 100-threshold separating optimism from pessimism among consumers.