Business activity in Dublin contracted at the most severe rate on record in the second quarter, according to new figures.
The latest Dublin Economic Monitor, which covers a number of key indicators, shows new order levels and employment at companies based in the capital fell at a faster rate than in the rest of the State.
Employment levels were down 33,000 year-on-year, the latest monitor shows, with the IHS Markit purchasing managers’ index (PMI) falling to 25.2.
The declines in output and new orders during the second quarter exceeded those seen during the worst of the global financial crisis.
Services were particularly affected, most likely due to the importance of the sector for economic activity in the Dublin region.
Weak business activity was further reflected in the office market where vacancy rates increased, while public transport usage declined by over 76 per cent as a combination of travel restrictions and remote working reduced movement.
Hotel occupancy rates fell as low as 5.9 per cent, with average daily rates falling by over 40 per cent year-on-year.
