Tue, 18 Jan 2022

Third quarter Irish economy jumps 21.7 percent over 2019

Robert Besser
05 Dec 2021, 20:58 GMT+10

DUBLIN, Ireland: Despite concerns over the Covid variant Omicron, Ireland's economy displayed healthy growth in the third quarter, with the help of multinationals, falling unemployment and strong tax revenue returns.

New government figures indicate that largely due to the exports of multinationals. Also, Ireland's GDP increased 14.5 percent over the same period last year, during the first nine months of 2021.

Additionally, the economy registered a 21.7 percent gain from before the pandemic in 2019.

Government figures also showed that Gross Domestic Product (GDP) grew by 0.9 percent in the third quarter 2021, while modified domestic demand increased almost 5 percent above the level of the first nine months of last year, though it remained 1.2 percent below the same period in 2019.

Officials noted that the decreased demand indicated how the crisis is still impacting many households.

"While the recovery is not yet complete, and has not been uniform across sectors, it is clear that we are moving in the right direction," Finance Minister Paschal Donohoe said, as reported in The Irish Examiner.

Both economists and business groups noted that the tax and labour market figures indicate a strong recovery remains on course, regardless of the Omicron variant.

"It's a good news story," said senior economist Jim Power, as quoted by The Irish Examiner. He pointed to a large increase in tax revenues, as well as an decrease in unemployment, to 6.9 percent.

Also, Gerard Brady, chief economist at business group Ibec, said Ireland's economic figures "tell a consistent story of an economy which is experiencing exceptionally strong growth," according to The Irish Examiner.

"This exceptional growth is exemplified by a tax take which was up by €11bn in the January to November period relative to 2020, and even more notably €7.4bn higher than the same period in 2019," Brady said.

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