Consumer activity picked up strongly in the lead-up to Christmas with a significant decline in household deposits and increase in card spending. The stock of deposits remains at high levels following the strong 1/5  BIS central bankers' speeches  build-up during the early pandemic period and will support consumption and investment in the future.
As a result, we are seeing a strong growth in domestic demand, led by consumption, supported by rapidly improving developments in the labour market, with high levels of labour force participation and employment. People often talk of a twin economy in Ireland when discussing the multinational sector and domestic economy.