Official figures support stimulus
by Bernard Harbor
 
The union’s general secretary Kevin Callinan said a return to austerity in the management of the public finances would sap confidence.
The union’s general secretary Kevin Callinan said a return to austerity in the management of the public finances would sap confidence.

New CSO figures published earlier this month demonstrate the need for Government to continue to stimulate the economy through income supports, business supports and public investment, according to Fórsa.

 

The CSO data shows that domestic demand soared when Covid-19 restrictions were eased in the third quarter of 2020.

 

Fórsa says the figures underlined the need for Government to reject austerity in its approach to public finances, and instead give people – particularly those on low incomes – the hope and confidence that will help the economy bounce back when the Covid situation stabilises.

 

The union’s general secretary Kevin Callinan said a return to austerity in the management of the public finances would sap confidence.

 

“If we give people hope, we will also give them confidence to spend and participate in the economy and in their communities. This is the lifeblood that can quickly rejuvenate businesses – be they large, medium or small.

 

“And it’s the route to rapid employment, economic and fiscal recovery, which must be grasped in all sectors of the economy. All the economic projections point to a rapid economic and fiscal bounce-back once the Covid situation stabilises, and we have cause to hope that will start to happen in the coming months,” he said.

 

The CSO figures for the July-September 2020 period, during which Covid restrictions were eased considerably, showed:

  • Personal spending on goods and services grew by over 21%
  • Underlying domestic activity increased by almost 19%
  • The distribution, transport, hotel and restaurants sector saw grew by 47%
  • Exports of goods and services increased by almost 6%.

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