Economic and Investment Outlook
Index, Q4 2019 = 100
Real spending growing better than expected
Consumption revised upwards significantly in 2021 and 2022
130
120
110
High-inflation environment hampering real consumption but
still up 10% on pre-pandemic levels
Higher frequency data still show elevated nominal spending
growth partly due to impact of inflation*
2
100
90
80
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019
2020
2021
2022
Nominal Personal Consumption
Real Personal Consumption
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
EUR bn, 3mmma, y-o-y, billion
L
0
L
T
I
2023
M S
2018
M S
2019
Source: CSO
I
I
I
.
I
1
I
M S
2020
MS
2021
S
2022
2023
Retail Services Social
| Other
Source: Central Bank of Ireland
* CBI spending data is nominal data and not seasonally adjusted. RHS chart shows card data. Growth of card
spending is influenced by increased digitalisation of spending habits over last decade.
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