Ireland Economic Outlook
June 30, 2020Covid-19 and consequent containment measures have dealt a significant blow to the economy in Q2, after growth slowed in Q1 on a downturn in domestic demand. In April, manufacturing activity plunged; both the manufacturing and services PMI remained mired in contractionary territory in April–May amid depressed demand; and retail sales nosedived to a series low in April, reflecting the impact of lockdown measures on consumer spending. In better news, the lockdown has gradually been eased since mid-May, with restrictions being loosened more rapidly in June: Commercial centers reopened from 15 June, while bars, restaurants, hotels and other services to resumed activity on 29 June. Meanwhile, on 27 June, Micheál Martin of Fianna Fáil was elected as Ireland’s new prime minister. Martin will lead a historic three-way coalition alongside long-time rivals Fine Gael, as well as the Green Party. The presented policy agenda is largely focused on reactivating the economy and restoring employment.
Ireland Economic GrowthThe economy is expected to shrink this year due to the Covid-19 shock. Social-distancing measures will cripple domestic demand and lift unemployment, while a feeble international trading environment will constrain the external sector. Fiscal and monetary stimulus should provide some support, however. FocusEconomics panelists project GDP to contract 7.1% in 2020, which is up 0.3 percentage points from last month’s forecast. For 2021, the panel sees GDP growth at 6.1%.
Ireland Economy Data
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Ireland Economic News
July 20, 2020
The KBC Bank Ireland/ESRI consumer confidence index came in at 62.6 in July, up from June's 61.6 and further above the 42.6 reading of April, which was the second lowest on record and due to the pandemic.
July 6, 2020
Manufacturing output decreased 10.5% month-on-month in seasonally-adjusted terms in May (April: -12.2% mom).
July 3, 2020
The AIB services sector Purchasing Managers’ Index (PMI) increased to 39.7 in June from 23.4 in May.
July 1, 2020
The AIB manufacturing Purchasing Managers’ Index (PMI) jumped from 39.2 in May to 51.0 in June, marking a record monthly gain of 11.8.
June 29, 2020
On 27 June, Micheál Martin of centrist Fianna Fáil was elected Ireland’s new prime minister and the head of a historic three-party coalition government comprising of long-time rivals Fine Gael, as well as the Green Party.