“More recently, the acceleration of the vaccination programme and the efforts of the Irish people have allowed for a gradual phasing out of many restrictions. This relaxation has supported economic recovery in the second quarter. This rebound in activity is confirmed by business and consumer confidence indicators, ultra-high frequency payments data, as well as May’s tax receipts. In the labour market, the number on the Pandemic Unemployment Payment has fallen by more than a third from its peak in February, with weekly declines of over more than 25,000 over the last fortnight. Further large declines are in store as hospitality re-opens. Record housing starts in April indicate a recovery in the construction sector.