Central Statistics Office (CSO) informed that growth continued in the more globalised sectors with industry revealing a 15% upturn and the information and communication sector 14% in Ireland. The CSO figures show that Gross Domestic Product (GDP) increased by 3.4%.
Finance Minister Paschal Donohoe described the growth as “remarkable” when seen in the expectations at the outbreak of Covid-19 pandemic in Ireland.
Sectors in the domestic market showed significantly lower levels of economic activity, mainly with the distribution, transport, hotels and restaurants sector reducing by 16.7% and construction by 12.7%.Figures show that personal spending on goods and services decreased by 9% last year. As a whole , the multinational sector grew by 18%.These sectors last year accounted for 50% of total value added in the economy, compared with a 43.4% share in 2019.
But arts and entertainment sector took a huge hit with a drop of 54.4%.
Significant changes in the personal spending indicator can be seen throughout the year as the levels of pandemic restrictions changed. Decreases in personal spending in the first half of the year were partly surpassed by an increase of 20.9% in the third quarter as restrictions was reduced .A decrease of 2.3% was recorded in the last quarter of the year as restrictions were reimposed .
Minister Paschal Donohoe added “The GDP growth of 3.5% for 2020 as a whole is remarkable both in an international context and compared with expectations this time last year as the coronavirus pandemic reached our shores,”