GDP surges, but domestic economy weakens
Official figures show that the domestic economy weakened in the first quarter of this year, despite strong growth in the more globalised sectors.
The Central Statistics Office (CSO) said that gross domestic product (GDP) rose by 10.8% in the first three months of 2022, led by a 5% increase in exports and a drop in imports.
Modified domestic demand – a measure of activity in the domestic sector that covers personal, Government, and investment spending – fell by 1% during the three months.
Consumer spending on goods and services dropped by 0.7%.
Easing of restrictions
A breakdown shows that the multi-national sector recorded growth of more than 14% during the quarter. Output in the domestic sector also rose – by 7.6% – as the lifting of COVID-19 restrictions boosted hotels and restaurants. Construction, however, fell by 3.7%.
The CSO said that GDP grew by 11% compared with a year earlier, with several sector recording big increases in output.
The CSO points out, however, that the first quarter of last year was affected by significant pandemic restrictions.
The figures show that the total amount paid to employees increased by 2.4% during the first quarter of 2022, and by 15% compared with a year earlier.