FORGET THE UNEMPLOYMENT rate, the debt-to-GDP ratio and the spread on 10-year Irish government bonds.

The one true indicator of economic recovery is in. And it’s showing an increase.

Irish families spent an average of €764 last year on their child’s First Communion, up from €732 last year. That’s a whopping 4.2 point increase.

And before you poo-poo such measly gains, remember that beats the pants off our GDP for last year, which fell by 0.3 per cent during 2013.

And as for the lucky chislers themselves, they’re knocking off with €591 in the back pocket once the friends and family are done with their lavish gifts.

That’s up from €521 last year. At a mind-boggling increase of nearly 12 points, it’s leaving annual wage inflation in its dust. Latest figures from the CSO indicate that the average wage packet dropped by 0.4 per cent in the first three months of the year.

Stagnating consumption my eye. These tykes will surely return the vim to the Irish retail sector?

But maybe not – only 18% of girls and 12% of boys have put that cash to work in the real economy. Maybe just like some of their parents, who according to the Central Bank are sitting on €85.6 billion in deposits, they’re biding their time before hitting the shops.

Breakdown

The statistics are contained in the Ulster Bank Communion Survey released this morning.

They show that the average family spent €334 on the party, up by 14% compared to last year. The child’s outfit came in at an average of €171, while other family members split €196 between them for new clothes.

The survey also shows that 6% of parents took out a loan to cover the cost of Communions, with the average loan amount coming in at €800.

Ulster Bank managing director of branch banking Jim Ryan said:

“It’s encouraging to see that most children have something left over to save. Learning financial literacy skills from an early age can help children to become financially responsible and demonstrates the advantages of managing their money sensibly.”

Read: Young GAA stars can’t part with their hurleys on Communion day>

Read: Apache Pizza in Cork are doing Communion buffets>

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