DAVY VIEW

Yesterday’s monthly trade release showed Irish goods exports up 8.7% in August to €12.8bn – confirming the message from the industrial production data (up 4.6% in July/August) that the defensive export sector is still holding up Irish GDP growth relative to its European peers. Furthermore, a bounce-back has occurred within indigenous (non-multinational) exports that will contribute to a rebound in Irish GDP in Q3 following the 6% decline in Q2.