Personal spending on goods and services fell by 5.1 per cent in the first quarter of the year
The impact of level 5 restrictions can be seen in the Quarterly National Accounts published by the CSO
While GDP grew by 7.8 per cent, when the profits of multinationals are excluded, economic activity declined by 1%.
Chief Economist with KBC Bank, Austin Hughes, says over the course of the last twelve months, consumer spending has declined:
"It's a tale of two economies, the size of the multinational sector and the strength of its activities mean that overall GDP is up very strongly. But when you drill into the details, although exports are up 18% on the year, consumer spending is nearly 12% lower than a year ago."
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