National Accounts figures show broad-based growth

December 03, 2021

Ibec, the group that represents Irish business, welcomed today's National Accounts numbers published by the Central Statistics Office (CSO). Ibec welcomed the figures for the 3rd quarter of the year, which showed broad-based growth in both the domestic and export-facing sectors and an annual GDP increase of 11.5% compared with the third quarter of 2020. 

Ibec Chief Economist, Gerard Brady said: “The figure’s released today by the CSO and last night’s Exchequer returns from the Department of Finance both tell a consistent story of an economy which is experiencing exceptionally strong growth in 2021. This exceptional growth is exemplified by a tax take which was up by €11 billion (21%) in the January to November period relative to 2020 and even more notably €7.4 billion (13.5%) higher than the same period in 2019.

”The National Accounts number released show an economy which continues to grow strongly. Consumer spending rose by almost 8% annually, whilst exports of goods and services rose by 18% in Q3. Despite the re-introduction of some restrictions domestically and across Europe to reduce social contacts, we expect this pattern of strong demand growth to continue into next year for most economic sectors. With a number of sectors in the Experience Economy facing the prospect of renewed restrictions over the crucial Christmas trading period, these trends of strong growth should give us confidence to put adequate fiscal supports in place for those impacted.”