The twelfth issue of the Dublin Economic Monitor has been launched today. The monitor is a joint initiative of the four Dublin local authorities and focuses on the Dublin region by tracking 15 key economic indicators.
It captures data from the height of the boom, through the economic crash and the subsequent recovery. These indicators show that Dublin’s economic performance continues to improve, but longstanding issues remain in the area of housing.
For the first time, the Monitor includes data from Mastercard’s SpendingPulse, as part of a three-year innovative collaboration between Mastercard and Dublin City Council. The report includes insights on retail spending and tourism patterns drawn from anonymised and aggregated transaction data, including all payment types, such as cards, cash and cheques.
The SpendingPulse shows strong retail sales growth in Dublin in three of the four expenditure categories covered. The increase in household goods sales, +7.7% in value year on year (YoY), is particularly noteworthy as it signals a confidence and willingness among Dublin consumers to spend on big-ticket items.
Total tourism spend in Dublin increased by 5.9% YoY, with spend from tourists visiting from the USA up 16%, but spend by from British and Chinese visitors down.
While overall the region’s economic performance is very positive there is no room for complacency, according to the report. The impact of the region’s housing supply problems was reflected in the Expat City Ranking 2017 where Dublin was placed 47th out of 51 Global cities covered.
The monitor shows that Dublin’s unemployment rate continued to decline in the third quarter 2017 to reach 6.1% (sa).
Speaking at the publication of this issue, Executive at EY-DKM Economic Advisory, Lorcan Blake said, "Overall the Dublin economy performed well across 2017, with significant improvements in the labour market in particular. Rising employment levels contributed positively in terms of consumer confidence and spending patterns over the course of the year, though pressure in the housing market continued to be problematic for many Dublin residents."