That's according to the latest research by the Central Bank.
Less opportunity to spend during lockdown say household savings increased in the first three months of the year.
According to figures released from the Central Bank, gross household savings increased by 3.3 percent in the first quarter to 7.4 billion euro.
It also found household debt fell by 1.5billion in the same time period and has decreased by 36 percent since 2009.
This morning, we have published Quarterly Financial Accounts (QFA) data for Q1 2021. The QFA data present a complete and consistent set of quarterly financial data for all sectors of the Irish economy. More information: https://t.co/WISzWM8tJ1 pic.twitter.com/CQr8JhuKsR
— Central Bank of Ireland (@centralbank_ie) August 11, 2021
Shaun McDonnell is an Economist with Goodbody.
He joined Eoin Beatty on Thursday's edition of Kildare Today.
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