GDP grows 6% while personal spending plummets, CSO

ireland
Gdp Grows 6% While Personal Spending Plummets, Cso Gdp Grows 6% While Personal Spending Plummets, Cso
Personal consumption of goods and services fell by 10.4% in 2020 according to the Central Statistics Office (CSO).
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The State's Gross Domestic Product (GDP), which measures the value of goods and services produced in the country, rose by 5.9 per cent to €377.4 billion during 2020, according to figures published by the Central Statistics Office (CSO).

Exports grew by 9.5 per cent in the same period, while imports of intellectual property products decreased by 7.4 per cent.

Personal spending on goods and services saw a large fall in the year, dropping by 10.4 per cent, which was attributed to Covid-19 restrictions on sectors such as non-essential retail and hospitality, which were in place for much of the year.

This Covid impact was evident in the sector breakdowns for personal spending, which noted a 39.9 per cent reduction on the amount spent in restaurants and hotels, while transport also took an 18.4 per cent hit.

The Gross National Disposable Income, which measures the income available to the nation for final consumption and savings rose to €279.9 billion, up from €273.2 billion in 2019.

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Industry (excluding construction) and Information & Communication businesses performed well despite the pandemic, showing growth of 22.1 per cent and 13.8 per cent respectively.

However, the Distribution, Transport, Hotels & Restaurant sector had a big decrease in activity, falling by 19.3 per cent, while the Construction sector shrunk by 10.2 per cent.

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