Ireland Economic Outlook
October 27, 2020Available data for Q3 points to a frail economic scenario, after GDP plummeted at a record-breaking pace in Q2. Following robust expansions in July, industrial output swung to contraction in August and retail sales growth lost some pace in the same month. Moreover, while the manufacturing PMI stagnated in September, the services PMI fell back into negative territory amid falling new business. Turning to Q4, due to a surging number of new virus cases, the authorities imposed a six-week lockdown effective from 22 October, closing all non-essential businesses, bars and restaurants, while also limiting movement, which is set to weigh on activity in the quarter. Meanwhile, on 13 October, the government presented the 2021 budget draft with a spending package of almost EUR 18 billion—the largest in Irish history—aiming to prop up the economy amid the fallout from the health crisis.
Ireland Economic GrowthAfter a projected contraction this year on the impact from Covid-19, the economy is set to rebound in 2021 as global demand recovers. Fiscal stimulus and liquidity-boosting measures should also support a rebound in domestic activity. A prolonged health crisis and a potential no-deal Brexit cloud the outlook, however. FocusEconomics panelists project GDP to expand 4.3% in 2021, which is down 0.4 percentage points from last month’s forecast, and 3.4% in 2022.
Ireland Economy Data
5 years of Ireland economic forecasts for more than 30 economic indicators.
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|Bond Yield||-0.09||0.27 %||Jan 01|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Ireland Economic News
April 7, 2021
The AIB services sector Purchasing Managers’ Index (PMI) rose to 54.6 in March from 41.2 in February.
April 1, 2021
The AIB manufacturing Purchasing Managers’ Index (PMI) rose to 57.1 in March, from February’s 52.0.
March 25, 2021
Consumer confidence rose to 77.1 in March, notably above February’s 70.8 and rising to a one-year high.
March 9, 2021
Manufacturing output fell 0.1% in month-on-month seasonally-adjusted terms in January, which was markedly softer than December's 4.5% decrease.
March 5, 2021
The economy fell back into contraction in the final quarter of 2020 amid the reimposition of tough lockdown measures.