A mural in the window of a shop in Dublin city centre looks to better times aheadThe Central Bank sees a recovery of the economy in the second half of the year, followed by strong growth in domestic consumption next year. Read More“This masked a decline in domestic demand which was among the most severe in the EU,” Mark Cassidy, director of economics at the Central Bank will say in his opening statement to TDs and senators. Private consumption last year was down by 9pc compared with the previous year, with modified domestic demand down by 5.4pc, the Central Bank has determined. Government supports have been “proportionate and appropriate” to the size of the shock to households and firms, even though unprecedented in scale, the Central Bank says, predicting a deficit of just under 9pc in 2021. Assuming jabs for the many by the second half of the year, domestic economic activity should then begin to rebound, the Central Bank believes.

Source: Irish Independent March 22, 2021 19:05 UTC