Irish economy set to take off as easing of restrictions triggers a spending surge

Uncertainties remain but one thing we do know is a mini consumer boom is coming

There is a record €135bn or so sitting in household spending accounts. Photograph: Nick Bradshaw

There is a record €135bn or so sitting in household spending accounts. Photograph: Nick Bradshaw

The Irish economy is about to take off. The easing of restrictions over the next few months, combined with existing strong momentum, will lead to a surge in growth. It is impossible to know how long this will last for, but right now Irish consumers are ready to spend. And many of them have the cash to do so.

Growth during the pandemic has confounded expectations. It’s best to ignore the Irish GDP figures, likely to have risen by 14-15 per cent last year, but looking at more reliable measures suggests a growth rate of 5 or 6 per cent in the domestic economy in 2021, a strong performance in any year, never mind one when there was a pandemic.

The Irish Times
Please subscribe or sign in to continue reading.
The Irish Times

How can I keep reading?

You’ve reached an article that is only available to Irish Times subscribers.

Subscribe today and get the full picture for just €1 for the first month.

Subscribe No obligation, cancel any time.