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
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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
July 23, 2021
Consumer confidence came in at 84.9 in July, edging down from June's 87.2.
July 7, 2021
Manufacturing output slid at a sharper rate of 4.5% in month-on-month seasonally-adjusted terms in May, below April’s 0.2% decline.
July 5, 2021
The AIB services sector Purchasing Managers’ Index (PMI) rose to 63.1 in June, coming in above May’s 62.1 and logging the highest reading since January 2016.
July 1, 2021
The AIB manufacturing Purchasing Managers’ Index (PMI) remained broadly stable in June, edging down to 64.0 from May’s 64.1 record-high reading.
June 22, 2021
Consumer confidence rose to 87.2 in June from May's 85.8.