Spending in the capital fell by 8.1% in the first three months of this year.

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There are concerns a recession in Dublin’s ‘an increasingly realistic possibility’.

That’s according to new data collected on behalf of the four local councils in the capital.

Spending in the capital fell by 8.1% in the first three months of this year, compared to the previous quarter, according to data collected from MasterCard.

Cost of living pressures are likely to have played a part, as spending in department and clothing stores dropped by more than a quarter in the same period.

There are also warnings from S&P Global that the war in Ukraine could limit business growth in the capital in the second quarter of the year.

Unemployment was up very slightly to 5.8%, but analysis from Grant Thornton said there was a ‘softening’ of new job listings. It adds that a recession is not being called yet, there is a ‘growing number of clues’ to suggest it is now increasingly likely.