DUBLIN: The latest Dublin Economic Monitor shows that the easing of COVID-19 restrictions has begun to be reflected in the capital city’s economy. Dublin’s economy, which had been in recession since the first quarter, began to show signs of recovery with the start of the second quarter. Statistics show that the city’s economy is on the path to recovery after the first five months of 2021.
The signs of Dublin’s growth were found in a joint review conducted by the four Dublin Local Authorities – Dublin City Council, South Dublin County Council, Dún Laoghaire-Rathdown County Council and Fingal County Council.
The IHS Markit Purchasing Managers’ Index (PMI) for Dublin showed a sharp slowdown in economic activity in the first quarter of this year, but it also revealed that Dublin regained in the following two months.
The construction sector was the worst hit by COVID-19 restrictions. Manufacturing and private services output levels also declined significantly in the first quarter. But there was a small increase in employment during this period. In the second quarter, the labour market began to show clear signs of recovery. Pandemic Unemployment Payment recipient numbers fell to 125,000 in May.
Andrew Webb, chief economist with Grant Thornton, said “the labour market is showing signs of a bounce back as job postings climb and pandemic supports recede.”
Dublin’s housing market is also showing signs of improvement. According to the latest Economic Monitor, over 2,500 transactions took place in January alone. This is likely to be the highest monthly total in more than a decade. In the first quarter, residential rents in the city fell for the first time in five years.
Meanwhile, transport and travel were disrupted for the first five months of this year. Passenger journeys via Dublin Airport and public transport was relatively low, while the use of road networks in the capital was greatly recovered.
Dublin Port is a long-term concern as Brexit has caused a 21.5% quarterly decline. Trade volumes have shifted from Dublin Port to Northern Ireland ports.
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