DAVY VIEW

The preliminary national accounts for 2024 indicate over 10% nominal growth in national income (GNI*), likely to result in a real growth rate above our forecast of 4.5%. These rates exceed headline growth in modified domestic demand and gross domestic product. As new data become available this summer, we expect a now-typical upward revision to consumer spending. Despite disappointing housing output, which weighed on activity in construction, the economy overall performed well in 2024.