The latest Dublin Economic Monitor shows growing economic activity in the capital.
The report, published this morning by the four Dublin local authorities shows many of the capital's key economic indicators are in positive territory, notably in business activity, consumer spending and the labour market.
A new indicator shows that Foreign Direct Investment (FDI) in Dublin continued to grow in the first three months of the year.
Investments in the Capital compared favourably to a selection of other European cities, ranking 2nd to Amsterdam for both FDI per capita and average project value.
The Dublin S&P Global Purchasing Managers' Index soared back into expansion, with a reading of 55.5, exceeding the 50 mark which separates growth from contraction.
Expansions in the services and construction sectors more than outstripped a contraction in the manufacturing sector.
New orders levels, which are an indicator of businesses’ project pipelines, also expanded at a strong rate - along with employment which rose for a ninth consecutive quarter.
According to MasterCard data, the value of retail spending by consumers in the Dublin economy continued to expand in the early stages of 2023 with growth of 1.6% compared to the previous quarter, and 5.8% year on year.
Today's report states that the quarterly expansion in spending was driven by increases in expenditure across all segments covered in the MasterCard SpendingPulse.
Spending on necessities grew rapidly, up 3% on the previous quarter, in what is likely a reflection of high food inflation.
Spending in the entertainment sector increased by 2%, while spending on household goods jumped 1.5%.
Meanwhile, Dublin's unemployment rate ticked upwards during the first three months of the year, yet remained at or close to 'full employment'.
The 5.1% rate was up by 0.4 percentage points on the previous quarter, but down by 0.7 percentage points compared to the same time last year.
The figures show that over 781,400 Dublin residents were in employment during the three month period, representing growth of 1.2% on the previous quarter and 3% on the same time last year.
Private services and public sector employment were the sole drivers of the yearly growth, with expansion rates of 5.2% and 1.9% respectively.
In terms of property prices, the data shows that prices in the capital declined for a sixth consecutive month in March.
Prices dropped by 0.9% compared to February, likely as a result of tightening credit conditions hampering buyers' purchasing power.
Over 2,700 new units were started in the first quarter, representing a year on year growth rate of 48.1%.
Housing completions in Dublin also rose significantly with growth of 27.6% or 571 units on the same time last year.
"With inflation seemingly loosening its grip over the economy, consumer confidence is building," said Andrew Webb, Chief Economist with Grant Thornton.
"Business activity in the capital has soared back at the start of this year, adding further belief that the economy is moving into a more settled phase," he added.
