22nd December 2025
The Department of Enterprise, Tourism and Employment has today published a new Irish Government Economic and Evaluation Service (IGEES) research paper, “Patterns of activity in Ireland’s consumer-facing service sectors: An experimental application of the Principal Component Approach.”
The paper presents a trial framework that uses high frequency economic data to examine activity in Ireland’s retail, hospitality, and tourism sectors. By identifying the key common patterns across a broad set of indicators, the study develops new ways to examine how activity in these sectors has changed over time, looking at both customer demand and business supply.
The analysis shows how these indicators captured notable periods of disruption, including clear signals during the COVID-19 crisis, and highlights how near real-time approaches can give earlier signs of change within these sectors.
Minister of Enterprise, Tourism and Employment Peter Burke TD said:
"I welcome this paper prepared by my department, which offers valuable insights into how regularly updated data can help us understand how potential changes will impact our economy, our SMEs and their workers. While this is early-stage analysis, I believe it is an important starting point as we continue to strengthen the evidence base underpinning economic assessment in the Department of Enterprise, Tourism and Employment, so that over time we can become aware of the potential data patterns which may signal economic stress”.
The department emphasises that the indicators are experimental and are not designed to give forecasts or to trigger policy actions. Rather, they form part of the department’s ongoing analytical work to deepen understanding of real-time economic trends and their impact on key sectors.
The publication reflects the department’s commitment to evidence-based analysis and to improving the tools available for monitoring activity in sectors that play an important role in Ireland’s economy.
The paper is available here: Patterns of activity in Ireland’s consumer-facing service sectors: An experimental application of the Principal Component Approach
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