DAVY VIEW

Yesterday’s Irish trade data indicate that export performance in Q4 was still very strong. Nominal goods exports were €44bn in the three months to November, up 8% on the year despite softer pharmaceuticals trade. We already knew output in the key information and communications technology (ICT) sector was up 22% in November, so services exports were still likely buoyant. The only cause for concern is that industrial production was down 9% in November, but these data are volatile and prone to revision.