Ireland Economic Outlook
September 29, 2020The economy dived at a historic rate in Q2 as strict lockdown measures slammed household and capital spending, while muted global demand squeezed exports. Turning to Q3, incoming data hints at a recovering, but still frail, economy. Both industrial output and retail sales logged robust expansions in July following the easing of restrictions. Moreover, in August, the manufacturing PMI remained in expansionary territory, while the services PMI hit a six-month high, bolstered by a rebound in new businesses. However, consumer sentiment weakened somewhat in August, largely reflecting renewed Covid-19 concerns amid a rising number of new infections. On 18 September, a three-week lockdown was imposed in Dublin, restricting hospitality services and non-essential travel, and posing a downside risk to activity ahead.
Ireland Economic GrowthGDP is set to contract this year due to Covid-19 and associated containment measures, although fiscal and monetary stimulus should cushion the fall somewhat. A potential second wave of virus cases clouds the outlook. In 2021, the economy is seen rebounding as global demand recovers from the pandemic. FocusEconomics panelists project GDP to contract 5.2% in 2020. For 2021, the panel sees GDP growth at 4.7%, which is down 0.9 percentage points from last month’s forecast.
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
October 7, 2020
Manufacturing output dived 14.1% month-on-month in seasonally-adjusted terms in August, contrasting July’s 12.8% rise and marking the worst reading in over two years.
October 5, 2020
The AIB services sector Purchasing Managers’ Index (PMI) dropped to 45.8 in September, from 52.4 in August.
October 1, 2020
The AIB manufacturing Purchasing Managers’ Index (PMI) dropped from August’s 52.3 to 50.0 in September.
September 30, 2020
The KBC Bank Ireland/ESRI consumer confidence index rose to 60.7 in September from August's 58.9.
September 7, 2020
Manufacturing output increased 8.8% month-on-month in seasonally-adjusted terms in July, a softer expansion compared to June's 14.3% increase.