Consumer spending helps rise in GDP

IRELAND’S gross domestic product (GDP) showed a year-on-year increase of 4.8% for the third quarter of this year boosted by a growth in consumer spending.

The latest quarterly national accounts issued by the Central Statistics Office (CSO) show consumer spending is up 6.5% for the quarter on a year-on-year basis and was a significant driver, as was consumer investment, which showed an annual rise of 7.7%.

Retail sales volumes increased on a yearly basis by 5%, implying that consumer spending on services which comprises around half of the total figure were up by about 8%.