Investor Presentaiton
Index, Q4 2019 = 100
Real spending growing better than expected
But inflation is now clearly eating into real consumption
High-inflation environment hitting real consumption as
divergence between real and nominal spending widens
120
110
100
888
y-o-y %, 3mma
Higher frequency data show normalisation in nominal
spending* growth as well as negative impact of inflation
40
30
20
10
0
90
-10
80
-20
-30
2020
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019
2021
2022
2023
I
2016 2017 2018 2019 2020 2021 2022
Nominal Personal Consumption
Real Personal Consumption
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Source: CSO
Nominal card spending
-
-Inflation-adjusted card spending
Source: Central Bank of Ireland, CSO
15
* CBI spending data is nominal data and not seasonally adjusted. RHS chart shows card data minus annual CPI
inflation. Growth rate of card spending is influenced by increased digitalisation of spending habits over last decade.View entire presentation