DAVY VIEW

The Irish economy continues to grow strongly based on monthly Exchequer returns data for January and February. This is in line with our expectation from our latest forecasts in December, in which we noted that an escalation of downside risks does not necessarily mean that growth in the Irish economy will be notably weaker. Notwithstanding a major increase in uncertainty, which reflects external developments, we believe that the economy continues to hold remarkably favourable structural advantages.