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The Impact of COVID-19 on the incomes and debt sustainability of Irish households

Author

Listed:
  • Cahill, Brian

    (Central Statistics Office)

  • Lydon, Reamonn

    (Central Bank of Ireland)

Abstract

COVID-19 restrictions have led to widespread business closures and job losses. In Q2 2020, median gross household income fell by 1.7 per cent year on year, before returning to annual growth of 3.0 per cent in Q3. Without COVID-19 supports, incomes would have fallen by considerably more, with relatively larger falls for lower income households. Supports have also helped household debt sustainability, keeping median debt ratios broadly stable throughout 2020. Household debt ratios have risen for the most indebted households, but are far below levels they would be without COVID-19 income supports.

Suggested Citation

  • Cahill, Brian & Lydon, Reamonn, 2021. "The Impact of COVID-19 on the incomes and debt sustainability of Irish households," Economic Letters 2/EL/21, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:2/el/21
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    File URL: https://www.centralbank.ie/docs/default-source/publications/economic-letters/the-impact-of-covid-19-on-the-incomes-and-debt-sustainability-of-irish-households.pdf?sfvrsn=6
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    Cited by:

    1. Boyd, Laura & Byrne, Stephen & Keenen, Enda & McIndoe Calder, Tara, 2022. "Labour market recovery after a pandemic," Quarterly Bulletin Articles, Central Bank of Ireland, pages 89-129, July.

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